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4 automakers agree to $553M settlement of Takata airbag claims

WASHINGTON (Reuters) - Four automakers agreed to a $553 million settlement to address class-action economic loss claims covering owners of nearly 16 million vehicles with potentially defective Takata airbag inflators, according to court documents filed on Thursday. Toyota's share of the settlement costs is $278.5 million, followed by BMW at $131 million, Mazda at $76 million and Subaru at $68 million. According to a press release from Plaintiffs' Committee for Takata Airbag Product Liability Litigation, the funds for the settlement are aimed at getting more cars with faulty airbags fixed. At the time of writing, Toyota had the greatest recall completion percentage of 31.89 percent followed by Subaru with 31.37 percent. Mazda has completed repairs on 18.16 percent of affected cars, and BMW brings up the rear with 16.48 percent completion. Some settlement funds will go to an outreach campaign to increase awareness, while other funds will be used to reimburse people for any costs accrued to get their cars fixed. These costs can include rental cars, child care, lost wages, or any other reasonable costs associated with bringing in a vehicle for repairs. Furthermore, a customer support program will be funded with settlement money to handle any additional repairs or adjustments that could become necessary in the 75,000 miles following the airbag replacement. Lawsuits against Honda, Ford and Nissan have not been settled, lawyers said. Takata inflators, which can explode with excessive force and unleash metal shrapnel inside cars and trucks, are blamed for at least 16 deaths and more than 180 injuries worldwide. The safety defect has prompted recalls worldwide of about 100 million inflators by more than a dozen major automakers. Reporting by David Shepardson, additional details by Autoblog's Joel StocksdaleRelated Video: Government/Legal BMW Mazda Subaru Toyota

Illinois’ pro-union stance kills bid for Toyota-Mazda plant, report says

Mazda and Toyota are fielding bids from states eager to land its new prize: an all-new $1.6 billion U.S. plant where the Japanese automakers would jointly build electric vehicles and employ around 4,000 workers. Now we can apparently scratch Illinois off the list of contenders. According to Automotive News, the Land of Lincoln has been disqualified due to a lack of shovel-ready sites and the state's lack of a right-to-work law curtailing union membership. Mark Peterson, the president and CEO of economic development agency Intersect Illinois, told the publication he's been informed Illinois is not among the three or four finalists for the facility. It's believed those finalists are all in the South. Peterson said that "many national site consultants charged with making recommendations for corporate relocations and expansions will not even consider a state that is not a right-to-work state. In this case, the three states I am told are still in the running are all right-to-work states." The Midwest may be the ancestral home of U.S. automotive manufacturing, but the South has made major inroads in recent decades, with the likes of Honda, Mercedes-Benz, Nissan and Toyota all opening plants there, among others, thanks to lucrative tax incentives and the absence of labor unions. Recent years have also seen so-called right-to-work laws, which prohibit union dues and membership as a condition of employment in organized workplaces, spread to traditional labor strongholds such as Michigan and Wisconsin. The new joint venture plant, which would start operating in 2021, would be capable of producing 300,000 vehicles a year, with production divided between the two automakers. Mazda and Toyota would also take small stakes in one another as part of the deal. It's expected that at least 15 states have submitted proposals to attract the plant. Expect the Illinois news to trigger a new round of debate over the role of organized labor in the modern economy.Related Video: Image Credit: Reuters Green Plants/Manufacturing Mazda Toyota

These are the 10 longest-lasting vehicles on the road today

Buying a car has started feeling pretty bad. It’s hard to find what you want, and when you do, thereÂ’s a great chance itÂ’s not selling for the price you thought it would be. The least stressful way of coping with the situation is not to buy a new car, but how can you know how long your current ride will last? A recent study from iSeeCars found that some vehicles are prone to deliver many more miles of usable driving than others. iSeeCars looked at more than 2 million cars. The mileage over which the top 1% of cars within each model obtained was calculated and used to rank models, and the study required that a vehicle be sold for at least 10 of the past 20 years to be included. Unsurprisingly, Toyota dominated the top-10 list, but most of the other models come from General Motors with one Honda thrown into the mix. Ranked by mileage, the top-ten longest-lasting vehicles include: Toyota Highlander Hybrid: 244,94 miles Toyota Avalon: 245,710 miles Honda Ridgeline: 248,669 miles Chevrolet Tahoe: 250,338 miles Toyota Prius: 250,601 miles GMC Yukon XL: 252,360 miles Toyota Tundra: 256,022 miles Chevrolet Suburban: 265,732 miles Toyota Land Cruiser: 280,236 miles Toyota Sequoia: 295,509 miles The iSeeCars study found that SUVs and trucks occupy 75 percent of the top 20 vehicles with the potential to last the longest, and Toyota alone accounts for half of the top 20. Interestingly, the Prius and Highlander Hybrid made the list, suggesting that automakers are getting better at making batteries last a long time. "What we see is a list of highly-durable vehicles, capable of more than a quarter-million miles of use if properly maintained," said iSeeCars Executive Analyst Karl Brauer. "And to be clear, this study isnÂ’t reporting the maximum lifespan of these vehicles. This is simply a measure of current odometer readings. Most of these cars are still in use and going strong." Of course, the longevity of a vehicle has a lot to do with how itÂ’s treated and maintained over its lifetime. ItÂ’s easy to find stories of people nursing Toyota Tundras and other vehicles past a million miles, and thereÂ’s a 1960s Volvo with more than 3 million miles. Some vehicle types, particularly the largest SUVs, are often used as road-trip vehicles by large families, which means they tend to rack up big mileage. In most cases, buying and owning a higher-mileage car can be a risk, so itÂ’s essential to get a pre-purchase inspection or regular maintenance if you already own one.