The massive Takata airbag recall is one step closer to resolution with the announcement that four manufacturers have reached agreements to quickly repair affected vehicles and compensate their owners.
BMW, Mazda, Subaru and Toyota will spend a combined $553 million to set things right with owners of their affected vehicles. At $278.5 million, Toyota will bear the biggest share of that burden, followed by BMW ($131 million), Mazda ($76 million) and Subaru ($68 million).
The settlements involve several requirements, which each manufacturer will fulfill separately — an outreach program to recall and repair their affected vehicles as quickly as possible, provide owners of affected vehicles with loaner vehicles as theirs are being fixed, while covering out of pocket expenses, and administration of the various fees involved in the lawsuits.
The manufacturers do retain the ability to proceed with all the restitution without accepting liability for the issues.
Other manufacturers affected by the recall that affected some 60 million vehicles worldwide still have to settle their roles in the action.