Toyota has agreed to pay a $32.4 million fine in order to settle an investigation into the timeliness of the recalls it issued. The fine is the maximum allowable by law, bringing the total value of fines Toyota has paid to government agencies like the National Highway Traffic Safety Administration (NHTSA) to $48.8 million for the year – a figure that’s almost insignificant compared to the cost of the recalls themselves.
The fine paid is in connection with the investigation into loss of steering control on 2004-05 light trucks, as well as to the highly publicized floor-matt recall.
In a statement released by Toyota, the automaker said the fine does not constitute an admission of guilt to, “any violation of its obligations under the U.S. Safety Act.”
Further fines may be levied against Toyota in the future, however, with several investigations ongoing. These include an examination of whether Toyota should have considered electronic interference as a factor in cases of unintended acceleration.
Over the past 13 months Toyota has recalled 15.5 million vehicle worldwide.
[Source: Automotive News]