Toyota to Invest $3B More in U.S. Manufacturing Operations
Toyota plans to invest an additional $3 billion in U.S. manufacturing plants as the Japanese automaker bolsters its North American production presence amid concerns about tariffs, reports USA Today. The automaker deepened its commitment to American factories with plans to invest $13 billion in the period from 2017 to 2022, up from a previous plan of $10 billion. On Thursday, the company specified plans to invest $749 million and hire 568 new workers at existing operations in Alabama, Kentucky, Missouri, Tennessee, and West Virginia. That includes adding the Toyota RAV4 Hybrid and Lexus ES 300H hybrid to its sprawling factory in Georgetown, Kentucky. It also includes increased engine capacity at the Huntsville, Alabama, plant, including 450 jobs by the end of 2021. Toyota North America CEO Jim Lentz acknowledged Thursday that the company has its "eye on trade" and the president's decision, expected soon, on potential additional tariffs. "All this economic activity I hope shows that we’re a plus factor to the economic security of the United States," said Chris Reynolds, a Toyota North America manufacturing executive. Read more here.
SEC Charges Volkswagen and Its Former CEO with Defrauding Investors
The Securities and Exchange Commission (SEC) is charging Volkswagen and former CEO Martin Winterkorn with defrauding American investors during an emissions scandal, reports CNBC. The SEC said that between April 2014 and May 2015 Volkswagen issued more than $13 billion in bonds and asset-backed securities in U.S. markets when senior executives knew that more than 500,000 vehicles in the country grossly exceeded legal vehicle emissions limits. The complaint claims Volkswagen made false and misleading statements to investors and underwriters about vehicle quality, environmental compliance, and the company's financial standing, which gave Volkswagen a financial benefit when it issued securities at more attractive rates for the company. On Thursday, the SEC alleged in a court filing that Volkswagen "perpetrated a massive fraud" and repeatedly lied to U.S. investors in connection with the so-called dieselgate scandal. Read more here.
Mahindra Exec Explains Strategy for Second Run at U.S. Market
"Warning: Don't do anything stupid!" reads the sign to the right of Rick Haas' office computer. It is the same tongue-in-cheek warning affixed to the dashboard of every off-road Mahindra Roxor vehicle that Indian automaker Mahindra and Mahindra Ltd. assembles in a suburb north of Detroit. The motto might also apply to the Indian automaker's latest attempt to enter the U.S. auto market – an effort being led by Haas, a former executive at Ford Motor Co. and Tesla Inc. A decade ago, reports Automotive News, Mahindra tried to break in to the U.S. market with a low-cost pickup truck. The foray ended in failure and protracted litigation with dealers demanding their franchise fees back. Haas, the automaker's North American chief executive, says this time Mahindra has a more cautious "pay-as-you-go strategy." Instead of starting with a truck or passenger car, Mahindra is reintroducing its brand with the Roxor, a vehicle that looks like a vintage Jeep. Read more here.
Americans Still Fear Self-Driving Cars
Seven in 10 Americans don’t want to go anywhere near self-driving cars, reports Bloomberg. The portion of Americans who fear autonomous vehicles—71 percent in the American Automobile Association’s latest survey—is virtually unchanged from a year ago and up eight percentage points from 2017. While public skepticism isn’t new, its consistency is noteworthy. Last year’s survey, in which 73 percent expressed anxiety about self-driving cars, came out just nine weeks after an autonomous test vehicle operated by Uber Technologies Inc. killed a pedestrian in Tempe, Arizona. There’s been virtually no increase in public acceptance even as automakers and tech giants are pouring billions into driverless technology. “It’s possible that the sustained level of fear is rooted in a heightened focus, whether good or bad, on incidents involving these types of vehicles,” Greg Brannon, AAA’s director of automotive engineering, said in a statement. “Also it could simply be due to a fear of the unknown.” Read more here.
James Bond to Drive Electric Aston Martin in New Film, Reports Say
Famous for his high speed car chases, James Bond is hardly an obvious tree hugger. But the world's best known spy has apparently gone green, with British media reporting on Thursday that he is switching to an electric Aston Martin. Automotive News reports that the suave secret agent, played by Daniel Craig, will be taking to the wheel of the luxury car company's new $330,000 Rapide E, its first electric car, in the 25th Bond movie, the reports said. Aston Martin confirmed it was manufacturing a limited edition of 155 models of the car, but refused to say whether '007' would be driving one in the film due out next year. Powered by an 800-volt battery system, the Rapide E is expected to have a top speed of 155 mph with a 0-60mph acceleration time of under 4 seconds, according to Aston Martin. But there is one snag – range anxiety. Bond may have to find somewhere to plug in after 200 miles. Read more here.
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Around the Web
Tesla Goes Into Reverse, Will Keep Stores Open [Forbes]
BMW and Daimler in Talks to Jointly Develop Electric Car Platforms [Autoblog]
Custom Cars, Made to Order While You Wait (a Couple of Months) [NY Times]
Lamborghini is Working on a New Garnd Tourer [Road and Track]
