2014 Toyota Corolla Le on 2040-cars

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Toyota's $1.6B unintended acceleration settlement approved

Toyota is now one step closer to putting its unintended acceleration woes behind it as it has received approval from the US District Court for the Central District of California to settle loss-of-value claims to vehicles associated with the 2009-2010 recalls.
As we reported back in May, the Toyota settlement is worth $1.63 billion, which, according to Bloomberg, includes a payout of $757 million to affected owners, $227 million to attorneys and an additional $875 million for vehicle upgrades. (We did the math, too, and that totals $1.859 billion, but there is no justification for the discrepancy. Fuzzy math, eh?)
Based on the estimated 22.6 million vehicles said to be included in this suit, that would make the average payment about $33.49 per vehicle, but the article says that owners, lessees and even renters will receive varying amounts ranging from $9.74 up to as much as $10,000. This settlement does not affect suits filed for personal injury or wrongful death.

Finalists for 2014 Green Car of the Year announced

The list of finalists for the 2014 Green Car of the Year has been announced, and in a genuinely bizarre twist, there's only one hybrid and no electric vehicles among the five contestants, despite the arrival of cars like the BMW i3 and Tesla Model S. Taking the place of the EVs are a pair of diesels, repping a technology that last won a Green Car of the Year award in 2009, when the Audi A3 TDI took the title. No diesel was in the running for last year's award.
Naturally, both of the diesel finalists are fielded by the Germans - with BMW's 328d and Audi's A6 TDI getting the nod. In the case of the 3 Series, BMW installed a 2.0-liter, turbodiesel, capable of delivering 180 horsepower and 280 pound-feet of torque, while returning 45 miles per gallon on the highway. Audi and its larger, 3.0-liter, V6 turbodiesel produce quite a bit more grunt, with 240 hp and 428 lb-ft of grunt, but net a very impressive 38 mpg on the highway in the A6.
Finalists for this year's awards include two diesels, three gas-powered cars and a plug-in hybrid.

Toyota plans biggest stock buyback in over a decade

At the end of December, 2013 Toyota had a cash stockpile of 1.8 trillion yen ($17.5B US). As of March 31, at the end of its current financial year, company coffers are expected to swallow another 1.9 trillion yen ($18.4B US) in net profit - said to be a record sum for the Japanese automaker. In a gesture signaling a turnaround from the horrors of the global recession, Bloomberg reports that Toyota will buy back 60 million shares of its stock, as much as 1.89 percent of the company, for something like 360 billion yen ($3.5B US). It's the first buyback since 2009 and the largest buyback since 2003, when it spent roughly 390 billion yen ($3.8B US) repurchasing shares.
Company president Akio Toyoda founded the Toyota Mobility Foundation (TMF), a non-profit that will support international groups working on transportation issues in emerging markets. Half of the stock that Toyota buys, 30 million shares, will be sold to the foundation via the Japanese Trustee Services Bank for one yen per share, the dividend providing the foundation's initial funding. The other 30 million shares will be canceled, a company spokesman telling Reuters that the company wants to reward shareholders.
Industry analysts have been asking Toyota to either return money to shareholders or invest in new factories, but Toyota has ruled out the latter. After getting burned with excess capacity when the financial crisis came, the company is focused on extracting efficiencies from the plants it already has. Toyota has said it plans to complete the buyback by June of this year.