Archive for January, 2010
Toyota loses $21B in market share in one week, plans media blitz this week
Filed under: Government/Legal, Safety, Toyota
After a long spell as the apple of the media’s eye, Toyota is now officially in the bad news barrel. So far the Japanese automaker has announced the recall of 5.3 million automobiles for floor mat issues that might lead to unintended acceleration and a separate recall of 2.3 million automobiles for sticking gas pedals (watch the explanatory video). The entire ordeal has been a public relations nightmare, and as you’d expect, Toyota’s stock is taking a hit.
Last week alone shares in the automaker plunged by a jaw-dropping 14 percent. That’s a drop of $21 billion (with a B) in market value. The lion’s share of the losses are likely due to investors’ unease at how the the mounting recalls are playing out, but we suspect that part of the issue has to do with Toyota’s handling of the recalls to date.
Last fall Toyota appeared to be calling the original recall of 3.8 million vehicles for floor mat issues a voluntary matter, only to be rebuked by the National Highway Traffic Safety Administration (NHTSA), which insisted that the recall was mandatory. More recently Toyota announced that it was shipping new pedals to factories, only to change its mind and send the parts to dealerships after an angry response from dealers and the public. Mizuno Credit Advisory director Tatsuya Mizuno reportedly told Business Week that Toyota has “wasted too much time without doing anything,” adding that the automaker used to have foresight for taking action but is now, “very far behind the curve.”
Other than a 75 second television interview by Toyota president Akio Toyoda in Davos, Switzerland, Toyota hasn’t stated much of anything about the recalls. That will reportedly change this week as the Japanese automaker hits the news circuit in an attempt to allay customer fear about the recalls. Toyota U.S.A president Jim Lentz will appear on the Today Show Monday morning, followed by a conference call with other media outlets. BusinessWeek reports that Toyota might also be close to announcing a fix for at least one of the recalls, which should help investors feel a bit more comfortable that the situation is being handled.
Toyota also took out full-page ads in 20 major markets to explain why it has temporarily suspended production at several plants. Oddly, the full page ad didn’t focus on the recalls. The ad (shown above, click to enlarge) states “A temporary pause. To put you first,” in very large letters, followed by an explanation as to why the plants were temporarily shut down in comparatively little letters. The ad doesn’t give any specifics about the recall, but it directs customers to the automaker’s website for information about the Toyota recall.
While Toyota’s ad blitz will no doubt be crucial to winning back its very faithful customers and the company’s considerable reputation for quality and reliability, still more hurdles lie ahead. The next major step will be the announcement of a fix, followed by a potentially embarrassing February 25 meeting with the Home Energy and Commerce Committee to discuss the unintended acceleration claims and the NHTSA’s handling of the matter. Beyond that Toyota will need to totally nail the execution of the recall and get as many cars repaired as swiftly as possible. Lets just hope dealers can fix this problem fast than Toyota can explain it.
[Source: Business Week]
Toyota loses $21B in market share in one week, plans media blitz this week originally appeared on Autoblog on Sun, 31 Jan 2010 23:00:00 EST. Please see our terms for use of feeds.
Renault F1 launches R30 with back to the future livery [w/video]
Filed under: Motorsports, Renault, Racing
On Sunday the Renault F1 team revealed its 2010 race automobile with a color scheme that hearkens back to the team’s debut in the late 1970s. The yellow-and-black livery was the traditional pattern used by Renault on its Formula One and Le Mans sports cars before the company began taking on title sponsors.
Of course, the downside of the retro look is that the team still has not signed a title sponsor to replace insurance company ING, which called it quits last summer after the team was found guilty of having Nelson Piquet Jr. deliberately crash during a race in late 2008.
The automaker now owns only a minority stake in the team after having sold most of it to Genii Capital.
At the launch of the new racer, Renault also announced that Russian Vitaly Petrov will run alongside ex-Sauber driver Robert Kubica in the second automobile. Petrov is the first Russian to get a full-time F1 drive. A video and press release are included after the jump.
Gallery: 2010 Renault R30
[Source: Renault]
Continue reading Renault F1 launches R30 with back to the future livery [w/video]
Renault F1 launches R30 with back to the future livery [w/video] originally appeared on Autoblog on Sun, 31 Jan 2010 20:03:00 EST. Please see our terms for use of feeds.
Eh-Spec? Acura Canada mailing shows 2010 TL A-Spec
Filed under: Sedan, Performance, Acura, Canada, Luxury
At the very least, our friends to the north will soon have another Acura TL trim level to select from. Reader Steve F. dropped us a line to let us know he received this mailing from Acura, which included an announcement a new TL A-Spec model. What’s it? Sadly, it isn’t as exciting as it might sound. Begin with a loaded Acura TL SH all-wheel drive with the tech package, and add 19-inch wheels, summer rubber, an aero kit, and A-Spec badges, and friends, you’ve the TL A-Spec. In short: it’s an appearance package. Canadians, it’s coming this spring to your neck of the woods. Will we see it Stateside as well? Don’t know, and we’re won’t lose sleep wondering about it, either. Thanks for the tip, Steve!
[Source: Acura Canada]
Eh-Spec? Acura Canada mailing shows 2010 TL A-Spec originally appeared on Autoblog on Sun, 31 Jan 2010 19:26:00 EST. Please see our terms for use of feeds.
Event Alert: February 2010 Calendar of Automotive Events
Filed under: Chicago Auto Show, Motorsports, Event Alert
Just like January equals Detroit, February means Chicago for auto show lovers. The major players will again descend upon McCormick Place in the Windy City, along the banks of the still-frozen Lake Michigan. Other auto shows in February include the Canadian International AutoShow in Toronto, plus regional shows in Philadelphia and Syracuse. Hot Rodders have the Sacramento Autorama to look forward to, while classic vehicle aficionados have Boca Raton and The Desert Classic in La Quinta to get the Concours d’ Elegance season going.
The American motorsports season kicked off yesterday with the Rolex 24 at Daytona, but other series will kick it into gear in February. The Bud Shootout signals the return of bump-drafts as NASCAR starts the 2010 season with this all-star lead-in to Daytona, and drag racing action explodes back onto the scene with the 50th Annual Winternationals in Pomona. Meanwhile, Formula 1 and ALMS teams are busy practicing, getting ready for their season openers in March.
Besides those automotive events, there’s Valentine’s Day and the 2010 Winter Olympics in Vancouver to keep non-car people occupied in February. If none of those events appeal to you, check out our Google Calendar after the jump for even more listings, all with detailed info and links. And please don’t forget to use the comments to add or modify listings.
Continue reading Event Alert: February 2010 Calendar of Automotive Events
Event Alert: February 2010 Calendar of Automotive Events originally appeared on Autoblog on Sun, 31 Jan 2010 17:25:00 EST. Please see our terms for use of feeds.
Attention Kmart Shoppers: Buy 20 Hot Wheels, get a cool ‘62 Vette by mail
Filed under: Etc., Marketing/Advertising, Toys/Games
You know what we like almost as much as real cars? Toy cars. It’s gotten to the point where there mere existence of Hot Wheels, Matchbox, and the like seem like an ongoing conspiracy to suck an extra few bucks out of our wallets with every trip to the store.
Furthering that belief is Hot Wheels’ new Kmart promo, wherein if you buy 20 automobiles from the basic assortment (they need to match certain SKUs, just FYI), you can then mail in your stack of receipts to receive the special edition ‘62 Corvette you see above. (A gallery of more detailed pics can be seen at HotWheelsCollectors.com.) It arrives on a special blister pack that notes its collector’s edition status, and is even shipped in a Kar Keepers protective case to help ensure that the heavy-handed employees at your local sorting station don’t wreck it in transit.
To qualify for the promotion, you must purchase your 20 eligible Hot Wheels automobiles between Feb. 10 and Mar. 10, 2010. Additional details, official rules, etc. are available at HotWheelsCollectors.com. Now please excuse us – there’s a Jackson burning a hole in our pocket, and a Kmart within simple driving distance.
[Source: HotWheelsCollectors.com]
Attention Kmart Shoppers: Purchase 20 Hot Wheels, get a cool ‘62 Vette by mail originally appeared on Autoblog on Sun, 31 Jan 2010 15:43:00 EST. Please see our terms for use of feeds.