Supply chain mishaps cost Toyota nearly $50 million in fines

This year, the automaker Toyota was embroiled in multiple product recalls over its braking and accelerator systems on a handful of its models. Now, as a result of the company's supply chain blunders, Toyota will pay a hefty fine for failing to more swiftly recall the vehicles.

In total, Toyota will pay two fines of $32.4 million over its failure to more quickly recall the defective vehicles, according to the U.S. Transportation Department. This newest batch of fines brings the total yearly total of fines for the world's largest automaker to $48.8 million; at the beginning of the year, Toyota paid $16.4 million in fines for a related matter.

The fines result from two separate investigations into accelerator pedal recalls this year and a 2005 recall to fix steering relay rods that were prone to breaking and cracking. Toyota's supply chain inefficiencies and mishaps ultimately cost the company $30 per vehicle recalled.

Since November of 2009, Toyota has recalled more than 11 million vehicles globally. As a result of the supply chain errors, consumers have gravitated toward other makers as its U.S. sales have been flat, while the industry as a whole has experienced a 13 percent growth rate this year. The latest fines are the maximum allowed by law.