Mexican Media Brands
Japanese Supplier to Admit Guilt in U.S. Price-Fixing Probe
Tokyo-based Koito Manufacturing Co. has reached a deal with the U.S. Dept. of Justice to plead guilty and pay $57 million in criminal fines for conspiring to rig bids and fix prices on headlamps, tail lamps and related electronic components sold to Toyota Motor Corp.
#electronics
Share
Tokyo-based Koito Manufacturing Co. has reached a deal with the U.S. Dept. of Justice to plead guilty and pay $57 million in criminal fines for conspiring to rig bids and fix prices on headlamps, tail lamps and related electronic components sold to Toyota Motor Corp.
The Justice Dept. says Koito's involvement spanned from at least mid-1998 to early 2010.
Koito is the 24th auto supplier in the U.S. to plead guilty or agree to plead guilty to price fixing in the auto industry. Those companies have paid more than $1.8 billion in fines, and several of their executives have been imprisoned.
The continuing Justice Dept. investigation is part of a global probe into anticompetitive activities by companies that supply a wide range of automotive components.
RELATED CONTENT
-
Honda Launches Its Latest Fuel Cell Vehicle
If Honda is anything, it is an engine company.
-
Chevy Develops eCOPO Camaro: The Fast and the Electric
The notion that electric vehicles were the sort of thing that well-meaning professors who wear tweed jackets with elbow patches drove in order to help save the environment was pretty much annihilated when Tesla added the Ludicrous+ mode to the Model S which propelled the vehicle from 0 to 60 mph in less than 3 seconds.
-
Magna Advances Seating Configurations
Magna International is focusing on electrification, autonomy and smart mobility. This is taking the form of things ranging from an electrified system for rear axles (eDrive 1.0) to a collaborative arrangement with Lyft, which includes the co-development and manufacture of self-driving systems.