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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.

2021 Lexus IS First Drive | A model remodel

The Lexus IS has now been with us for more than two decades. First introduced in 1999, it celebrated its 21st birthday this year and, to mark the occasion, Lexus hit the compact sedan with a significant overhaul, including a revamped powertrain lineup, an updated interior, and a much-needed tech update in an attempt to keep the sporty four-door relevant in a market that craves crossovers and SUVs. So, first things first: The 2021 Lexus IS is not actually new. In fact, Lexus still refers to it as a third-generation car internally, despite the “redesign” and repositioning for 2021, which is ultimately more about the products elsewhere in the Lexus lineup, rather than the IS itself. WeÂ’ll come back to that. Unveiled in June, the 2021 IS model range has been pared down to just two models, the IS 300 and IS 350 F-Sport. The highlight of the standard equipment sheet is an 8-inch touchscreen that's nearly 5.5 inches closer to the driver than the outgoing modelÂ’s. A 10.3-inch touchscreen is available as an upgrade, and perhaps most notably, the IS is finally available with Apple CarPlay and Android Auto integration suites. Despite the common name and number, however, the IS 300 is in fact offered with two very different engines depending on how many wheels are driven. Power for the rear-wheel-drive IS 300 comes from a 2.0-liter turbocharged inline-four, which develops 241 horsepower and 258 pound-feet of torque. It's bolted to an eight-speed automatic transmission. With the IS 300 AWD (pictured below), all-wheel drive is paired with a 3.5-liter naturally aspirated V6 good for 260 hp and 236 lb-ft of torque, and a six-speed automatic transmission. Nothing confusing about that, is there? 2021_Lexus_IS_300_AWD_Blue_004 View 9 Photos Thankfully, things are a bit more normal with the IS 350 F Sport. Its high-output V6 is alive and well, with its naturally aspirated displacement of 3.5 liters and an output of 311 horses and 280 pound-feet of twist. It's the same engine regardless of drivetrain, though rear-wheel drive is still tied to the eight-speed automatic while all-wheel drive gets the six-speed. The quickest variant is the RWD model, which will crack off a run to 60 mph in 5.6 seconds. The AWD variant is intended to be an all-weather option, not a performance enhancer. The observant reader will note that we keep referring to the IS 350 F Sport, rather than simply the IS 350.

Experience the New York Auto Show by drone

The Autoblog team recently returned from wildly running around the Javits Center to cover all the news and debuts at the New York Auto Show. Sometimes, it's nice to take a more serene look at the exhibition floor, though, and the event's organizers are providing that exact opportunity by flying a drone through the hall. Combined with the down-tempo music, this clip feels like a form of automotive meditation. If you're going to miss the show in the Big Apple, the drone also provides a good overview at the exhibition floor, especially at the stands from Lexus, Buick, Dodge, Mercedes-Benz, Toyota and BMW. Plus, it's a fun way to see some vehicles from a completely different angle than they ever appear on the road. Related Video: News Source: New York International Auto Show via YouTube Auto News New York Auto Show BMW Buick Dodge Honda Lexus Mercedes-Benz Toyota Videos drone 2015 ny auto show