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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.

Judge halts Toyota unintended acceleration cases, triggers time for settlement negotiations

So far, the lawsuits brought forth against Toyota for unintended acceleration have gone both ways: the automaker was found not at fault in a 2009 California crash and liable for a 2007 crash in Oklahoma. Both cases involved a Camry and resulted in fatalities. With a big chunk of these UA cases (around 200) set to his the docket of US District Judge James V. Selna in Santa Ana, California, Bloomberg is reporting that the judge has halted the lawsuits until March after Toyota and its lawyers have had extra time to try and settle the cases.
According to the article, Toyota is looking to take care of the cases out of court with an "intensive settlement process." Having already paid out $1.6 billion in "economic loss" suits, this latest settlement process is aimed at the wrongful death and personal injury cases allegedly associated with unintended acceleration. A hearing for the settlements will be held on January 14 with conferences on the matter commencing in February. There is no word as to when lawsuits may start back up if settlements can't be agreed upon.

Toyota reports huge quarterly profit increase, raises forecast for the year

Toyota isn't just the world's largest automaker - so far its the biggest winner for quarterly profits. With an enormous $5.5 billion take during Q2, Toyota took advantage of the weak Japanese yen and strong US demand to record a 94-percent improvement in profit over the same period from last year. So far, Toyota brought in larger profits than Ford and General Motors combined.
Toyota is showing no signs of slowing down either, as it has bumped up its forecast for full-year global production, going from 9.94 million to 10.12 million vehicles, on the back of a 13-percent drop in the buying power of the Japanese yen versus the US dollar. That strong exchange rate is largely responsible for Toyota's big jump in profits, although it also managed to shift 1.3 million vehicles in the US market this year. Strong Camry sales have also helped. But while Toyota is raking in the cash, it actually saw a small drop in market share, down 0.1 percent to 14.3 percent of the US market.
As is the case with most automakers, Toyota seems flummoxed by Europe, where it recorded less than one percent of its revenue. Still, as Automotive News points out, Toyota only maintains a 4.5-percent market share in Europe and is far less dependent on the continent than other manufacturers. Toyota also struggled at home, much like Honda. With 525,777 units sold, JDM sales were down almost 51,000 units, although Toyota still saw its operating profit jump from $3.5 billion to $4.6 billion.