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Why Toyota Camry's Korea Car of the Year win is a big-time upset

The 2013 Toyota Camry is officially the car of the year in Korea. The country's motoring press graced the Japanese sedan with the honor for the first time, officially marking a shift in prevailing Korean attitudes toward Japan and its products. According to industry analysts, buyers in the country are no longer simply choosing their purchases based on whether or not they're made in South Korea, but rather based on quality and personal choice. That's a big jump from a few years ago, when buyers viewed their purchases through a patriotic lens.
The Camry managed to edge out a total of 44 other cars, including hardware from both Hyundai and Kia, to become the first foreign vehicle to take home the Korea Automobile Journalist Association's Car of the Year award. As The Detroit News points out, just 10 years ago, domestic manufacturers held some 99 percent of the Korean car market. But a change in trade regulations has opened up the country considerably, and buyers now have access to a wide range of products from around the globe. As a result, Hyundai and Kia have countered by cutting prices in an attempt to keep their grip on the market.

Toyota recalling small number of 2014 FJ Cruisers for possible steering failure

Toyota is issuing a fairly tiny recall to fix a potentially serious problem in the FJ Cruiser. The company is recalling about 120 examples of the rugged SUV from the 2014 model year because the steering can fail. According to Toyota, the intermediate shaft that connects the steering wheel and steering gear box might not be welded correctly and can separate. If this happens, drivers lose steering control, which is obviously a major safety concern. However, the automaker is not aware of any crashes, injuries or fatalities from the problem. On the small number of affected models, Toyota will replace the intermediate shaft with a new one. TOYOTA RECALLS CERTAIN 2014 MODEL YEAR FJ CRUISER VEHICLES TORRANCE, Calif., February 5, 2015 – Toyota Motor Sales, U.S.A., Inc., today announced it will conduct a safety recall of approximately 120 Model Year 2014 FJ Cruiser vehicles. The steering system contains an intermediate shaft, which connects the steering wheel to the steering gear box. In the involved vehicles the intermediate shaft could have received an inadequate weld. Under some circumstances, the weld could separate, resulting in the loss of steering control and increasing the risk of a crash. Toyota is not aware of any crashes, injuries, or fatalities caused by this condition. Owners of the involved vehicles will receive a notification by first class mail. Toyota dealers will replace the intermediate shaft. Detailed information is available at www.toyota.com/recall and by calling Toyota Customer Service at 1-800-331-4331.

Toyota projecting record profits, thanks in part to weak yen

Toyota retained its global sales crown in 2014 by selling 10.23 million cars in the calendar year. As the positive number might suggest, the Japanese automaker is doing extremely well financially, too. Although, some tougher times might be on the horizon. Toyota recently released its financial figures for the three fiscal quarters running from April 1 through the end of December 2014. Net profit jumped an impressive 13.2 percent to 1.727 trillion yen ($14.7 billion) for that period. It could be the Japanese automaker's most profitable time ever when the fiscal year ends in March, if things keep going this way, according to The New York Times. Toyota's own profit forecast for the 12-month period is also up by 130 billion yen ($1.1 billion) to 2.13 trillion yen ($18.1 billion). One key to the company's success is the low value of the Japanese yen, because it allows Toyota to make more money on each vehicle the company sells abroad. The currency is now worth relatively less than any time since the early '70s, according to The New York Times. Despite the rosy financial numbers, actual sales have started to fall, albeit a very slight amount. Through the three fiscal quarters, the company sold 6.73 million cars, a drop of just 45,365 vehicles. Toyota also reduced its forecast for the fiscal year to 9 million units, rather than the original estimate of 9.05 million. According to The New York Times, the shrinking Japanese auto market and difficulty in China might mean losing the global sales lead next year. For the US, sales jumped 145,411 units from April through December to a total 2.1 million vehicles. Operating income reached $4.27 billion, nearly 50 percent more than last year, according to The New York Times. Toyota Motor Corporation (TMC) Announces April – December 2014 Financial Results February 04, 2015 Toyota's global net income jumped 13.2 percent during the nine-month period (April 1– December 31, 2014) of the 2015 fiscal year. Global Financial Highlights: Global sales decreased by 45,365 vehicles to 6.73 million, with strong sales in North America and gains in Europe, offsetting decreases in Japan and other regions.