Toyota to settle U.S. truck rust lawsuit for up to $3.4 billion
Toyota Motor Corp (7203.T) has agreed to a settlement of up to $3.4 billion for a federal class action brought by U.S. owners of pickup trucks and SUVs whose frames could rust through, plaintiffs lawyers have said in court papers.The proposed settlement covers about 1.5 million Tacoma compact pickups, Tundra full-size pickups and Sequoia SUVs alleged to have received inadequate rust protection that could lead to corrosion serious enough to jeopardize their structural integrity, according to court papers.Attorneys for the plaintiffs in court papers supporting the settlement estimated the value of frame replacements at about $3.375 billion based on a cost of about $15,000 per vehicle and the inspections at about $90 million at $60 per vehicle.
Toyota and Nissan Say the U.S. Auto Market Has Peaked
Japan's two largest carmakers have arrived at the same conclusion: the U.S. auto market that's functioned as a growth engine has run out of gas.Toyota Motor Corp. cut its forecast for North American sales this fiscal year by 60,000 vehicles and for the first time said it's expecting a decline for the year, as American consumers shift away from fuel sippers like the Prius hybrid and toward trucks and sport utility vehicles.Nissan Motor Co., which posted a drop in profit as it gave heftier incentives that buoyed deliveries, said it's not seeing room for further expansion.
Toyota plant featured in documentary about the changing U.S. workforce
0:57Liz And Roo moves production to former Jockey plant in Carlisle