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Toyota FT-86 Open Concept leaves us feeling flushed

When last we checked in on our topless would-be hero, the Toyota FT-86 convertible had been reportedly placed on "indefinite hold." That was back in early October, not long after Toyota had trotted out the rear-wheel-drive canvasback to Scion dealers as a possible future product carrot if they decided not to turn in their franchises. And yet, we're here at the Tokyo Motor Show, where Toyota has taken the time to at least repaint the FT-86 Open Concept in "Flash Red," if not build a whole other car (the original Geneva showcar was white). It's enough to make our heads spin like a teenager on the verge of a breakup. Will they? Won't they?
At this point, we still don't know any more than you do - the last word we heard out of Toyota was not encouraging, although the story was that the program could still be fast-tracked if management had a change of heart. As the car has never been seen before in Japan, perhaps Toyota is merely extending its domestic audience a courtesy view before it lines this showcar in mothballs, or maybe they're still trying to make a decision on its fate and gauging public reaction on the homefront.
Interestingly, in a new story published today, Automotive News quotes Subaru brand boss Yasuyuki Yoshinaga downplaying the likelihood of a production model, saying flatly "We make the car, so if we don't make it, it can't happen." The executive went on to note, "Our engineering department told me that losing the entire roof requires a complete redesign of the structure. It would need a big change." Given that such a car would probably trade in rather small volumes, that sounds like a significant hurtle.

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.

Suzuki will road-test EVs in India, start production with Toyota in 2020

NEW DELHI — Japan's Suzuki Motor Corp will start testing prototypes of electric vehicles in India by October, its chairman said on Friday. "We will start road-running tests using a fleet of 50 EV prototype vehicles in India from next month in order to develop safe and easy-to-use EVs for Indian customers," Osamu Suzuki said at the Global Mobility Summit at New Delhi. The company would then launch EVs in India around 2020 in cooperation with Toyota, he added. However, Suzuki said that for EVs to become popular in India, there had to be well-developed charging infrastructure. "In this regard, we look forward to proactive leadership from the Indian government," he said. The government of Prime Minister Narendra Modi has a plan to electrify all new vehicles by 2030, a target many experts call ambitious. EVs are expensive due to the high cost of batteries which are still not manufactured in India, and carmakers say a lack of charging stations could make the proposition unviable. Suzuki, parent of India's top-selling automaker, Maruti Suzuki, would start production of lithium-ion batteries for automobiles at its plant in western India from 2020, Suzuki said. India is one of the world's fastest-growing car markets, but EV sales are negligible compared with millions of petrol and diesel cars sold every year. Suzuki said to meet India's environmental challenges, the government would have to look at hybrid and CNG (compressed natural gas) vehicles also.Related Video: