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DoJ fines Japanese parts firms $740M in massive automotive price-fixing scandal

Nine Japanese suppliers have pleaded guilty in US court over charges of price fixing in the automotive parts industry, resulting in the Department of Justice doling out a total of $740 million of fines, according to a report from Bloomberg. The scandal, which has resulted in General Motors, Ford, Toyota and Chrysler spending up to $5 billion on inflated parts and driving up prices on 25 million vehicles has sent the DoJ hustling into investigations. "The conduct this investigation uncovered involved more than a dozen separate conspiracies aimed at the U.S. economy," Attorney General Eric Holder (pictured above) said during yesterday's press conference.
As the investigation stands, the DoJ has issued $1.6 billion in fines against 20 companies and 21 individual executives, with 17 of the execs headed to prison. Deputy Assistant Attorney General Scott Hammond said, "The breadth of the conspiracies brought to light today are as egregious as they are pervasive. They involve more than a dozen separate conspiracies operating independently but all sharing in common that they targeted US automotive manufacturers."
Big-name suppliers indicted in the investigation include Mitsubishi Electric, Mitsubishi Heavy Industries, Hitachi Automotive and Mitsuba Corporation. A list of fines and other corporations named in the investigation is available at Bloomberg.

Toyota profits up 23% on high US sales, despite mounting legal costs

Toyota earned $9.3 billion in net income in the financial year that ends next month. The number beats earlier forecasts and marks a five-year high for the automaker, with both operating income and revenue up by 9.5 percent and 2.5 percent, respectively. Toyota saw quarterly profit enjoy a year-on-year jump of 23.4 percent, with the manufacturer earning more than $1 billion between October and December 2012. The good news comes in spite of the fact that the Japanese automaker actually endured an operating loss in North America, due in part to legal fees.
Toyota is set to pay more than $1 billion to owners who claim their vehicles decreased in value as a result of the company's recent spate of recalls. Even so, all three of the automaker's brands enjoyed a 13.5 percent sales increase in the US in the last quarter, beating the industry average. Toyota faltered in Europe, however, where it earned $99 million in operating profit last year, compared to $111 million in 2011. You can take a closer look at the company's full press release below for more information.

Toyota mini doc chronicles Tundra towing Space Shuttle Endeavor

Toyota has worked up a quick video detailing the brand's involvement in the transportation of the Space Shuttle Endeavour last year. As you may recollect, the California Science Center ran into a hitch when it came to moving Endeavour from LAX to its new home. While most of the route would be covered by a robotically controlled transporter, one portion of the route directed the shuttle over an interstate. Unfortunately, the bridge across wasn't designed to stand up to the weight of the shuttle and its motorized sled.
The Science Center would have to remove Endeavour from its transporter and place it on a lighter, non-motorized sled. That's where longtime Science Center sponsor Toyota came in. As it turns out, the automaker had to prove to the California Science Center that a Tundra could actually tow the massive shuttle, so engineers put on a little demonstration with a stock truck pulling the equivalent weight over flat ground for the same distance. Once the Science Center was satisfied that the Tundra could pull it off, the move was green lit and the rest is history. Check out the short documentary below for yourself.