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DoJ fines Japanese parts firms $740M in massive automotive price-fixing scandal

Nine Japanese suppliers have pleaded guilty in US court over charges of price fixing in the automotive parts industry, resulting in the Department of Justice doling out a total of $740 million of fines, according to a report from Bloomberg. The scandal, which has resulted in General Motors, Ford, Toyota and Chrysler spending up to $5 billion on inflated parts and driving up prices on 25 million vehicles has sent the DoJ hustling into investigations. "The conduct this investigation uncovered involved more than a dozen separate conspiracies aimed at the U.S. economy," Attorney General Eric Holder (pictured above) said during yesterday's press conference.
As the investigation stands, the DoJ has issued $1.6 billion in fines against 20 companies and 21 individual executives, with 17 of the execs headed to prison. Deputy Assistant Attorney General Scott Hammond said, "The breadth of the conspiracies brought to light today are as egregious as they are pervasive. They involve more than a dozen separate conspiracies operating independently but all sharing in common that they targeted US automotive manufacturers."
Big-name suppliers indicted in the investigation include Mitsubishi Electric, Mitsubishi Heavy Industries, Hitachi Automotive and Mitsuba Corporation. A list of fines and other corporations named in the investigation is available at Bloomberg.

2020 Toyota Yaris hatchback is basically the Mazda2 hatchback

The Toyota Yaris line in the U.S. has been really weird, what with the hatchback coming from Toyota, and the sedan coming from Mazda a rebadged Mazda2. For 2020, the Toyota Yaris line is still weird, but at least its consistent as the hatchback is also a rebadged Mazda2. And as far as styling is concerned, that's all there is to say. The front bumper is the the same angry catfish face as the Yaris sedan, and everything rearward comes from the Mazda2 that's available overseas and in Puerto Rico. The interior is the same as the Mazda2, and very similar to the Mazda CX-3. The switch to the Mazda platform has added 0.3 cubic-feet to the cargo space over the old Toyota version. Under the hood is the familiar 1.5-liter inline-four making 106 horsepower. Disappointingly, the only transmission available will be a six-speed automatic, whereas the current sedan is available with a six-speed manual transmission. But having six speeds is a massive improvement over the outgoing Yaris's ancient four-speed automatic. Fuel economy hasn't been announced, but expect it to get close to the Toyota Yaris sedan's 32 mpg in the city and 40 on the highway. This will be another improvement over the old Yaris hatch's 30 mpg in the city and 35 on the highway. Unlike the sedan, the new Yaris hatch will only be offered in LE and XLE trims, leaving out the base-level L. Every version of the car gets alloy wheels, heated side mirrors, fog lights, keyless entry with push-button start, automatic emergency braking and an infotainment system with seven-inch touchscreen and Apple CarPlay and Android Auto. Moving up to XLE adds leatherette upholstery, leather-wrapped steering wheel and shifter, automatic climate control and automatic LED headlights. Pricing and availability haven't been announced, but it will likely go on sale later this year with a starting price around $17,000 like the Yaris LE sedan.

8 fastest depreciating cars in America

Getting a new car is an amazing experience. The fresh new scent, the barely touched interior, the double digit miles on your odometer, and... the depreciation once it leaves the car dealers lot? Maybe not that last one. To save you from the hurt of a quickly depreciating new car, we collected 8 of the fastest depreciating cars in America. And here's a surprise, one of them is a Toyota. Learn more at Autoblog.com Cadillac Infiniti Jeep Kia Lincoln Toyota Autoblog Minute Videos Original Video jeep compass cadillac xts infiniti q50 camry q50