Toyota to pay over $1 billion after series of mass recallsThursday 27 December 2012 10.42
Japanese carmaker Toyota is to pay an estimated $1.1bn (€830 million) to settle dozens of lawsuits..
The lawsuits relate to the unintended acceleration in some of its vehicles which were the subject of a series of mass recalls.
Toyota has not accepted any blame in its settlement, which a US district judge is expected to consider tomorrow.
The deal will cover the cost of installing a free brake override system in about 3.2 million vehicles.
Despite this, Toyota expects to sell a record 9.7 million vehicles this year, bouncing back by 22% from a disaster-struck 2011.
It has set an even higher target of 9.91 million vehicles for 2013.
The numbers released this week underline Toyota Motor's solid turnaround from supply disruptions caused by the earthquake and tsunami in north-eastern Japan in 2011 that had hurt global production and sales.
They also underline the Japanese automaker's ambitions to move past the woes from massive recalls that began in 2009, especially in North America.