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Toyota settles complaints with states Attorneys General for $29 million

Toyota announced today that it has reached a settlement with the Attorneys General of 29 states and one US territory that will resolve their complaints relating to recalls performed by the automaker from 2005-2010, including those related to sticky accelerators and malfunctioning floor mats that may have contributed to cases of unintended acceleration.
The settlement includes a payout of $29 million to be divided among the states and US territory, as well as a commitment from Toyota "to take steps to make vehicle information more easily accessible to consumers to help them operate their vehicles safely and make more informed choices." The settlement also has Toyota continuing its rapid-response service teams and quality field offices that were put in place shortly after the largest of the recalls from 2010, as well as a "range of customer care amenities for owners of vehicles subject to certain recalls," though the press release below isn't specific about what those amenities might be.
This settlement marks the second major step in the last few months that Toyota has taken to settle legal disputes surrounding the unintended acceleration recalls, the first being a $1.4 billion settlement to address economic loss suffered by owners of current and past Toyota vehicles that may have lost value on account of these recalls.

The UK votes for Brexit and it will impact automakers

It's the first morning after the United Kingdom voted for what's become known as Brexit – that is, to leave the European Union and its tariff-free internal market. Now begins a two-year process in which the UK will have to negotiate with the rest of the EU trading bloc, which is its largest export market, about many things. One of them may be tariffs, and that could severely impact any automaker that builds cars in the UK. This doesn't just mean companies that you think of as British, like Mini and Jaguar. Both of those automakers are owned by foreign companies, incidentally. Mini and Rolls-Royce are owned by BMW, Jaguar and Land Rover by Tata Motors of India, and Bentley by the VW Group. Many other automakers produce cars in the UK for sale within that country and also export to the EU. Tariffs could damage the profits of each of these companies, and perhaps cause them to shift manufacturing out of the UK, significantly damaging the country's resurgent manufacturing industry. Autonews Europe dug up some interesting numbers on that last point. Nissan, the country's second-largest auto producer, builds 475k or so cars in the UK but the vast majority are sent abroad. Toyota built 190k cars last year in Britain, of which 75 percent went to the EU and just 10 percent were sold in the country. Investors are skittish at the news. The value of the pound sterling has plummeted by 8 percent as of this writing, at one point yesterday reaching levels not seen since 1985. Shares at Tata Motors, which counts Jaguar and Land Rover as bright jewels in its portfolio, were off by nearly 12 percent according to Autonews Europe. So what happens next? No one's terribly sure, although the feeling seems to be that the jilted EU will impost tariffs of up to 10 percent on UK exports. It's likely that the UK will reciprocate, and thus it'll be more expensive to buy a European-made car in the UK. Both situations will likely negatively affect the country, as both production of new cars and sales to UK consumers will both fall. Evercore Automotive Research figures the combined damage will be roughly $9b in lost profits to automakers, and an as-of-yet unquantified impact on auto production jobs. Perhaps the EU's leaders in Brussels will be in a better mood in two years, and the process won't devolve into a trade war. In the immediate wake of the Brexit vote, though, the mood is grim, the EU leadership is angry, and investors are spooked.

Toyota's hydrogen fuel cell Mirai isn't good enough to be a Lexus

It looks like the first hydrogen fuel-cell vehicle from Lexus will be faster than previously advertised, but it will get to the market slower than expected. It's all part of the paradox involved with Toyota looking to broaden its fuel-cell technology beyond the Mirai. Either way, the first Lexus fuel-cell vehicle is slated to start sales by the end of the decade, said Auto Express, citing comments from Alain Uyttenhoven, head of Lexus Europe. Uyttenhoven noted that it'd take an SUV to provide enough space to accommodate the packaging for the Lexus fuel cell powertrain. That comment may imply that the hydrogen-fueled powertrain from Lexus will offer similar performance to that of the Lexus RX450h hybrid SUV. That model delivers 300 horsepower and boasts a 0 to 60 mile-per-hour time of about seven seconds. Such a mill would be a departure from what we'd previously reported on Toyota's plans to expand its fuel-cell technology to its Lexus luxury badge. With Toyota believed to be planning to unveil as many as three fuel-cell models in time for the 2020 Summer Olympics in Tokyo, the Japanese automaker said early last year that it may have a Lexus fuel-cell vehicle available as soon as 2017, while reports suggesting the model would be a Lexus LS-based sedan. Additionally, the Mirai's fuel-cell powertrain had been believed to be the platform for the proposed Lexus fuel cell from the moment that model started sales in California last year. Apparently, though, the Mirai's 152-horsepower powertrain, coupled with a full-tank range that would be about 20 percent less than the 300-mile Mirai, isn't up to snuff for Lexus duty. Related Video: News Source: Auto Express via Hybrid CarsImage Credit: Jonathon Ramsey / AOL Green Lexus Toyota Hydrogen Cars mirai