TOKYO (AP) — Toyota Motor Corp. is aiming for an auto industry first by reaching annual sales of 10 million vehicles by 2015 even as it acknowledges that overly rapid growth was at the root of its recall fiasco. Toyota President Akio Toyoda gave the 10 million figure Wednesday while outlining the company's "global vision" in his first major strategy announcement since the recall crisis that hit a year and a half ago.
INDIANAPOLIS (AP) — A 40-foot-tall movable platform toppled over at a New Castle steel plant Tuesday, killing one worker and seriously injuring a second, authorities said. The injured worker was on top of the scissor lift at the Alleghany Ludlum Steel Corp. when the accident happened, Henry County Emergency Medical Service chief Ron Burns said.
DETROIT (AP) — The U.S. Attorney's Office and the Environmental Protection Agency have reached a $50.6 million deal to settle some environmental claims against the old General Motors Corp. The deal covers 34 sites in 11 states. It brings the settled environmental claims against old GM to more than $800 million, but more claims remain.
HUTCHINSON, Minn. (AP) — Hutchinson Technology will cut 30 percent to 40 percent of its U.S. work force as part of a consolidation plan, the company said Tuesday, sending shares plummeting 10 percent before the market opened. The cuts amount to between 680 and 910 of its 2,275 workers. Hutchinson said its needs fewer employees now because of advancements in manufacturing technology.
When Erin McFarlane looks at public workers, she sees lucrative pension benefits she doesn't ever expect to get. And it makes her mad. "I don't think that a federal employee or government employee is worth any more than anybody else who does their job and does it well," said the Slinger, Wis., woman.
TOKYO (AP) — Toyota Motor Corp. said Tuesday that global sales of its hybrid models have topped 3 million vehicles on the back of brisk demand for the Prius. The world's No. 1 automaker has sold more than 3.03 million gasoline-electric hybrid vehicles worldwide since 1997 when Toyota first rolled out the Prius in Japan, it said.
GOSHEN, Ind. (AP) — The owners of a Goshen-based food distributor say they plan to sell the company to its 280 employees rather than risk selling it to a company that might move it. The Goshen News reports that Becky and Paris Ball-Miller will sell the company to its employees over the next 10 years.
DEARBORN, Mich. (AP) — Ford Motor Co. has rewarded CEO Alan Mulally with stock worth $56.5 million before taxes. Executive Chairman Bill Ford Jr., the man who hired Mulally, got stock worth $42.4 million. The Dearborn, Michigan, company disclosed the awards in filings Monday with the Securities and Exchange Commission.
DETROIT (AP) — Part of a Michigan auto parts factory that was damaged by fire last week started producing again over the weekend, easing a parts shortage that had forced two auto companies to shut down some assembly lines. The fire Wednesday at a Magna International Inc. plant caused General Motors Co.
IRVINE, Calif. (AP) — Hard drive maker Western Digital Corp. is buying Hitachi Global Storage Technologies for $4.3 billion in cash and stock. Western Digital said Monday that the deal includes $3.5 billion in cash, plus 25 million of its common shares. The stock is valued at $750 million based on the company's Friday closing stock price of $30.
PEORIA, Ill. (AP) — The United Auto Workers says employees of Caterpillar Inc. have approved a new labor agreement. The UAW says a majority of members at Caterpillar approved the new six-year contract in voting Sunday. The union did not provide specific numbers on how members voted. The contract covers about 9,500 hourly production and maintenance workers at Caterpillar facilities in the Illinois cities of Peoria, Aurora, Decatur and Pontiac, and those in York, Pa.
CLEAR BROOK, Va. (AP) — In a house in the Dominican Republic, Erwin Deininger moves a computer mouse. Thousands of miles away in Frederick County, a 4-foot-tall state-of-the-art robot comes to life in a small factory, out of place among the old wood paneling and mechanical pencil sharpeners that adorn the walls and the steel machines that grind and crank on the factory floor.
WEBSTER CITY, Iowa (AP) — The end is rapidly approaching for Electrolux's presence as a major manufacturer in this town. As the scheduled March 31 closing date nears and production lines fall irreversibly still, the cavernous building will gradually fall silent. And, more than 4,000 miles away, corporate leaders in Stockholm, Sweden, will deliver to AB Electrolux stockholders the results of the multinational appliance manufacturer's efforts to pare down expenses and improve a different line: the corporate bottom line.
LORDSTOWN, Ohio (AP) — Work will resume at a General Motors plant in northeast Ohio on Tuesday following last week's shutdown caused by a fire at an auto parts plant in Michigan. Tom Mock of General Motors Co. says shifts will begin at the Lordstown plant near Youngstown after significant progress has been made by Magna International Inc.
BEIJING (AP) — China's imports will rise and its politically volatile trade surplus should shrink this year as Beijing builds up a consumer-based economy to reduce reliance on trade, the commerce minister said Monday. The government's 2011 economic blueprint calls for nurturing self-sustaining growth by promoting consumer spending.