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Japan plans real-world diesel emissions test after companies fail

Japan's transport ministry plans to start real-world diesel emissions tests after an experiment found four models from Toyota, Nissan, and Mitsubishi that produced more nitrogen oxide (NOx) emissions than the nation's rules allow, according to The Japan Times. Regulators there usually only perform emissions checks in the lab. The VW diesel scandal has everyone double-checking their figures. Diesel versions of the Toyota Hiace van, Land Cruiser Prado, and Nissan X-Trail produced up to 10 times more NOx than allowed. The Mitsubishi Delica D:5 was up to five times over the limit, The Wall Street Journal reports. There was no evidence of defeat devices in the vehicles. Mazda performed well in the experiment, though. The CX-5 passed with nearly the same results on the road and in the lab. The Demio, better known as the Mazda2, did nearly as well with only slighter higher figures in the real world than in the controlled setting. The experimenters theorized the reason for the excessive emissions was that cold weather caused the engines' software to shut off the exhaust gas recirculation to prevent damage, according to the WSJ. However, this behavior also increased NOx production. Toyota, Nissan, and Mitsubishi don't have to worry about punishment from the transport ministry because this check was just an experiment. Their models already passed the mandated lab tests, which was the only requirement, according to The Japan Times. As governments begin greater real-world emissions tests, the results suggests diesels aren't very clean. A recent check in France found models from Ford, Renault, and Mercedes-Benz that didn't perform up to the standards. Regulators in India conducted similar evaluations and ordered VW to recall over 300,000 vehicles. Related Video:

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.

Toyota nearing $1B settlement of unintended acceleration criminal probe

According to those all-too-nebulous "people familiar with the matter," Toyota is close to a settlement with the US federal government to end a criminal probe over its long-running unintended acceleration fiasco. Though Toyota has never admitted guilt, the deal could reportedly crest a billion dollars and would likely include a criminal deferred prosecution agreement, and while we're not legal experts, The Wall Street Journal explains that such a deal would "[force Toyota] to accept responsibility while avoiding the potentially crippling consequences of federal criminal convictions."
The report from WSJ also suggests that Toyota is facing charges that it "made false or incomplete disclosures" to various government agencies regarding possible defects to its cars. Such charges may include mail and wire fraud violations. Toyota has already paid out fines totaling $66.2 million to the National Highway Traffic Safety Administration because it failed to report safety defects in a timely manner.
This deal with the federal government is not related to the billion-dollar class-action settlement reached with Toyota owners over falling vehicle values, and it's also different from the roughly 400 lawsuits still in courts alleging personal injury of wrongful death due to cases of unintended acceleration. In other words, don't expect to hear the end of such courtroom verdicts and settlements anytime soon...