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Toyota profits up 23% on high US sales, despite mounting legal costs

Toyota earned $9.3 billion in net income in the financial year that ends next month. The number beats earlier forecasts and marks a five-year high for the automaker, with both operating income and revenue up by 9.5 percent and 2.5 percent, respectively. Toyota saw quarterly profit enjoy a year-on-year jump of 23.4 percent, with the manufacturer earning more than $1 billion between October and December 2012. The good news comes in spite of the fact that the Japanese automaker actually endured an operating loss in North America, due in part to legal fees.
Toyota is set to pay more than $1 billion to owners who claim their vehicles decreased in value as a result of the company's recent spate of recalls. Even so, all three of the automaker's brands enjoyed a 13.5 percent sales increase in the US in the last quarter, beating the industry average. Toyota faltered in Europe, however, where it earned $99 million in operating profit last year, compared to $111 million in 2011. You can take a closer look at the company's full press release below for more information.

2019 Lexus LX Inspiration Series is relatively uninspiring

We're a whole month away from the Los Angeles Auto Show, but Lexus is already showing us a special edition LX it plans to debut at the show. Called the LX Inspiration Series, it's an appearance package for the already opulent Lexus SUV. It starts with black paint and black wheels, then adds black trim to the headlights, fog lights and windows. Its grille gets a new dark chrome surround — as though it needed to be any flashier. The headlamp lenses are smoked black as well. Around back there's more black chrome accents around the taillights, license plate surround and back door. Then for what we can only assume is for balance, Lexus gave it a white leather interior. The white leather is complemented by plenty of black leather to create a two-tone appearance. It looks expensive and classy and all of the things that a $100,000 Lexus should be – this special edition climbs over the century mark at $101,715 including destination charges. You do get a fully-optioned version of the LX with the four-zone climate control, heated/cooled rear seats and projector door lamps, but this version is still significantly more expensive than the base Lexus LX which comes in under $90,000. The Toyota Land Cruiser-based LX is ancient at this point, and frankly this doesn't do much to move the needle. No other updates appear to be in the works for now, so you better really like this traditional SUV to go grab one up. Only 500 of these "Inspiration Series" special edition models are planned if the blacked-out exterior strikes your fancy. Related Video: Featured Gallery 2019 Lexus LX Inspiration Series View 12 Photos Lexus SUV Luxury Off-Road Vehicles toyota land cruiser 2018 LA Auto Show

Genesis wins J.D. Power Tech Experience Study for third straight time

The results are out for the J.D. Power 2023 U.S. Tech Experience Index (TXI) Study, which "focuses on the user experience with advanced vehicle technology as it first comes to market and is an early measure of problems encountered by vehicle owners." Its measurement metric is problems per 100 vehicles (PP100), same as with the J.D. Power Initial Quality Study (IQS). The takeaway this year isn't that owners aren't using advanced technologies, as was the case with the 2022 study, or that they're having more problems with them overall. It's that owners of battery-electric vehicles are having more problems with advanced tech than owners of ICE-powered vehicles. According to the study, 17 of 21 features that can be had on both propulsion types — such as remote parking assistance and gesture controls — get lower satisfaction ratings by owners of BEVs, in some cases nearly 20 PP100.  The survey organization says this tracks with what its found in the IQS, where total vehicle problems were "46% higher among BEVs (excluding Tesla) than ICE vehicles and satisfaction is lower among owners of BEVs across nine of 10 APEAL categories than among owners of ICE vehicles." Findings regarding biometric measurements are among those that go against the overall study findings. Whether a fingerprint reader or an eye tracker, car owners in general said "they do not consider them to be useful." In terms of ease-of-use and satisfaction, plug-and-charge capability on EVs gets good marks. This allows EV owners to plug into a public charger and have payment taken care of automatically; the vehicle communicates with any charging station compatible with an automaker's plug-and-play system, so the vehicle can automatically submit a bill for the charging session to a central owner account with no further action needed at the station. Survey respondents noted a mere 6 PP100 and an 88.9% satisfaction.    Among manufacturers, repeat winners took the top prizes. Genesis earned the highest rank for innovation overall and among premium brands for the third straight year. Hyundai not only won the tech innovation banner for mass market brands for the fourth straight year, ahead of Kia, GMC, Ram and Subaru, Hyundai finished in second in the overall standings. On that overall chart, the top five are Genesis, Hyundai, Cadillac, Lexus and BMW. On the premium chart, Genesis is followed by Cadillac, Lexus, BMW and Mercedes-Benz in the top five. It wasn't close from the first to the rest, though.