Author: Ken Thomas
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Toyota faces federal, congressional probe
WASHINGTON — Facing tough questions in Congress, Toyota Motor Corp. said Monday that federal prosecutors have launched a criminal investigation into the company’s safety problems and the Securities and Exchange Commission was probing what the automaker told investors. Lawmakers pledged to ask executives about internal documents showing that Toyota visited with regulators who “laughed and…
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Government demands Toyota recall documents
WASHINGTON — The Transportation Department demanded documents related to Toyota’s massive recalls in the United States on Tuesday to find out if the automaker acted swiftly enough. Toyota, meanwhile, said it will idle production temporarily at Texas and Kentucky plants over concerns the recalls could lead to big stockpiles of unsold vehicles. The legal documents…
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Government: 34 deaths alleged in Toyotas since 2000
WASHINGTON — The government has received new complaints that bring to 34 the total number of alleged deaths in Toyota vehicles due to sudden acceleration since 2000, according to government data posted Monday. The government has received complaints during the past three weeks alleging 13 deaths. The deaths allegedly tied to this problem happened in…
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Toyota to recall 3.8 million vehicles
WASHINGTON – Toyota says it will recall 3.8 million vehicles in the United States to address problems with a removable floor mat that could interfere with the vehicle’s accelerator and cause a crash. The company says it will be the largest recall in its history. Owners could learn about the safety campaign as early as…
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White House rejects $10B plea
WASHINGTON • The Obama administration has turned down a request by auto suppliers for up to $10 billion in additional federal aid to help the parts companies deal with the bankruptcies of General Motors and Chrysler. The Treasury Department said in a statement Tuesday an existing $5 billion support program for auto-parts suppliers was playing…
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Government, automaker aid keeps parts makers alive
DETROIT – Government aid and timely payments by General Motors, Ford and Chrysler have held off the predicted collapse of the nation’s auto parts supply base, but industry officials say more bankruptcies are coming as the effects of Detroit’s temporary factory closures continue to ripple through the economy. Hundreds of companies large and small across…
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Suppliers forge plan to seek government loans
DETROIT • Saving the U.S. auto industry will take more than bailing out GM and Chrysler. It also hinges on companies like FormTech Industries, which employs just 440 people and forges steel for parts under the hoods of cars and trucks. And now those suppliers are asking for a bailout of their own. Two major…
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Chrysler on its last leg?
DETROIT • Even by the standards of battered automakers, Chrysler is in dire shape. Its sales in December were down a stunning 53 percent, far worse than Ford or General Motors, and analysts say it probably won’t survive the year as an independent company – despite $4 billion in government loans and the possibility of…
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Senate leader says current carmaker-aid bill dead
WASHINGTON – Senate Majority Leader Harry Reid says his Democrats’ plan to tap the Wall Street rescue fund to save U.S. automakers from collapse is essentially dead.One day after Detroit’s Big Three sent survival plans to Congress in an urgent plea for $34 billion in government aid, Reid said support in Congress is too limited…
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Detroit asks Congressional leaders for financial help
WASHINGTON • The heads of Detroit’s automakers asked congressional leaders Thursday for “immediate and necessary funding” to help the troubled industry weather an economic crisis. The chief executives of General Motors, Ford and Chrysler, and the president of the United Auto Workers union met with House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid…