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Toyota sees profit slip but beat earlier forecasts

TOKYO — ToyotaÂ’s July-September profit fell 11% from a year earlier as the coronavirus pandemic slammed global demand, but JapanÂ’s top automaker appeared to be holding up better than weaker rivals that have sunk into the red. Toyota reported Friday a quarterly profit of 470.5 billion yen ($4.5 billion), down from 530 billion yen a year ago. Quarterly sales slipped to 6.77 trillion yen ($65 billion) from 7.64 trillion yen. Its president, Akio Toyoda, told reporters Toyota employees worked extremely hard, including making masks and face shields and boosting efficiency at factories to achieve results despite the pandemic. “Toyota has become gradually stronger,” he said, offering gratitude and praise for how resilient Toyota has proven itself to be. “This shows how each individual worked so hard,” said Toyoda, the grandson of the automakerÂ’s founder, vowing that each of its employees will keep thinking about contributing to a better world. Toyota raised its global sales forecast to 9.4 million vehicles for the fiscal year through March 2021, better than its earlier forecast for 9.1 million vehicles. ThatÂ’s still lagging behind the more than 10.5 million vehicles sold in the last fiscal year. Toyota, based in Toyota city in Aichi, central Japan, said it expects to record a 1.4 trillion yen ($13.5 billion) profit for the fiscal year. It earlier projected 730 billion yen ($7 billion) in profit. Toyota, which makes Lexus luxury models and the Prius hybrid, recorded 2 trillion yen ($19 billion) in profit the previous fiscal year. ToyotaÂ’s operating income fell in most regions, including Japan and other Asian markets, but improved in North America. Operating Officer Kenta Kon expressed caution about the U.S. outlook, given the rising coronavirus cases. But he said ToyotaÂ’s latest models were popular, and dealers were adjusting incentives to get good results. All the worldÂ’s automakers have been slammed by shrinking demand as COVID-19 squelches economic activity. Some nations, including Japan, have sunk into recession. Although uncertainties persist about further outbreaks and when a vaccine might be available, there are signs of recovery in some parts of the world. Japan has managed to keep pandemic-related deaths at fewer than 2,000. It has reported about 105,000 cases nationwide.

Lexus comes to SEMA with a wine-dispensing crossover

While some manufacturers are going neck-deep into the tuner car world for SEMA this year, Lexus is keeping it classy with a restrained lineup of cars with lighter modifications. It made sure to hit all of them though, even the tiny UX subcompact crossover. Here's the rundown: 2019 Lexus RC 350 F Sport Cross Country Custom The idea on this one was to pick up a few different modifications from different shops as it's driven across the country. Along the route it's picked up some RS-R USA springs, Vossen forged wheels with Nitto performance tires, Apexi N1-X muffler, a satin wrap and blue underglow. There's not a whole lot to it now, but Lexus says there are still more modifications to come before it hits Los Angeles. 2019 Lexus UX 250h It's still a funky-looking crossover, but Lexus tried hard to make it stand out from the rest of the bland boxes on the road. The light blue wrap combined with an Apexi N1 suspension does the trick. These subcompact crossovers tend to look even more like hatchbacks once manufacturers lower them a couple inches — all that's left is to get rid of the unsightly black plastic cladding. This one has an Apexi N1 catback exhaust too. We can't imagine that sounds too hot with the CVT transmission in the UX though. 2019 Lexus ES 350 F Sport Wine lovers, here is the car for you. Lexus used the trunk area of this ES 350 to put a wine refrigerator, wine rack and glass holder. It did that, then made the flooring of the trunk out of oak barrel wood. To keep it upscale-feeling Lexus added a subtle Artisan Spirit aero kit and Rays Engineering 20-inch wheels. The Rolls-Royce Cullinan better watch out. 2018 Lexus LS F Sport The long Lexus looks a lot racier in this gray paint and 22-inch Work wheels. An aero kit brings it all closer to the ground without actually lowering it. Gigantic six-piston Brembo brakes in front and four-piston rears are painted in yellow, and look menacing within the big wheels. Related video:

Lexus in no hurry to be a big player in China

For a while now, China's spiraling wealth, population and development has had the world's luxury automakers in an expansionist fervor, with many executives exhibiting the sort of gleefully maniacal behavior historically reserved for gold-rush prospectors. Yet Toyota, of all companies, is exercising a surprising amount of caution in the Asian nation.
As The Wall Street Journal notes, Toyota's premium brand, Lexus, sold all of 64,000 vehicles in China last year, while BMW cleared its books of 326,000. In fact, it didn't even bother entering the market until 2005, while rival Audi built its first car in the market a decade and a half earlier. Even now, Lexus doesn't build any vehicles in China, and with the country's notoriously high tariffs on imports, that's a major disadvantage. Yet the business daily quotes Lexus executive vice president Mark Templin as saying that the brand is nowhere near ready to start building cars in the market. "We're not having those discussions about when we're going to go to China... We have a lot of work to do before we get to that point."
Part of that work includes establishing a more expansive dealer network - Lexus only had 99 stores as of 2012, while rival Mercedes-Benz had over two-and-a-half times as many, and it's still expanding. Adding a lot of dealers without having a goodly number of competitively priced offerings for them to sell may seem like an odd strategy, but Templin tells the WSJ that the goal is to "cultivate our image for quality and customer service and let the customers that we have go tell that story for us."