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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.

2013 Pikes Peak Hill Climb, Practice Day 3

The third practice day of the 91st Pikes Peak International Hill Climb is done. While the other classes got running time on the middle and top sections of the course, qualifying times were set on the bottom section of the course for the Open, Open Wheel, Electric, Exhibition and Vintage classes.
Everyone managed to keep it on the black stuff today, Greg Tracy setting the fastest time ahead of Hiroshi Masuoka, both men driving the Mitsubishi MiEV Evolution II four-wheel-drive prototype. Not even half a second behind Masuoka came Nobuhiro "Monster" Tajima in his Monster Sport E-Runner, who has taken about 18 seconds off his time since the first practice day. Rod Millen was the fourth fastest on the day in his Toyota TMG EV POO2.
Topping the Open Wheel class was Clint Vahsholtz, followed by Donner Billingsley, Andy Figueroa and Rodney O'Maley. The only driver in that class not to be given a time today was Dan Novembre. Kenshiro Gushi took the Exhibition class today as his Lexus IS F CCS-R made it up the mountain in 4:27.248, followed by Sage Marie in the Honda CR-Z at 5:19.591. Simon Pagenaud and his Honda Odyssey weren't classified.

Toyota, Honda, Mazda and Nissan recall 3.4 million vehicles for faulty airbags

Most vehicle recalls that take place these days are a result of some problem that happens during the manufacturing process by the automaker, but as we see here, parts suppliers can also factor in to problematic safety issues. Automotive News is reporting that a total of 3.4 million vehicles produced by Japanese automakers between 2000 and 2004 are being recalled globally due to faulty airbags produced by an outside supplier, Takata Corp.
According to the report, vehicles from Toyota, Honda, Nissan and Mazda are being recalled because of passenger front airbags that do not inflate properly. Globally, Toyota is said to be recalling around 1.73 million cars including 510,000 in the US composed of Toyota Corolla, Matrix, Sequoia and Tundra as well as the Lexus SC430 for the 2001 through 2003 model years; this is the second time this year the 2003 Corolla and Matrix have been recalled for an airbag problem. Honda is recalling 1.14 million models, Nissan another 480,000 and Mazda 45,463. The article says that Takata supplied faulty airbags to non-Japanese automakers, but it did not specify which ones.
Honda and Toyota have released information on their own websites about the recall, while Nissan and Mazda have not yet commented. Read official press releases from Honda and Toyota, below, and look for updates as we have word from the others.