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Toyota nears $40B cash reserve as calls grow for new investment, payouts

With the April 15 tax deadline just a few months away, our US readers will be faced with a decision should they get a refund: save or spend? It seems this issue is one many of us face whenever there's a windfall, trying to decide whether we should set the money aside in an account of some sort or use it as a down payment on a new car or a trip to the Apple store. Unsurprisingly, major corporations face a similar, albeit more complex, issue.
Take Toyota, for example. With President Akio Toyoda at the helm, the Japanese manufacturer has gracefully weathered recalls and natural disasters, all while turning beaucoup profits. Last quarter, profits quintupled to 434.4-billion yen ($4.3-billion USD), according to Bloomberg. Toyota also upped its forecast for the end of fiscal year 2013 (which ends on March 31 for Japan), to a record 1.9-trillion yen (about $18.8 billion). Now, the Japanese brand is reportedly sitting on a cash pile of nearly $40 billion, leaving Toyoda-san in an envious predicament - what should the company do with all that money?
Some think Toyota should be doing something, anything with that big stack of cash.

West Coast labor dispute hampers Japanese automakers' US plants

The ongoing labor dispute between the International Longshore and Warehouse Union and port owners along the West Coast is starting to affect more Japanese automakers building vehicles in the US. The issue already forced Honda and Subaru to take the expensive option of airlifting some parts into the US weeks ago, and according to USA Today, Toyota and Nissan have begun doing so, as well. The choice hasn't been cheap, though, and Subaru's chief financial officer estimated that the decision cost around $60 million more per month than sending components by cargo ship. The effects continue to radiate, according to USA Today, and shortages of some models are possible. Honda is slowing production at its factories in Ohio, Indiana and Canada because the automaker doesn't have enough transmissions and electronics for some vehicles. Toyota already cut back on overtime at some factories. Nissan has only seen a small effect from the issue, though, because of its local suppliers. Dock workers and port owners have been negotiating on a new contract since last year, and the union has organized work slowdowns in response. According to USA Today, the automakers could move shipments to Canada or Mexico, but it would take longer for parts to arrive. News Source: USA TodayImage Credit: Mark Ralston / AFP / Getty Images Earnings/Financials Plants/Manufacturing UAW/Unions Honda Nissan Subaru Toyota shipping port labor dispute

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