Toyota Motor Corp <7203.T> said on Friday it is offering retirement incentives to about 2,000 U.S. workers, or 10 percent of its employees in the country, in an effort to manage attrition of its aging work force. About 1,600 workers at the Japanese automaker’s Georgetown, Kentucky plant, or about a quarter of the work force there, are eligible, Toyota spokesman Mike Goss said. The rest of the eligible employees work at plants and offices throughout the United States, he said. “We’re trying to spread out the impact of the attrition over some time as opposed to the risk of them [...]
Toyota Motor Corp <7203.T> agreed on Tuesday to pay $ 25.5 million to settle a U.S. shareholder class action lawsuit accusing the company of not disclosing safety and quality issues related to recalls and reports of unintended vehicle acceleration in 2010. The proposed cash settlement was detailed in documents filed by the plaintiffs in the U.S. District Court in Los Angeles. The settlement must be approved by U.S. District Judge Dale Fischer in Los Angeles. If approved, the settlement would resolve a major lawsuit that had dogged Toyota since reports of its vehicle recalls stole headlines two years ago. Mike [...]
BEIJING Toyota Motor Corp’s <7203.T> China sales fell about 40 percent in September from the year before, while those of rivals such as Hyundai and BMW jumped, underscoring how badly Japanese brands have been hit by a territorial row between the two countries. Showroom traffic and sales have plunged at Japanese car makers since violent protests and calls for boycotts of Japanese products broke out across China in mid-September over the Japanese government’s purchase of a group of disputed islands in the East China Sea from their private owner. A prolonged sales hit of this scale could threaten profit forecasts [...]
Toyota Motor Corp <7203.T> said that September U.S. auto sales were the highest since March 2008, before the recent recession that cut deeply into new vehicle purchases. Toyota, which showed a gain of 41.5 percent in September auto sales from the previous year, said the industry’s September sales rate will be 14.9 million on a seasonally adjusted annualized basis. Toyota is No. 3 in the U.S. auto market in sales, behind leader General Motors Co and Ford Motor Co . In the 10 years prior to 2008, U.S. auto sales averaged nearly 17 million in new vehicle sales a year. [...]
Islands’ former owner comments on furor Japanese firms hit by China violence [...]
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