Archive for May, 2012

Toyota Motor Corp. President Akio Toyoda has announced that his automaker will keep jobs and production in Japan in order to help his battered nation recover from last year’s earthquake and subsequent tsunami.
 
Toyoda, who just became president this week, tied his company’s commitment to the nation to a call for the Japanese government not to raise the sales tax. Calling such taxes at times of such uncertainty a “moral hazard, he said, “Companies that are working hard should be rewarded.”   
 
With last year’s vehicle sales dropping by 15% in the island nation, Toyoda’s stern promise flies in the face of some rather cold numbers. However, according to Toyoda, now is not the time to go limp. “In these tough times, we must take up the challenge of bringing revival back to Japan and of bringing back smiles to Japan,” said Toyoda.

Toyota has successfully got the majority of the cases accusing it of driving down the value of its vehicles by hiding information about defects related to unintended acceleration dismissed in New York and Florida. The ruling means that Toyota owners whose cars never accelerated unintentionally have no right to sue for economic loss.

This level-headed decision is the exact opposite of a decision recently made in, not surprisingly, California by U.S. District Judge James Selna that says Toyota owners could sue for economic loss caused by the overall drop in value of their cars due to the unintended acceleration scandal.

The battle to the East continues as, well despite the finding. The lead lawyer for the plaintiffs claiming economic loss, Steve Berman, saying his group will appeal the decision in New York and Florida, said, “Given the thousands of crashes, hundreds of deaths, Toyota’s inability to fix the cars, we don’t believe courts in New York or Florida would agree.”

[Thanks to our friends @ Auto Loans Florida for this tip]