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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.

Nearly 700,000 Toyotas and Lexuses named in fuel pump recall

In an announcement posted to its corporate press room, Toyota made known a voluntary safety recall on select 2018 and 2019 Toyota and Lexus models. The recall includes roughly 696,000 vehicles and deals with a fuel pump that might stop working. An internal investigation into the issue is under way.  Affected rides include the Toyota 4Runner, Camry, Highlander, Land Cruiser, Sequoia, Sienna, Tacoma, Avalon, Corolla, and Tundra, as well as the Lexus LS 500, LC 500, RC 350, RC 300, GS 350, IS 300, ES 350, LX 570, GX 460, RX 350 NX 300, RX 350L, and GS 300. The Avalon, Corolla, NX 300, RX 350L, and GS 300 are restricted to 2019 model years, while the others are 2018 and 2019 model years. The potential danger in this issue is pretty obvious. Should the fuel pump stop, the vehicles could sputter, stall, and come to a stop, likely without the ability to restart the cars. Toyota notes warning lights and messages would display should this occur, but by then, it'd be too late. Although Toyota made the announcement this week, the investigation is not yet complete, and therefore, a fix has not yet been specified. The resolution, when determined, will come free of charge to affected customers. Toyota plans to send out notifications for affected vehicles in mid-March. 

2018 Lexus LC 500 | Drivers' Notes

The 2018 Lexus LC 500 is the latest and greatest sports coupe from Japan. The 471-horsepower luxury spaceship looks like something straight off the auto show floor. Few cars have made the transition from concept to production with so little change, and unsurprisingly, the LC gets plenty of attention. While sports cars are great on winding roads and flat-out around a racetrack, the compromises in pursuit of performance can show when you actually try to live with one every day. That said, a car that pulls at your heartstrings can be forgiven for a lot. Senior Green Editor John Beltz Snyder: On my night with the Lexus LC 500, I was tasked with picking up my toddler, Wolfgang, from daycare. I wondered if I'd even be able to shoehorn the child seat into the coupe's tiny rear row. I moved the front passenger seat up as far as it would go and folded it forward, unclipping the seat belt from the shoulder strap holding it in place. I was able to get the child seat in its rear-facing position (my son's not quite two years old), and was happy to see that the LC had latch brackets, which made installation a little easier. I had to leave the passenger seat moved up and leaning forward, but the child seat fit properly. When I escorted Wolfgang out of daycare and to his ride, he said "Crazy car, Papa." Then I had to climb in the rear seat on the driver's side to clip him in. Totally worth it, though. He loved the car, and wanted to check it out more completely when we got home. And the LC 500 got a lot of looks from other motorists. Rubberneckers slowed down to check out the car on Woodward, and lingered as they passed me on the highway. The one thing I couldn't share with them was the full song of the car's 5.0-liter V8. Only in a couple instances when I was alone on a clear, country road could I mash the right pedal to enjoy the throaty sound of the exhaust as the engine revved to the top. In regular traffic, with a 10-speed automatic transmission keeping the revs low, the sound is much more subdued. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Editor-in-Chief Greg Migliore: The LC 500 is one of the most drop-dead gorgeous cars I've driven this year. It's simply a stunner. The curves, the angles, and the creases all work in harmony to create the rare design that's busy yet also cohesive. Everything plays a role, even if it's a bit over the top. It attracts a lot of attention.