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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.

Toyota projecting record profits, thanks in part to weak yen

Toyota retained its global sales crown in 2014 by selling 10.23 million cars in the calendar year. As the positive number might suggest, the Japanese automaker is doing extremely well financially, too. Although, some tougher times might be on the horizon. Toyota recently released its financial figures for the three fiscal quarters running from April 1 through the end of December 2014. Net profit jumped an impressive 13.2 percent to 1.727 trillion yen ($14.7 billion) for that period. It could be the Japanese automaker's most profitable time ever when the fiscal year ends in March, if things keep going this way, according to The New York Times. Toyota's own profit forecast for the 12-month period is also up by 130 billion yen ($1.1 billion) to 2.13 trillion yen ($18.1 billion). One key to the company's success is the low value of the Japanese yen, because it allows Toyota to make more money on each vehicle the company sells abroad. The currency is now worth relatively less than any time since the early '70s, according to The New York Times. Despite the rosy financial numbers, actual sales have started to fall, albeit a very slight amount. Through the three fiscal quarters, the company sold 6.73 million cars, a drop of just 45,365 vehicles. Toyota also reduced its forecast for the fiscal year to 9 million units, rather than the original estimate of 9.05 million. According to The New York Times, the shrinking Japanese auto market and difficulty in China might mean losing the global sales lead next year. For the US, sales jumped 145,411 units from April through December to a total 2.1 million vehicles. Operating income reached $4.27 billion, nearly 50 percent more than last year, according to The New York Times. Toyota Motor Corporation (TMC) Announces April – December 2014 Financial Results February 04, 2015 Toyota's global net income jumped 13.2 percent during the nine-month period (April 1– December 31, 2014) of the 2015 fiscal year. Global Financial Highlights: Global sales decreased by 45,365 vehicles to 6.73 million, with strong sales in North America and gains in Europe, offsetting decreases in Japan and other regions.

More head-up displays are coming to a dashboard near you

With the exception of Apple products — $1,000 for a freakin' smartphone? — one great thing about tech is you typically get more for your money with each passing year. This is particularly true with automotive tech: Features like driver assists and surround-view cameras that were once exclusively available in luxury vehicles now come standard even on some economy cars. The same thing is slowly happening with head-up displays (HUD). For example, the 10-inch HUD in the 2018 Toyota Camry is one of the largest and best HUDs I've seen in any car. And a big improvement on the much smaller HUD in the latest Toyota Prius. Mazda is another mainstream brand that offers HUDs in several of its vehicles. But instead of embedding expensive components in the dash and using a special windshield, the HUDs in the Mazda3 and Mazda6 use a thin plastic lens that folds down when not in use. MINI has a similar solution, but this low-cost approach has limits in terms of size and position of the images compared to traditional HUDs that use the windshield as a screen. We're also starting to see similar lens-based aftermarket options that can be added to any car. Last year I tested a portable HUD called Navdy that taps into a car's OBD-II port to provide info on speed and RPM and uses built-in GPS and Google Maps to show the surrounding area, display speed limits and route you to your destination. Navdy also connects to an Android or iOS smartphone via Bluetooth to display data from phone calls, texts and music playing on a connected device, and it's simple to use and easily visible in almost any lighting condition. While Navdy is still available online, late last year the company ran into financial difficulties, and product support has been halted. I recently tested a new portable HUD called Hudly that's not quite fully baked and falls short of Navdy because it doesn't tap into an OBD-II port. Since a companion smartphone app for Hudly isn't scheduled to launch until next month, for now it only mirrors what's on a smartphone. So it can be used for nav and other apps, and its features are very limited. Between automakers adding HUDs in more reasonably priced cars and the aftermarket filling in the gaps for existing vehicle owners with add-ons, the technology is becoming more prevalent and affordable. And it's also getting better.