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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.

Future Lexus products to feature heavier focus on performance and handling

There’s a sea change of performance occurring over at Lexus these days. At least, thatÂ’s what the Japanese luxury automaker claims. Lexus has made plenty of excellent performance cars in its past, but the brand has never been known for performance. Instead, Lexus has produced some of the most comfortable, reliable and serene automobiles to ever come out of Japan, and it's found success in doing so. The brand has a clear identity, but itÂ’s looking to massage that identity. “Moving forward, the efforts of the CE (chief engineer) will be focused on elevating the vehicles to a new standard of performance and handling as developed by Lexus International President Koji Sato and Chief Branding Officer Akio Toyoda,” Lexus said in a statement. “The ultimate goal is to deliver a new generation of Lexus vehicles that is more balanced, refined in control, and confident than ever before.” A new “standard of performance and handling” has definitely raised our eyebrows, and weÂ’re curious to know what that looks and feels like. Toyota has already shown clear signs of upping its performance gains with the GR brand and additional TRD models. ItÂ’s only the beginning, and it looks like Lexus is going to follow the parent brand into this performance space. The construction of a new testing facility in Japan was instrumental in this fight for more performance, according to Lexus. We wrote about the mini Nurburgring replica before. ItÂ’s called Shimoyama, and Lexus will be developing its vehicles at this facility for the foreseeable future. “More than merely a new test facility, this asphalt track signals a change in LexusÂ’ product development course and speaks to the brandÂ’s commitment to its human-centered nature,” Lexus says. What does that entail for the cars? Lexus has an answer there, too: “Linear steering, brake responses, and optimized handling with exceptional ride quality is the result of heightened focus on tuning of the chassis and its interactions with the control surfaces through diligent evaluation at a test facility unlike any other.” 2021 Lexus IS View 25 Photos The new 2021 IS is meant to be the first of many vehicles that exemplify LexusÂ’ new performance philosophy. This “cultural shift” is meant to build on what Lexus has already done with F-branded cars, in addition to the wonderful LC.

Lexus to open stores with branded accessories [w/video]

Trying to build a boutique buying atmosphere with a large-volume premium brand isn't easy, but Lexus is attempting to do just that by introducing its new Intersect By Lexus dealership experience. This aspect of Lexus retailing has nothing to do with cars and everything to do with luxury lifestyle accessories. Intersect By Lexus is effectively an all-in-one shopping destination for high-quality, hand-crafted designer products, many of them created specifically for the marque, right down to their "Crafted for Lexus" branding.
The first Intersect By Lexus store will open at the end of this month in Tokyo, with other stores planned for New York and Dubai. Going over the first store's initial product list, it seems that each store will offer wares that reflect its location. Some of the products available at Intersect By Lexus Tokyo include a $400 minimalist LED desk light, hand-sewn $286 tablet cover and a $133 drip coffeemaker and cup set handmade from the ash of Japan's Sakurajima volcano. Scroll down for a short video showing how some of these products were made.