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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.

2020 Ford Escape hybrids vs other crossover fuel sippers: How they compare on paper

Along with a new generation of Escape, Ford also reintroduced the world to the 2020 Ford Escape Hybrid. And if that weren't enough, Ford is adding a plug-in hybrid version. This is a sign of the times: people are more crossover crazy than ever, but are also seeking ways to use less fuel, whether it's for environmental or purely money-motivated reasons. The Ford hybrids aren't the only fuel-efficient compact crossovers on the market. They will be going head-to-head with conventional hybrids including the 2019 Kia Niro, 2019 Nissan Rogue Hybrid and 2019 Toyota RAV4 Hybrid. There are other plug-in hybrids including the 2019 Subaru Crosstrek PHEV, 2019 Mitsubishi Outlander PHEV and the plug-in version of the 2019 Kia Niro. There are even a couple diesels in the form of the 2019 Chevy Equinox and 2019 GMC Terrain. So we've rounded up the details on all these crossovers to see who leads and lags in criteria such as power, fuel efficiency, space and price. Check out all their details below. 2019 Subaru Crosstrek Hybrid View 68 Photos How do their engines and fuel economy compare? Conventional Hybrids and Diesels Let's face it, if you're buying one of these crossovers, one of the things that matters most to you is just how frugal with fuel they are. We'll start off with the conventional hybrids and diesels, and the clear victor is the Kia Niro, which in base FE trim, manages to hit 50 mpg combined. This is thanks to it sharing its powertrain with the Hyundai Ioniq, the Hyundai equivalent of the Toyota Prius. Buyers should take note that only the FE returns such high fuel economy. The LX and EX drop to 49 mpg, and the S Touring and Touring get 43. Even then, the least efficient Niro is the most efficient of the normal hybrids and diesels. It is nearly the least powerful, though, with 139 horsepower. Just behind it is the Toyota RAV4 Hybrid. It delivers 40 mpg combined, and it has an ace up its sleeve: it comes standard with all-wheel drive. Every other vehicle in this powertrain group has front drive standard, and the Niro isn't available with all-wheel drive at all. If that weren't enough, the RAV4 Hybrid also boasts the most power at 219 horses. While we can't say anything about Escape Hybrid fuel economy, we do know that it will make 198 horsepower, which is close to the class-leading RAV4. The least powerful of these is the Equinox and Terrain, and they return the worst fuel economy at 32 mpg.

Toyota and Suzuki partner up on autonomy with capital alliance

TOKYO — Toyota and Suzuki will take small equity stakes in each other, the Japanese car makers said on Wednesday, as they seek to develop newer technologies and meet sweeping changes upending the global auto industry. The tie-up is the latest example of automakers chasing scale to manage costs and boost development. Automakers — especially smaller ones like Suzuki — are struggling to meet the breakneck growth of an industry transformed by the rise of electric vehicles (EVs), ride-hailing and autonomous driving. Toyota will pay around 96 billion yen ($908 million) for a 4.94% stake in Suzuki, while Suzuki will acquire in the market around 48 billion yen ($454 million) worth of shares in Toyota. That is equivalent to 0.2% of Toyota's shares as of Wednesday's closing price, before the announcement. The companies said in a joint statement they intended to overcome challenges facing the industry by "building and deepening cooperative relationships in new fields while continuing to be competitors". They said they would strengthen technologies and products in which each of them specialize in. The firms had said in 2016 they were exploring a partnership, citing technological challenges and the need to keep up with industry consolidation. Earlier this year they said they would produce EVs and compact cars for each other. Automakers around the globe have been joining forces to slash development and manufacturing costs of new technology. Ford and Volkswagen have said they will spend billions of dollars to jointly develop electric and self-driving vehicles. Shares of Toyota and Suzuki closed little changed before the announcement. TOYOTA'S ORBIT The deal brings Suzuki firmly into Toyota' orbit, alongside Daihatsu, Hino Motors, Subaru, Mazda and Yamaha. Rival Nissan has an alliance with France's Renault, although that has been shaken following the ouster of former Chairman Carlos Ghosn, and with Mitsubishi Motors. Honda has a tie-up with General Motors. Toyota has been looking to expand scale in next-generation technology and said this year it would offer free access to patents for EV motors and power control units. It believes that move would help it cut by as much as half the outlays for expanded electric and hybrid vehicle components in the United States, China and Japan. Supplying rivals would greatly expand the scale of production for hardware.