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Unintended acceleration settlement hits Toyota's Q4 bottom line

Depending on how you want to look at things, the US Attorney's Office $1.2-billion dollar settlement with Toyota in March over its unintended acceleration recall was either a big blow to the company or completely inconsequential. From January to March, net income fell five percent to 297 billion yen ($2.89 billion), compared to 313.9 billion yen ($3.05 billion) a year ago. However, the automaker still posted record full-year profits worldwide.
Operating profit also fell in the US by 9 percent to $498.1 million for the quarter, but sales were up by 6 percent to 581,261 vehicles. According to Automotive News, global revenue was still up from January to March by about 13 percent and vehicle sales were up 6 percent to 2.58 million units.
However, the payment to the feds did little to hold the company back last year. For the fiscal year ending March 31, 2014, Toyota had net income of 1.82 trillion yen ($17.7 billion), compared to 962.1 billion yen ($9.5 billion) in the last fiscal year. Total vehicle sales were also up.

Toyota cuts production target by 300,000 vehicles due to parts and chips shortages

TOKYO - Toyota cut its annual production target by 300,000 vehicles on Friday as rising COVID-19 infections slowed output at parts factories in Vietnam and Malaysia, compounding a global shortage of auto chips. "It's a combination of the coronavirus and semiconductors, but at the moment it is the coronavirus that is having the overwhelming impact," Kazunari Kumakura, an executive at the world's biggest car maker, said after the company revised its production target. Unlike other big global automakers that were forced earlier to scale back production plans, Toyota had managed to avoid cuts to output because it had stockpiled key components along a supply chain hardened against disruption following northeast Japan's devastating earthquake in 2011. Toyota's announcement on Friday is a further sign that no part of the global car industry has escaped the affects of a pandemic that has sapped sales and is hobbling its ability to take advantage of the recovery in demand that followed the initial waves of COVID-19. Car sales in China in August fell by almost a fifth from a year earlier because there were fewer vehicles for people to buy. Toyota now expects to build 9 million vehicles in the year to March 31, rather than 9.3 million. It did not revise its 2.5 trillion yen ($22.7 billion) operating profit forecast for the business year. Adding to a 360,000-vehicle cut in worldwide production in September, Toyota said on Friday it will reduce output by a further 70,000 this month and by 330,000 in October. It hopes to make up some of that lost production before its year-end. Demand for chips has soared during the pandemic as consumer electronic companies rush to meet stay-at-home demand for their smartphones, tablets and other devices. A heavy reliance on Southeast Asian factories for parts is a headache for Toyota, but its also a problem for its rivals that have struggled with what Volkswagen has described as "very volatile and tight" chip supplies. The German carmaker has warned it may need to cut production further as a result. Ford last month shut down production at a plant in Kansas that builds its best-selling F-150 pick up because of parts supply woes, with Renault extending partial stoppages at factories in Spain. Mercedes this month said it expects chip shortages to significantly lower third quarter sales. (Reporting by Tim Kelly; Editing by Muralikumar Anantharaman and Kim Coghill) Plants/Manufacturing Lexus Toyota

Production Mazda Vision Coupe concept, GRMN Supra, new BRZ/86 coming

After writing about what's in store for the next-generation Subaru WRX, Japan's Best Car magazine is back with more spy work on what's ahead for the coming Mazda sedan, fighting-spec GRMN Toyota Supra, and next-generation Subaru BRZ/Toyota 86. All three are supposedly headed for previews at this year's Tokyo Motor Show before rolling out in 2021 and 2022. Mazda showed the Vision Coupe concept at the 2017 Tokyo show, then sneaked a mention of a rear- and all-wheel drive "Large Architecture" and two inline-six engines into a 2019 investor's report. Best Car says that concept's production version will house a 3.0-liter Skyactiv-X SPCCI inline-six with "M-Hybrid" 48-volt assistance. Output figures remain a mystery, but the mag says engineers are aiming for 345 horsepower. The real deal isn't slated for dealers until 2022, bringing what Mazda bills as a "BMW, Audi quality car at the price of Volkswagen." A further treat: Best Car says the Hiroshima automaker is laying out a two-door version on the same platform. Not even a month after 2020 Toyota Supra chief engineer Tetsuya Tada told us, "With a sports car, the promise is to offer more performance with each additional version," this report says the full-fat GRMN Supra will raise the stakes. Expected in the latter stages of 2021, the current 335-hp Supra will get an "output eventually close to 400 ps" (about 394 horsepower) from its BMW-source 3.0-liter straight-six. Along with that will come a lighter, stiffer body, and a sportier suspension tune to manage and make the most of the 60-horse increase. Best Car says the next-generation Toyota 86 / Subaru BRZ will move to a new platform, without specifying whether it would be Toyota's TNGA platform suggested by a report in April — not that there are many other options. Neither the footprint nor the body dimensions are predicted to change, and transmissions will continue to include a six-speed manual and a six-speed automatic. The new platform will hold a new engine, although it won't be the revelation many fans want. The magazine says the Subaru 2.0-liter FA20 will retire, making way for the Subaru 2.4-liter FA24. The FA24 is the same engine in the Subaru Ascent crossover, where it produces 260 hp and 277 lb-ft. There'll be no such fireworks for the sporty twins due in the first half of 2021, output reported to be "improved to 220 ps," or 217 hp — a 12-hp bump over the current figure.