Toyota is recalling almost 650,000 vehicles in Japan and is repeating a recall for problems with front passenger air bag inflators announced last year. Toyota is seeking to fix around 2.27 million vehicles.
Tesla Motors Inc (NASDAQ:TSLA) now has around over 6,000 employees in the state of California, which places them above Toyota as the leading auto employer in the state. Toyota employs around 5,300 people in California, which will drop in the future since Toyota is moving most of these jobs to Texas. Tesla’s employment figure will grow in California as the company plans to add at least 500 additional workers by the end of 2014.
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Tesla Motors Inc (NASDAQ:TSLA) confirmed in its recent Q1 filing that it will fulfill its deal to supply Toyota RAV4 EV components sometime in 2014. In 2012, Toyota and Tesla signed a deal where Tesla would supply components for 2,600 electric RAV4 EVs. Tesla Motors CEO Elon Musk expected Toyota to expand on that initial agreement, but Toyota is moving towards fuel-cell. This means that the end of the RAV4 EV may be coming soon.
Toyota is recalling 6.4 million vehicles across the globe due to 5 separate issues. This recall affects 27 Toyota vehicles, including the Yaris, Corolla and RAV4. It also includes the Pontiac Vibe and Subaru Trezia, which are two models that Toyota built for General Motors and Fuji Heavy Industries.
Toyota Motor Corporation is going to buy back stock for the first time in five years because its cash pile and profits are climbing. Toyota is going to buy back as many as 60 million shares, which is equivalent to around 1.9% of the company. The 60 million shares would be worth round 360 billion yen ($3.5 billion). Toyota last bought stock back in February 2009. About half of those shares will be retired by the end of June. Toyota forecasted a record 1.9 trillion yen profit for the year ending March 31st.
Toyota Motor Corporation is going to pay $1.2 billion to resolve a criminal investigation in the way the company handled consumer complaints regarding safety issues, according to the U.S. Justice Department. Toyota acknowledged that it misled American consumers by concealing deceptive statements about two safety issues. One of the issues involved unintended acceleration. This is the largest penalty levied by the U.S. on an auto company.
Toyota Motor Corp (TYO:7203) is recalling 7,067 Highlander SUVs due to seat belt issues. This issue affects the 2014 model of the Highlander sports utility vehicle in the U.S. market. There is a possibility that Highlander SUVs that were manufactured between November 20, 2013 and January 18, 2014 has the issues. The seat belts have not been properly secured to the vehicle floor said Toyota. There has been no reports of any accidents being injured as a result.
Toyota Motor Corp (TYO:7203) is going to recall 1.9 million Prius vehicles this week because of a software glitch that could cause the vehicle to stop while driving. There were no accidents reported due to the issue.
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