Detroit Free Press reports that the NHTSA would’ve fined Toyota an enormous $13.8 billion if it weren’t for the $16.375 million cap set by the federal government.
This figure comes from a $6,000 fine for each of the 2.3 million vehicles affected by the recall, which will add up to $13.8 billion. Toyota is a $200 billion company, so some might say that the fine wouldn’t hurt them. However, do keep in mind that about $4.5 billion of that is profit, so they would lose all profit and receive about $9 billion or so in expenses. Also, these income figures come from last year, and with Toyota’s image being severely damaged this year, the figures could be a lot worse.
The NHTSA is also considering a second fine, if it decides that the sticking pedal recalls are two different problems (With one recall concerning floor mats and another concerning the mechanics of the pedal). There is no mention of how big this fine could be. Besides this second fine, they also have two probes launched into the floor mat recall, each of which could generate additional fines.
It looks like things could get nasty if more fines are issued. We’ll make sure you know if Toyota does receive any more fines.
Source: Detroit Free Press