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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 LC gets modest updates including less weight, new colors

The Lexus LC is already one of our favorite cars, and the 2021 Lexus LC aims to be even a little better. The luxury automaker has made a number of minor changes to the suspension, infotainment and color schemes. Starting under the skin, Lexus found some weight savings in the wheels and suspension. In fact, the new LC has 22 fewer pounds of unsprung weight thanks to lighter rear wheels, aluminum lower control arms, high-strength steel springs, and tubular anti-roll bars rather than solid ones. Lexus says that these improvements along with retuned shocks should give the new LC a softer, smoother ride. That's not all, as Lexus is now including its Active Cornering Assist technology to the stability control system, which brakes the inside wheels in turns to improve cornering ability. Lexus also adjusted the shift logic for the transmissions in both the V8 LC 500 and hybrid LC 500h to be smoother and more responsive. Users of Android phones will also be pleased to know that Android Auto will be standard equipment on the 2021 LC. Apple CarPlay and Amazon Alexa integration will also continue to be standard. So however you like to interact with your phone and media, you'll be covered. There are a few color updates, too. Cadmium Orange and Nori Green Pearl have been added as exterior colors. The latter you may remember from the limited edition 2020 Lexus Inspiration Series model. Inside, black and tan interiors stick around, while the Rioja Red option is replaced by Flare Red. Sadly, the Bespoke White interior, which featured indigo and orange leather and suede has been discontinued. Pricing and availability for the 2021 Lexus LC has not yet been announced.

Lexus reaches 10 million sales since its inception 30 years ago

Almost immediately after Matt Farah's famed second-generation LS400 became the million-mile Lexus, the Japanese luxury brand is celebrating another major milestone: Lexus has now sold 10 million vehicles globally. The Toyota luxury division, whose first car debuted 30 years ago at the 1989 North American International Auto Show in Detroit, famously pursued "perfection" when it came to build quality and ownership experience. The smooth, V8-engined LS400 was quickly followed by smaller additions to the lineup, and in the time Lexus has been around, it has sold a wide range of vehicles, from the Camry-related ES line and Land Cruiser-related SUVs to the LFA supercar. While the LS was sold in Japan as the Toyota Celsior, the ES as the Toyota Windom and the IS as the Toyota Altezza, not all Lexus models have had a Toyota-badged equivalent, and as Japan-market Lexus sales officially began in 2005, the corresponding Toyota model lines were ended and succeeded by their Lexus counterparts. With the RX400h SUV, Lexus introduced its first hybrid model in 2005. Since then, Lexus says it's sold 1.45 million hybrid vehicles, and it currently has 11 hybrid models on offer around the world. With 698,330 global vehicle sales in 2018 constituted a 4.5 percent increase from 2017, hybrid sales jumped nearly 20 percent for Lexus in that time. 2018 marked the company's best-ever global sales. Related Video: