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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.

Next Lexus LX 600 and LX 750h specs reportedly leaked

Specs for the next Lexus LX appear to have been leaked to a Japanese blog. The flagship luxury SUV will reportedly come in two flavors, and offer greater differentiation from its Land Cruiser cousin than ever before. One of those variants is, for the first time, a hybrid version. The Japanese site Creative Trend reported on the 300-series Land Cruiser specs before most, and aside from some small discrepancies in horsepower and torque numbers, was surprisingly accurate. They even called the existence of a GR Sport performance trim level. Now, they've turned their focus to the LX. As translated by Lexus Enthusiast, the entry spec will be called the LX 600, and will likely feature the Land Cruiser's 3.5-liter twin-turbo V6. That should be good for an identical 415 horsepower and 480 pound-feet of torque. Creative Trend adds that in the Middle East, the entry model will be called LX 500d, implying it'll be equipped with the Land Cruiser's turbodiesel 3.3-liter V6 generating 309 horses and 516 lb-ft.  The flagship model, however, is said to be the LX 750h, which adds a hybrid-electric system to the 3.5-liter petrol V6. Together, they'd make a potent 480 horsepower and 642 lb-ft of torque. This powertrain is not available on the Land Cruiser. In addition, the LX will have a more luxurious and high-tech interior, with a rumored version of the new Lexus Interface that appeared on the new Lexus NX. However, whereas the NX sports a 14-inch version of the screen, the LX will reportedly receive a 17-inch version. Incidentally, it seems the LX may have already been seen in the NX's reveal video, albeit under a white cloth. Additionally, we have it on good authority from friends in Japanese media that both the Land Cruiser and Lexus LX will, in Japan, feature a fingerprint recognition system on the engine start button. The off-roaders routinely top the stolen vehicles list in Japan, with about 5 out of every 100 registered vehicles stolen every year and rates increasing. Most of them end up being shipped overseas where Land Cruisers and Lexus LXes are seen as tough status symbols. Lastly, the report says Lexus Japan will start accepting pre-orders in September, with the LX itself debuting in December. While we are sadly not privy to the new Land Cruiser, it's likely the Lexus LX will arrive stateside. Whether these specs carry over remains to be seen. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences.

What's in a trademark? Sometimes, the next iconic car name

The United States Patent and Trademark Office is a treasure trove for auto enthusiasts, especially those who double as conspiracy theorists.
Why has Toyota applied to trademark "Supra," the name of one of its legendary sports cars, even though it hasn't sold one in the United States in 16 years? Why would General Motors continue to register "Chevelle" long after one of the most famous American muscle cars hit the end of the road? And what could Chrysler possibly do with the rights to "313," the area code for Detroit?