Reuters and The Wall Street Journal reported on Friday that Toyota Motor Corp. and the United States Department of Justice are close to a deal that would resolve a criminal investigation into how it disclosed to government regulators customers’ complaints about unintended acceleration. The Journal is reporting that the settlement would involve Toyota paying as much as $1 billion in fines, ending a four year investigation. Sources say that the deal could still fall apart, or the amount of money involved could change.
Speaking at the Washington (D.C.) Auto Show, U.S. Energy Secretary Ernest Moniz said on Wednesday that part of reviving the dormant Advanced Technology Vehicle Manufacturing loan program may involve making suppliers as well as automakers eligible for the more than $15 billion allocated for the ATVM program that was never loaned out. The program stalled 2011 after the high profile failures of two loan recipients, Fisker Automotive and Vehicle Production Group. Of the other three recipients of ATVM loans, Tesla repaid its loan early and Ford and Nissan continue to pay down their debts on schedule. (Read More…)