Tuesday, December 28, 2010

Toyota Ordered To Pay $32,000,000

As part of a series of continuous updates regarding Toyota's reputation in the auto industry, I found it necessary to point out their most recent indiscretion.

Relating to two U.S. safety probes over Toyota's handling of numerous vehicle recalls, Toyota agreed to pay the maximum fine of 32 million dollars which in my opinion appropriately represents the nearly 11 million vehicles that needed to be recently recalled.
A useful feature on Toyotas, in case the accelerator sticks
I could re-post all of the recalls for which Toyota was accountable, but I've already picked fun at them enough I think.

Keep in mind, this is not a cumulative fine for all of Toyota's safety violations - it is just for the safety probes. I was unable to find an accurate "all-in" figure for the fines Toyota has had to pay this year, or I would have posted that too.

I believe the probe fines are sufficient, and the fact that they cooperated in paying the maximum fine demonstrates one of two things - either they just want to win back their public image, or they had lots of pressure from weeping investors. Or perhaps both? What do you guys think?