The iconic black cabs of London got a lift Friday when a Chinese company rescued the British automaker that manufactures the taxis. Zhejiang Geely Holding Group said it will pay $17.5 million to buy Manganese Bronze Holdings, which has been making the cabs since 1899.
After seeing its sales take a hit in 2011 because production was hurt by the earthquake and tsunami that struck Japan early that year, Toyota bounced back in 2012 to retake the No. 1 spot as the world's top automaker.
The company sold 9.75 million vehicles, to No. 2 General Motors' 9.3 million. Volkswagen was No. 3, with 9.1 million vehicles sold.
Toyota has agreed to settle lawsuits with the relatives of two people killed in one of their vehicles, allegedly after the engine suddenly accelerated. Paul Van Alfen and Charlene Jones Lloyd died near Wendover, Utah in 2010 when their Toyota Camry crashed into a wall.
With the global auto industry gathered in Detroit this week for the city's renowned auto show, Renee Montagne talks to Chrysler CEO Sergio Marchionne about his company's stunning turnaround, manufacturing overseas and a Chrysler IPO.