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Trump declaration they're a security threat stuns Japanese automakers

TOKYO — Japan's automakers' lobby said on Tuesday it was dismayed by President Donald Trump's declaration that some imported vehicles and parts posed a threat to U.S. national security, as the industry braces for a possible rise in U.S. tariffs. Trump made the unprecedented designation of foreign vehicles on Friday but delayed for up to six months a decision on whether to impose tariffs to allow for more time for trade talks with Japan and the European Union. "We are dismayed to hear a message suggesting that our long-time contributions of investment and employment in the United States are not welcomed," said Akio Toyoda, chairman of the Japan Automobile Manufacturers Association. "As chairman, I am deeply saddened by this decision," Toyoda, president of Toyota, said in a statement. Trump has threatened to impose tariffs of up to 25% on imported cars made by foreign automakers, a move which automakers have argued would ramp up car prices, curb the global competitiveness of U.S.-made vehicles and limit investment in the country, the world's No. 2 auto market. The United States is a vital market for Toyota, Nissan, Honda and other Japanese car makers. Autos and components are among the Asian country's biggest export products. Most of Japan's major automakers operate plants in the United States. The Japan Automobile Manufacturers Association notes that its automakers build about 4 million vehicles a year in North America, or 75 percent of what it sells here. Many are built for export, helping lessen the U.S. trade deficit Trump is concerned about. Major automakers have announced a slew of investments in the United States since Trump took office in January 2017 and put pressure on the industry to create more U.S. jobs. For its part, Toyota has pledged to invest almost $13 billion in the United States between 2017 and 2021 to boost manufacturing capacity and jobs. This includes $1.6 billion for a vehicle assembly plant in Alabama jointly run with Mazda. Government/Legal Honda Mazda Mitsubishi Nissan Toyota Trump

Toyota profits up 23% on high US sales, despite mounting legal costs

Toyota earned $9.3 billion in net income in the financial year that ends next month. The number beats earlier forecasts and marks a five-year high for the automaker, with both operating income and revenue up by 9.5 percent and 2.5 percent, respectively. Toyota saw quarterly profit enjoy a year-on-year jump of 23.4 percent, with the manufacturer earning more than $1 billion between October and December 2012. The good news comes in spite of the fact that the Japanese automaker actually endured an operating loss in North America, due in part to legal fees.
Toyota is set to pay more than $1 billion to owners who claim their vehicles decreased in value as a result of the company's recent spate of recalls. Even so, all three of the automaker's brands enjoyed a 13.5 percent sales increase in the US in the last quarter, beating the industry average. Toyota faltered in Europe, however, where it earned $99 million in operating profit last year, compared to $111 million in 2011. You can take a closer look at the company's full press release below for more information.

Toyota adds more than 1.1 million vehicles to previous fuel pump recall

A Toyota and Lexus recall that previously listed nearly 700,000 potentially affected vehicles has been amended to include more than 1.1 million new rides. Overall, more than 1.8 million cars, trucks, crossovers, and SUVs are part of a voluntary recall regarding fuel pumps that might stop working.    On January 13, 2020, Toyota announced a safety recall for 695,541 Lexus and Toyota models. It included the Toyota 4Runner, Camry, Highlander, Land Cruiser, Sequoia, Sienna, Tacoma, Avalon, Corolla, and Tundra, plus the Lexus LS 500, LC 500, RC 350, RC 300, GS 350, IS 300, ES 350, LX 570, GX 460, RX 350 NX 300, RX 350L, and GS 300. The Avalon, Corolla, NX 300, RX 350L, and GS 300 in the initial recall were specifically 2019 model years, while the rest were 2018-2019.  Today, March 4, 2020, Toyota stated it has expanded the recall to approximately 1.8 million vehicles total. Toyota did not provide a specific number, but here is the full list of potentially affected cars:  2013-2015 Lexus LS 460 2013-2014 Lexus GS 350 2014 Toyota FJ Cruiser, Lexus IS-F 2014-2015 Toyota 4Runner, Land Cruiser; Lexus GX 460, IS 350, LX 570 2015 Lexus NX 200t, RC 350 2017 Lexus IS 200t, RC 200t 2017-2019 Toyota Sienna; Lexus RX 350 2018 Lexus GS 300 2018-2019 Toyota Avalon, Camry, Corolla, Highlander, Sequoia, Tacoma, Tundra; Lexus ES 350, GS 350, IS 300, IS 350, LC 500, LC 500h, LS 500, LS 500h, RC 300, RC 350, RX 350L On these vehicles, a low-pressure fuel pump inside the fuel tank could fail. If this fuel pump fails while the vehicle is in use, the vehicle could sputter and stall. Without warning of the impending malfunction, other than some lights on the dashboard, this could present a dangerous situation for the driver.  For all affected vehicles, Toyota and Lexus will replace the faulty parts with "improved" fuel pumps. Notifications will start in May. Recalls Lexus Toyota