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Inside this issue
Toyota to Recall 2.8 Million Vehicles Worldwide for Steering, Water Pump Problems
Toyota to Pay $25.5 Million to Settle Shareholder Suits
Audi CEO Says German Carmaker to Reach 2012 Goals
General Motors' Opel Division is Halting Talks Aimed at Forming a Deeper Partnership with PSA Peugeot Citroën
Natural-Gas Cars to Get Home Fueling
How Cars Will Change if America Becomes the New Saudi Arabia
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Toyota to Recall 2.8 Million Vehicles Worldwide for Steering, Water Pump Problems

Toyota Motor Corp. said it will recall 2.77 million vehicles worldwide, including some of its popular Prius hybrid cars, for steering and water pump problems. It is the carmaker's second multimillion-car recall in a little more than a month. The recall affects 496,000 vehicles in Europe, 670,000 vehicles in the United States and 1.5 million vehicles in Japan.
Source: Reuters

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Toyota to Pay $25.5 Million to Settle Shareholder Suits

Toyota Motor Corp. agreed to pay $25.5 million to settle claims from shareholders who said they were harmed by the Japanese automaker's recall for unintended acceleration of millions of vehicles in 2009-10, court documents filed Tuesday show. The proposed settlement, filed in U.S. District Court in Los Angeles, covers all U.S. Toyota shareholders who bought stock between May 2005 and Feb. 2, 2010. The settlement said there are "tens of thousands" of people who purchased stock during the nearly five year period. The company did not admit wrongdoing.
Source: The Detroit News

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Audi CEO Says German Carmaker to Reach 2012 Goals

Audi AG, the world's second-largest maker of luxury cars, said it's on track to reach a goal of selling a record 1.4 million vehicles in 2012 and expects the momentum to continue into next year.
Source: Bloomberg

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General Motors' Opel Division is Halting Talks Aimed at Forming a Deeper Partnership with PSA Peugeot Citroën

General Motors' Opel division is halting talks aimed at forming a deeper partnership with PSA Peugeot Citroën after the French government offered Peugeot a bailout in hopes of reducing layoffs the automaker announced earlier this year. Reuters journalists in Europe reported Tuesday that Opel won't seek a tighter relationship with Peugeot, in which GM purchased a 7% stake last February.
Sourcce: Detroit Free Press

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Natural-Gas Cars to Get Home Fueling

Chesapeake Energy Corp said it is working with General Electric Co. and Whirlpool Corp to develop a $500 appliance that will allow natural-gas powered cars to be refueled at their owners' homes. The effort would be Oklahoma City-based Chesapeake's latest push to promote compressed natural gas as a mainstream fuel and boost its own sales. It is the first attempt at overcoming one of the biggest challenges in putting natural-gas powered cars on the road—convenient refueling.
Source: The Wall Street Journal

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How Cars Will Change if America Becomes the New Saudi Arabia

Extraordinary growth in oil and natural gas output in the United States means we're well on our way to becoming the next Saudi Arabia, according to a new report from the International Energy Agency. If the projection is correct, it would mean a sea change in terms of the world's energy supplies and geopolitics. Closer to home, it could also affect Washington's aggressive march toward tougher fuel economy standards.
Source: Forbes

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Quotable
"We are very cautious for next year. The Europe crisis is not over."

   
-- Stephan Winkelmann, Lamborghini CEO, commenting on the predicted decrease in global demand for ultra-luxury sports cars in 2013, Bloomberg, Nov. 13

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