financetom
Business
financetom
/
Business
/
Toyota's Hino Motors Settles for $1.6 Billion Over Emissions Fraud and Engine Smuggling
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Toyota's Hino Motors Settles for $1.6 Billion Over Emissions Fraud and Engine Smuggling
Jan 16, 2025 4:42 AM

07:22 AM EST, 01/16/2025 (MT Newswires) -- Toyota Motor's ( TM ) subsidiary (TM) Hino Motors, has reached a $1.6 billion settlement with US authorities for falsifying carbon dioxide emissions data and smuggling engines into the US, the US Justice Department said Thursday.

The DOJ said the false data provided by the company helped it obtain approvals to import and sell more than 110,000 diesel engines in the US from 2010 to 2022.

As part of the deal, Hino will plead guilty to a criminal conspiracy, pay a $521.76 million criminal fine, and serve five years of probation, during which it will be prohibited from importing any diesel engines it has manufactured into the US, the Justice Department said.

It added that Hino will also pay $525 million in civil penalties and fund programs totaling over $450 million for air emission mitigation, engine recalls, and enforcement costs in California.

The resolutions are subject to approval by the US District Court for the Eastern District of Michigan.

Toyota ( TM ) did not immediately respond to MT Newswires' request for comment.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Hawaiian Electric working to restore power in downtown Honolulu
Hawaiian Electric working to restore power in downtown Honolulu
Jun 18, 2024
June 18 (Reuters) - Utility firm Hawaiian Electric said on Tuesday it was working to restore power in downtown Honolulu, where a fire damaged underground cables in several locations. The power outage, which occurred shortly before 9 p.m. local time on Monday, is the second one in the downtown area in less than a week. The energy firm said about...
Instacart Inks Nationwide Pact With Sally Beauty - What's Going On?
Instacart Inks Nationwide Pact With Sally Beauty - What's Going On?
Jun 18, 2024
On Tuesday, Maplebear Inc. ( CART ) , popularly known as Instacart, inked a pact with Sally Beauty Holdings, Inc. ( SBH ) . The companies announced a nationwide partnership to offer same-day delivery in as fast as an hour from more than 2,200 Sally Beauty ( SBH ) store locations across the country. “This partnership not only enhances Sally...
Exclusive-Regulatory concerns stopped Julius Baer, EFG takeover talks, sources say
Exclusive-Regulatory concerns stopped Julius Baer, EFG takeover talks, sources say
Jun 18, 2024
ZURICH (Reuters) - Swiss regulatory concerns scuppered talks between private banks Julius Baer and EFG International over a potential tie-up worth some 15 billion Swiss francs ($17 billion), two sources with knowledge of the matter told Reuters. The two banks held talks in early 2024 and reached an agreement in principle, the sources said on Tuesday, speaking on condition of...
Correction: Market Chatter: Nvidia Set for Over 20% Weighting in SPDR ETF, Apple to Drop Significantly
Correction: Market Chatter: Nvidia Set for Over 20% Weighting in SPDR ETF, Apple to Drop Significantly
Jun 18, 2024
01:28 PM EDT, 06/18/2024 (MT Newswires) -- (Corrects ETF name in the headline) Nvidia's ( NVDA ) weighting in the index that the Technology Select Sector SPDR (XLK) exchange-traded fund follows will likely increase to around 21%, displacing Apple ( AAPL ) as the second top pick next to Microsoft (MSFT), CNBC reported Monday. Apple's ( AAPL ) weighting will...
Copyright 2023-2026 - www.financetom.com All Rights Reserved