2012 Toyota Corolla on 2040-cars

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Toyota sees profit slip but beat earlier forecasts

TOKYO — ToyotaÂ’s July-September profit fell 11% from a year earlier as the coronavirus pandemic slammed global demand, but JapanÂ’s top automaker appeared to be holding up better than weaker rivals that have sunk into the red. Toyota reported Friday a quarterly profit of 470.5 billion yen ($4.5 billion), down from 530 billion yen a year ago. Quarterly sales slipped to 6.77 trillion yen ($65 billion) from 7.64 trillion yen. Its president, Akio Toyoda, told reporters Toyota employees worked extremely hard, including making masks and face shields and boosting efficiency at factories to achieve results despite the pandemic. “Toyota has become gradually stronger,” he said, offering gratitude and praise for how resilient Toyota has proven itself to be. “This shows how each individual worked so hard,” said Toyoda, the grandson of the automakerÂ’s founder, vowing that each of its employees will keep thinking about contributing to a better world. Toyota raised its global sales forecast to 9.4 million vehicles for the fiscal year through March 2021, better than its earlier forecast for 9.1 million vehicles. ThatÂ’s still lagging behind the more than 10.5 million vehicles sold in the last fiscal year. Toyota, based in Toyota city in Aichi, central Japan, said it expects to record a 1.4 trillion yen ($13.5 billion) profit for the fiscal year. It earlier projected 730 billion yen ($7 billion) in profit. Toyota, which makes Lexus luxury models and the Prius hybrid, recorded 2 trillion yen ($19 billion) in profit the previous fiscal year. ToyotaÂ’s operating income fell in most regions, including Japan and other Asian markets, but improved in North America. Operating Officer Kenta Kon expressed caution about the U.S. outlook, given the rising coronavirus cases. But he said ToyotaÂ’s latest models were popular, and dealers were adjusting incentives to get good results. All the worldÂ’s automakers have been slammed by shrinking demand as COVID-19 squelches economic activity. Some nations, including Japan, have sunk into recession. Although uncertainties persist about further outbreaks and when a vaccine might be available, there are signs of recovery in some parts of the world. Japan has managed to keep pandemic-related deaths at fewer than 2,000. It has reported about 105,000 cases nationwide.

Toyota settles for $3M after being found liable in sudden acceleration case

A jury has decided that faulty software was to blame for a crash involving a 2005 Toyota Camry that killed one woman and injured another. This is the first time Toyota has been found liable by a jury in a lawsuit involving sudden acceleration claims. Toyota has maintained that driver error is the most likely cause for cases of sudden acceleration.
Shortly after the jury in the case, which took place in Oklahoma and centered around a crash that injured 76-year-old Jean Bookout and killed her passenger, Barbara Schwarz, reached a verdict that would see Toyota paying $3 million in compensatory damages, a confidential settlement was reached. The jury, which had found Toyota liable for "reckless disregard" for public safety, had yet to decide what punitive damages Toyota would face.
Toyota said in a statement, "While we strongly disagree with the verdict, we are satisfied that the parties reached a mutually acceptable agreement to settle this case. We will continue to defend our products vigorously at trial in other legal venues."

Toyota discontinuing FJ Cruiser after 2014 model year

The Toyota FJ Cruiser is not long for this world. According to the manufacturer's own fleet website, the rugged FJ will be discontinued after the 2014 model year, with the companies final orders due in June of next year.
Toyota first launched the FJ Cruiser in 2006 as a 2007 model, and aside from minor year-over-year changes, it has not been substantially updated. The FJ is the modern successor to the original FJ40 Land Cruiser that Toyota produced from the 1960s all the way up through 1984, when the automaker decided to better focus on its larger, four-door Land Cruiser line. Currently, it uses a 4.0-liter V6 engine with either rear- or four-wheel drive, and is available with either a five-speed automatic or six-speed manual transmission. Interestingly, word of the FJ's demise comes not long after Toyota's US boss, Bill Fay, reaffirmed his company's commitment to body-on-frame trucks in late July.
Also of interest, Toyota's fleet website states that the 2014 model year Prius range will have "minor updates," though it's unclear what those are as of this writing. When Autoblog reached out to confirm these developments with Toyota, spokesman Curt McCallister reminded us, "As is our corporate policy, we don't discuss future products beyond the present or upcoming model year."