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    7203   JP3633400001

TOYOTA MOTOR CORPORATION

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Delayed Japan Exchange  -  08:20 2022-07-04 pm EDT
2132.00 JPY   +0.90%
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Ford to pay U.S. states $19.2 mln over false advertising claims -officials

05/24/2022 | 12:18pm EDT

WASHINGTON, May 24 (Reuters) - Ford Motor Co will pay $19.2 million to resolve allegations it falsely advertised real-world fuel economy and payload capacity for some hybrids and pickup trucks, the Iowa Attorney General's Office said Tuesday.

The multi-state settlement https://www.iowaattorneygeneral.gov/media/cms/Ford_Iowa_AVC_May_20_2022_F5244E8B87075.pdf covers 2013–2014 C-Max hybrids and 2011–2014 Super Duty pickups. In 2013, Ford lowered the advertised fuel economy ratings on its C-Max hybrid by up to seven miles per gallon and sent checks to owners of $550 to make up the difference in fuel costs.

"For years, Ford advertised impressive fuel economy and payload capacity for its cars and trucks,” Iowa Attorney General Tom Miller said. "Unfortunately, these figures were not based in reality, leaving customers with vehicles that did not meet their standards."

The settlement, with 40 states and the District of Columbia, prohibits Ford from making false or misleading advertising claims concerning the estimated fuel economy or payload capacity of a new motor vehicle. Ford did not admit wrongdoing as part of the settlement. Ford did not immediately respond to a request for comment.

Ford misrepresented the distance consumers could drive on one tank of gas, asserted driving style would not influence vehicles’ real-world fuel economy and claimed superior real-world fuel economy compared to other hybrids, Acting New Jersey Attorney General Matthew Platkin said.

Platkin said Ford ran deceptive advertisements called the “Hybrid Games" that were narrated like an Olympic sport that depicted the Ford C-Max outperforming the Toyota Prius in a series of videos.

The states allege that Ford used a deceptive methodology for reclaiming the "Best in Class" payload capacity after other trucks had surpassed Ford.

"In calculating the maximum payload capacity of its vehicles, the investigation found, Ford employed a truck configuration it did not actually intend to sell to individual buyers – one that omitted such standard items as the spare wheel, tire and jack, radio, and center console (which was replaced by a mini-console)," Platkin said.

As a result, "Ford was able to add additional pounds to the maximum advertisable payload capacity of its Super Duty truck -- just enough for Ford to reclaim the title of 'Best-in-Class' for payload." (Reporting by David Shepardson; Editing by David Gregorio)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
FORD MOTOR COMPANY 1.71% 11.32 Delayed Quote.-45.50%
TOYOTA INDUSTRIES CORPORATION -0.24% 8180 Delayed Quote.-12.84%
TOYOTA MOTOR CORPORATION 0.83% 2132 Delayed Quote.-1.83%
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Financials
Sales 2023 34 934 B 257 B 257 B
Net income 2023 2 936 B 21 639 M 21 639 M
Net Debt 2023 19 064 B 140 B 140 B
P/E ratio 2023 10,0x
Yield 2023 2,87%
Capitalization 29 020 B 214 B 214 B
EV / Sales 2023 1,38x
EV / Sales 2024 1,28x
Nbr of Employees 372 817
Free-Float 70,0%
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Mean consensus BUY
Number of Analysts 19
Last Close Price 2 113,00 JPY
Average target price 2 481,11 JPY
Spread / Average Target 17,4%
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Managers and Directors
Akio Toyoda Director & General Manager-Asia
Kenta Kon Chief Financial Officer, Director & GM-Accounting
Takeshi Uchiyamada Director & Manager-Development Center 2
Keiji Yamamoto Chief Information & Security Officer
Seiji Sakai Manager-Information Systems & IT Management
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