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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.

2017 LC 500 is the future of Lexus [w/video]

The 2017 LC 500 shows where Lexus is headed. In this case it's not just a flashy grille and a big engine like earlier Lexus efforts. This time every facet of the engineering went into making the car handle better, and the styling and engineering were developed hand in hand. It won't set any sales records, but it will win a lot of eyeballs. Why is Lexus making another coupe? That's a fair question, as slow-selling two doors don't do much to improve market share. The reason for the LC is to make a statement, both in terms of style and engineering. It looks remarkably close to the 2012 LF-LC concept. And underpinning the taut styling is a new global architecture that will underpin future cars like the LS. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The LC 500 is Toyota's way of saying, yet again, that it's serious about reforming the Lexus reputation into one that include performance and style. On paper the 467-horsepower, 5.0-liter V8 (the same as in the RC F and GS F) performance claim looks like sloppy handwriting, but Lexus claims a 0-60 time of less than 4.5 seconds. Rumors abound that more power will come to the LC lineup in a few years, most likely in some kind of turbocharged form. Backing up the engine is a ten-speed transmission. Yes, ten. Lexus claims the gearbox is nearly as fast as a dual-clutch automatic, and that the overall size is smaller than some eight speed 'boxes. Underpinning the LC is an all new structure that includes carbon fiber reinforced plastic, aluminum, and high-strength steel. Torsional rigidity is said to be better than the all-carbon fiber LF A supercar. We're worried the ride could be on the stiff side, with run flat tires on both standard 20-inch wheel and the optional 21-inch wheels seen on the show car. All hope for retaining a pleasant ride lies with the suspension, which is nearly all aluminum. But as we mentioned, this car is skewed towards performance, and Michelin Pilot Super Sport tires on show car promised new levels of lateral grip for a big Lexus. What's more promising is the claim that Lexus spend triple the standard time developing the steering feel and handling. This could be the best-handling Lexus ever, but don't expect the LC 500 to be a Porsche 911 competitor. Preconceptions aside, the LC is bigger than a Carrera and that alone dictates a different character. The Lexus is closer to the Mercedes-Benz S-Class Coupe and BMW 6 Series in size.

This one-off Lexus RC F takes a page out of an NBA playbook

We talk about one automaker taking a page out of another's playbook – following a lead to keep up with the competition. But this one-of-a-kind Lexus actually does take a page out of a playbook. Specifically that of the Los Angeles Clippers. The unique Lexus RC F coupe features a livery inspired by the team colors and emblazoned in tone-on-tone Xs and squiggles that look like strategic doodles from the coach's notebook. The stock horn has been replaced by a shot buzzer, the dashboard clock with a game timer, basketball-patterned speaker grilles, and Clippers logos throughout. The navigation system is voiced by the team's coach Doc Rivers, and there's a makeshift locker room in the trunk packed with memorabilia. As far as special editions go, this one's actually pretty convincing. Of course it doesn't hurt to pack a 5.0-liter V8 engine good for 467 horsepower under the hood. The vehicle was created to raise funds for the Clippers Foundation, a charity associated with the basketball team that works with children in the Los Angeles area. For $100, fans can buy raffle tickets for the chance to take it home. Toyota has long been a sponsor of the team, briefly suspending its involvement in the wake of then-owner Donald Sterling's racist remarks a couple of years ago. Related Video: