The Asahi Shimbun is reporting that Toyota just got hit with a 2 billion yen bill for failure to report about 6 billion yen in taxable income from as far back as March 2004. Although the Nagoya Regional Taxation Bureau discovered Toyota’s omissions, they didn’t make an official announcement. But Asahi’s sources reported that the back taxes were levied because Toyota sold parts below their market value to two overseas subsidiaries. It was mainly Camry parts going to Australia that allowed indirect payments to Middle Eastern sales agents. Continue reading Toyota nailed with 2 billion yen in back taxes
Categories:Toyota
The new Chevy Malibu from GM was revealed today at Detroit Auto Show. The car has a nice interior and a smooth and lustrous appearance and will go against Camry and Accord. Seems that Chevrolet is focusing a lot of attention on the interior, using higher-quality materials and cleaner designs on the current model which gives a new level of refinement. 
DaimlerChrysler AG’s Chrysler Group and China’s Chery Automobile Co. have agreed on a plan for the Chinese manufacturer to build small cars to be sold worldwide. The cars, to be designed jointly by Chery and Chrysler with Chrysler taking the lead, would be sold as a Chrysler Group brand, either Chrysler, Jeep or Dodge, said Chrysler spokesman Jason Vines. Chery will build tiny cars known in the industry as “B-cars,” but it also may build something larger for Chrysler, Vines added. 
That three-pointed star on the Concept Ocean Drive convertible may be a bad omen for DaimlerChrysler’s underachieving Maybach brand. The S-class-based Mercedes concept, to be shown at the Detroit auto show, has everything that would warrant a double-M Maybach badge. There are four doors, a big V-12 engine and lots of wood and leather. For Mercedes, the Ocean Drive is a halo car. The brand has taken a beating over quality and, potentially, a less-exclusive image. But it’s nearly five years since Maybach’s U.S. unveiling, with no new models in sight. 
Mitsubishi will preview the redesigned Lancer Evolution high-performance model at the Detroit auto show. Although dubbed Prototype X at the show, it will be a running car and very close to the Evolution that is expected to arrive in late 2007 as a 2008 model. At the heart of the vehicle is the new 2.0-liter turbocharged engine expected to develop more than 300 hp. The current Evo makes 286 hp. 
Porsche CEO Wendelin Wiedeking is following up on his stated intent to take great care of his “Volkswagen investment.” Porsche is VW’s largest shareholder with a 27.4 percent stake, which it plans to increase to 29.9 percent. Next year, adviser teams from Porsche Consulting, a subsidiary, will descend on Wolfsburg, Germany, to scrutinize VW’s main factory there. The teams will seek ways to improve material and work flow. 
As clues go, it was a big one. Revealed with much pomp and ceremony at the Geneva motor show in 2004, Rolls-Royce’s spectacular 100EX concept car was created to celebrate the famed British car maker’s centenary. That was the official line, at least. When probed, the only thing officials would reveal was that there were considerations to building the big convertible—with the quick caveat that nothing was certain. 
BMW of North America is on track to set a sales record this year, despite the changeover of its X5 crossover. “The 2007 model year cars are just coming onstream now,” said Tom Purves, CEO of BMW (US) Holding Corp. “It’s tough to predict. But we will be better than last year, and the momentum is very good.” Last year BMW AG, including Mini and Rolls-Royce, sold 307,402 vehicles in the United States. In an interview with Automotive News, Purves touched on a variety of other issues. 
Audi’s return on capital this year will exceed 10 percent for the first time, company sources have told Automobilwoche. Last year the figure was 9.7 percent. That will approach the returns of rival BMW. Given Audi’s heavy spending for new models and the expansion of its dealer network, says Albrecht Denninghoff, an analyst at Commerzbank, “10 percent is a good figure.” 
Mazda blew it big time 15 years ago when it tried to cram its dealerships full of flashy new models without the marketing muscle to back them up. The brand has been paying the price ever since. So is Mazda on the brink of repeating that mistake in 2007? Not if David Klan can help it. The new director of marketing operations for Mazda Motor Corp.’s North American sales arm faces a tough challenge in 2007. But Klan says he is not worried about Mazda losing its zoom-zoom mojo. 
Combining traditional off-road features with refined on-road cruising capabilities, Jeep builds on the new Wrangler Unlimited platform to bring us a new take on open-air motoring. Removable tinted glass panels cover the first- and second-row seats, over the cargo compartment and swing-up backlight. When removed, passengers enjoy the same open-air experience found in traditional soft top Jeeps. A 3.0-liter BLUETEC 215-hp 376 lb-ft diesel powers the Trailhawk.