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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.

Most reliable cars in America

For many people, the absolute worst thing they could experience with a car is for it to break or have a problem. The good news is there are cars that will ease the anxiety of their owners with infrequent trips to the shop. According to Consumer Reports, using data from its annual survey of subscribers, the following ten vehicles are the most reliable in the country, and are ordered from most to least reliable. Any of these vehicles should be a solid choice if the most important consideration in your car-buying decision is predicted reliability. That said, they aren't all vehicles that Autoblog's editors would recommend as fun to drive. We've provided links to our own driving impressions on these vehicles where possible. Also, if you care more about overall brand reliability than individual nameplates, check out the list of most reliable car brands. 10. Mazda CX-9 This three-row Mazda straddles the line where luxury begins and ends. It’s also pretty fun to drive for a family hauler. The fact that itÂ’s reliable to boot makes this an easy SUV to recommend. 9. Subaru Crosstrek Few vehicles define a segment quite like the Subaru Crosstrek. ItÂ’s a good buy, with class-leading ground clearance, tall seating position and good visibility, a surprisingly spacious cargo area, and multiple driving modes geared toward inclement weather and dirt roads. According to CR, it also sees fewer trips to the shop. 8. Toyota Highlander It wouldnÂ’t be a reliability list without at least one Toyota on it, and indeed the Highlander isnÂ’t the sole Toyota here. We especially like the Hybrid for its excellent fuel economy, but CR didnÂ’t break out its reliability list by powertrain. 7. Honda Insight The Honda Insight is a handsome, comfortable and affordable hybrid sedan. ItÂ’s also quite safe, and, according to CRÂ’s data, reliable. 6. Mazda MX-5 Miata Any Autoblog editor will happily profess their love for this Mazda MX-5 Miata. ItÂ’s an incredibly engaging roadster — at least when equipped with a manual transmission — that behaves a lot like the classic British and Italian roadsters of yesteryear. Thankfully, it doesnÂ’t share its European forebearsÂ’ penchant for breaking. 5. Cadillac XT5 One of the newer nameplates on this list, the Cadillac XT5 is also a hot seller for the American luxury brand. ItÂ’s also CadillacÂ’s most reliable vehicle. 4. Toyota Prius The Prius has been the face of Toyota efficiency for years now.

Autoblog Minute: Toyota factories closed after explosions in China

Fallout from explosions at the port city of Tianjin halt Toyota production in two of its nearby Chinese factories. Autoblog's Adam Morath reports on this edition of Autoblog Minute. Show full video transcript text [00:00:00] Fallout from explosions at the port of Tianjin halt Toyota production in two of its Northern Chinese plants. I'm Adam Morath and this is your Autoblog Minute. Two of Toyota's plants are closed following the deadly explosions that hit the busy port city of Tianjin, China. The Associated Press reports over 100 people dead, hundreds injured and many still missing. According to the Japanese automaker 50 Toyota employees were injured in last weeks [00:00:30] event and they plan to shut down production in their Chinese plants until Wednesday. Various automakers were also affected, including Renault and Hyundai who claim a significant loss of vehicles. As the Chinese government works to investigate the cause and fallout of this tragedy our thoughts are with the victims and their families. For Autoblog, I'm Adam Morath. Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals.