Detroit Bureau on Twitter

Posts Tagged ‘toyota news’

Toyota Tacoma Clambers Back into TRD Pro Series Family

New model include GoPro windshield mount.

by on Feb.11, 2016

The 2017 Toyota Tacoma TRD Pro is the maker's third entry in the TRD Pro Series joining Tundra and 4Runner.

Toyota is looking to continue its foray into the off-road ready truck segment with the 2017 Tacoma TRD Pro, joining the Tundra and 4Runner models in the series.

Coming out this fall, the new model is aimed “squarely at extreme off-roading enthusiasts who challenge themselves and their trucks and SUV’s in some of the harshest conditions,” the automaker proclaims.

Truck News!

The new midsize entry will roll out of the factory ready to tackle tough terrain powered by a 3.5-Liter V6 DOHC 24-valve direct-injection Atkinson-cycle engine with VVT-iW (Variable Valve Timing- intelligent Wide) intake and VVT-I exhaust. (more…)

Toyota Pays $21.9 Million to Settle Discrimination Charges

Maker's finance arm charged minorities more for auto loans.

by on Feb.11, 2016

Toyota Motor Credit, the automaker's captive finance arm, agreed to pay a $21.9 million fine over discriminatory lending practices.

Toyota Motor Credit agreed to pay a $21.9 million fine to settle complaints by federal agencies that it used discriminatory policies when setting interest rates for auto loans for minorities.

TMC, the automaker’s finance arm, also agreed to change its pricing and compensation system by reducing dealer discretion and accompanying financial incentives to mark up interest rates as part of the agreement it reached with the Consumer Financial Protection Bureau and U.S. Department of Justice. The CFPB, a new agency created by reforms of the financial system promoted by the Obama administration, said Toyota Motor Credit has agreed.

We're Your Insider!

The fine is restitution to thousands of African-American and Asian and Pacific Islander borrowers who paid higher interest rates than white borrowers for their auto loans, without regard to their creditworthiness, as a result of its past practices. (more…)

Toyota Quarterly Earnings Top $5.4 Billion

Net income jumps 5% despite flat sales.

by on Feb.05, 2016

Toyota CEO Akio Toyoda unveils the new Lexus LC 500 at last month's Detroit Auto Show.

Toyota managed to pull together a 5% jump in net profits for the third quarter of its fiscal year, despite a tepid global economy and relatively flat sales.

The automaker announced it made 627.9 billion yen, or $5.4 billion, during the October-December period, up from 600 billion yen the year before. Quarterly sales and revenues were up a more modest 2.4%, to $62.7 billion. A weak yen played in Toyota’s favor.

By the Numbers!

The news came two days after rival General Motors reported record earnings of $9.7 billion – for the full fiscal year. Meanwhile, he world’s second-largest automaker, Volkswagen AG, said on Friday it would delay issuing its fourth-quarter and full-year earnings as it struggles to account for the impact of its ongoing diesel emissions cheating scandal.

(more…)

Toyota’s U2 Concept Picks Up on Urban Lifestyle Trends

Inspired by invention-focused Maker Faire.

by on Feb.04, 2016

With the success of commercial van offerings from Ford and Nissan, Toyota may be following suit with the U2 Concept coming to the Chicago Auto Show.

Toyota could be the next automaker to target the resurgent market for compact commercial vans.

The maker gave a hint that was something it had in mind when it revealed images of its Urban Utility Concept in late 2014. Now, the Toyota U2 is finally set to make its public debut during the upcoming Chicago Auto Show.

What a Concept!

“Toyota saw an opportunity for a new approach to an urban vehicle based on increasing re-urbanization of our cities and urban drivers’ desire for flexibility, fun and maneuverability,” said Kevin Hunter president of Calty, Toyota’s North American design studio, where the concept van was developed. (more…)

Toyota Abandoning Scion Brand

Once-strong youth division lost focus, sales.

by on Feb.03, 2016

The 2016 Scion iA was the youth-oriented brand's first-ever sedan and one of two products parent Toyota hoped would save the brand.

It was intended to attract the sort of hip young buyers who were largely steering clear of Toyota stores, and, for at least a few years, it worked. But with sales steadily dropping despite an infusion of new product, Toyota is pulling the plug on its Scion brand.

Products like the new Scion iM and iA won’t be abandoned, however. The plan is to rebadge them as Toyota products for the 2017 model-year, though it’s unclear what will happen to the edgy C-HR crossover vehicle that Scion was developing, as it could come to close to existing Toyota products.

Insight!

“This isn’t a step backward for Scion; it’s a leap forward for Toyota,” said Jim Lentz, the CEO of Toyota North America, is a statement. “Scion has allowed us to fast track ideas that would have been challenging to test through the Toyota network.”

(more…)

Steel Shortage Shutters Toyota’s Japanese Plants

One week closure to have major production impact.

by on Feb.01, 2016

The new 2016 Toyota Prius is one of the models to be hurt by the steel shortage.

Toyota will halt production at its Japanese auto assembly plants for a week due to a shortage of steel.

The week-long closure, which begins on February eighth, comes in the wake of an explosion at a steel plant operated by one of its key suppliers, Aichi Steel Corp. early last month. That has left Toyota struggling for the steel it needs for a variety of its operations, including powertrain and chassis components.

Global Insider!

“Operations are scheduled to recommence on February 15,” Toyota said in a statement, “and vehicle production on lines outside Japan will not be suspended.”

(more…)

Toyota Confirms it Will Buy Rest of Daihatsu

Deal worth about $3 billion.

by on Jan.29, 2016

The Daihatsu Noridri concept first shown at the Tokyo Motor Show last year.

Confirming earlier reports out of Japan, Toyota says it plans to buy out the remaining 48.8% of microcar maker Daihatsu that it does not already control.

The deal, which will strengthen Toyota’s hand in the minicar market in both Japan and emerging markets, will involve a stock swap worth about $3 billion. The takeover is expected to be completed by late July.

Global News!

“We see this as the perfect opportunity to cement our relationship with Toyota, and, by doing so, to embark on a new period of growth, and to elevate the Daihatsu brand to a global standard,” Daihatsu said in a statement announcing the deal.

(more…)

Toyota May Buy Out Little Daihatsu, Form Alliance with Suzuki

Alliances would help cement maker’s position as global auto sales leader.

by on Jan.28, 2016

Toyota was the world's best-selling automaker in 2015 and is considering two deals that would cement that position for 2016 and beyond.

Fresh on the heels of the announcement it had again sold more than 10 million vehicles in 2015, Toyota may make a series of moves that could cement its position as the world’s best-selling automaker.

The Japanese giant issued a statement confirming it is looking at the possibility of buying out the remaining shares of Daihatsu, a minicar maker it has worked with for nearly 50 years. But Toyota also denied reports that it might form a new partnership with Suzuki Motor Corp.

The Leader in Global Automotive News!

“We are constantly considering a number of possibilities relating to Daihatsu, such as partnerships or business restructuring, including making the company a fully owned subsidiary,” Toyota said in a statement, while also stressing no final decision has been made. (more…)

Toyota Retains Global Sales Lead for 2015

But Japanese maker expects slight slip in sales for 2016.

by on Jan.27, 2016

The new Corolla remained the world's best-selling car in 2015, setting a new record.

Toyota has kept the global sales crown firmly planted on its corporate head – at least for now.

The Japanese giant managed to deliver 10.151 million vehicles in 2015, giving it the lead for the fourth year in a row, ahead of Volkswagen AG which, in turn, narrowly nudged past General Motors. But things might get a little tougher for Toyota in 2016, President Akio Toyoda forecasting a slight decline in sales over the course of this year.

Global News!

Perhaps the biggest question is how well Volkswagen will fare as it struggles to recover from a diesel emissions scandal that has seen its sales slip around the world in recent months. The German maker is currently unable to sell the diesel models that make up a quarter of its volume in the U.S. market.

(more…)

Toyota Snags Two More Sales Records

Corolla again dominates global sales.

by on Jan.25, 2016

Toyota completely redesigned the Corolla in 2014, aiming to shed its plain vanilla image.

While it has yet to release its final, 2015 results, Toyota is expected to retain its crown as the world’s best-selling automaker, a lead it has held since 2012. But the Japanese automaker has two other victories it can celebrate.

The Toyota Corolla was yet again the world’s best-selling vehicle in 2015, with buyers snapping up 1,339,024 of the compact model. That’s up 4.7% for the year, with the Corolla accounting for a whopping 1.5% of the global new vehicle market. It also marks the highest sales for any single vehicle in automotive history, according to tracking service Focus2Move.

Product News!

Despite the headaches it suffered as a result of the revelation last September that it had cheated on diesel emissions tests, Volkswagen managed to nudge its way into second place with the compact Golf line delivering a hefty 8.4% jump in sales for the year, at 1,041,279 vehicles sold worldwide.

(more…)