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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.

Scion xB to be replaced by Auris hatchbach, iQ dead after 2014

Scion seemed like such a good idea when it was first launched. Toyota's aim was to provide young people with stylish, affordable cars that would serve as a gateway to the automaker's family of products. It was also supposed to be something of an incubator for new ideas that were too radical for its more conservative Toyota and Lexus brands. Over a decade since its launch, the brand has languished, and today's showroom is populated by slow-selling and aging vehicles that have often been slow to receive upgrades. However, there may be a bright spot on the imminent horizon, as there are reportedly a slate of new models on the way over the next three years.
According to a model timeline published by Automotive News, the Scion lineup is about to get a major overhaul. First, the boxy xB may finally be going to the big refrigerator box in the sky, to be replaced by a version of the more conventionally styled Auris hatchback (pictured above) from overseas markets in early 2015. Later next year, the xD will also allegedly bow out in favor of a new hatchback based on the Mazda2 (thanks to a recently signed platform-sharing deal). For 2016, the sporty tC hatchback is also said to get a redesign, and interestingly enough, a Corolla-based compact crossover could join the ranks, too.
While those changes should boost sales volume, there's also news that's sure to make enthusiasts happy. Automotive News cites company executives who confirm a second-generation FR-S is on the way in early 2017. A Subaru exec also recently gave a similar confirmation that it was working on another BRZ.

Lightweight Toyota GT86 spotted on Nordschleife with carbon panels, upgraded aero

We've seen (and frankly reported on) so many rumors of more powerful and performance-focused versions of the Subaru BRZ, Toyota GT86 and Scion FR-S at this point that haven't materialized that, at this point, we're almost tired of them. Almost. But what we have here was enough to pique our jaded interests as only a carbon-bodied sports car on the Nürburgring could do.
What we're looking at is, well, we don't quite know, to tell you the truth. What we can tell is that it's a Toyota GT86 (Scion FR-S for us) wearing new wheels and a carbon-fiber hood, roof, racing-spec rear wing and subtle lip spoiler. The vents in the hood indicate that the prototype in question could be packing an upgraded engine to go with the lighter body panels and upgraded aero, and the interior (at least as far as we can see) looks pretty well stripped out.
The right-hand drive configuration tells us this is either destined for former territories of the British Empire or for the racetrack. Considering the ride height, full glass and apparent lack of roll cage, our money's on this prototype is being developed for the Japanese Domestic Market, where Toyota badges the sports car simply as the 86. We can always hope, though, that some version makes it into Scion showrooms in North America... we just won't get our hopes up too high.