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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.

Recharge Wrap-up: Tesla breaks dyno on video, Lexus trademarks 'LS 500h'

A video shows a Tesla Model S P85D breaking a dyno during a test. Starting at a slow roll, the instant torque under full power snapped a belt on the dynamometer. Before it broke, the dyno measured over 700 pound-feet of torque from the all-wheel-drive Tesla. A previous dyno run saw the car reach its 155-mph top speed and a peak 435 horsepower. See the video above, and read more at DragTimes. Lexus has filed a trademark for "LS 500h" in Europe. This calls for some speculation as to what this means for an upcoming model. It could be that Lexus plans to release the LS with a new powertrain, perhaps a 4.0-liter engine with a hybrid system. Maybe it will use the 3.5-liter V-6 with a more powerful hybrid system. The LS 600h could simply be getting a new name. Or, we might not see the LS 500h badge used at all in the near future. Note that Lexus trademarked LC 500 and LC 500h in Canada last year, and we've seen no such cars yet. Read more at Hybrid Cars. Ethanol producers have strong words in response to the American Petroleum Institute's claims for demand for ethanol-free gasoline. The API and National Marine Manufacturers Association have urged the EPA to consider marine and small engine demand for E0 gasoline when setting Renewable Fuel Standard volume requirements. Big Oil is using a "false narrative to discourage the use of a cleaner, less expensive, homegrown renewable fuel," according to Growth Energy CEO Tom Buis. Buis says ethanol doesn't cause problems in marine and small engines, a statement backed by the Outdoor Power Equipment Institute. "What probably does concern boaters is the amount of time they spend dry docked as a result of oil spills, like the one that dumped 21,000 gallons of oil along four miles of coastline in Santa Barbara, California," says Buis. Read more from Ethanol Producer Magazine. Related Gallery 2013 Lexus LS 600h L: Quick Spin View 13 Photos News Source: DragTimes, YouTube: DragTimes, Hybrid Cars, Ethanol Producer Magazine Green Lexus Tesla Alternative Fuels Ethanol Electric Hybrid Videos recharge wrapup

UPDATE: There are 5 unsold Lexus LFAs left in the U.S.

UPDATE (April 9, 2019): This year has been a solid year for LFA sales with three more finding homes. Interestingly, all three were sold during the month of January. By our count, that leaves five of the supercars left unsold.UPDATE (January 3, 2019): The countdown of Lexus LFA sales continues. In the time since our last update, Lexus sold another of the supercars. That means we're down to 8 LFAs unsold in the U.S. Check out the whole story on unsold LFAs below. We'll also continue to monitor LFA sales to see if/when all are sold.UPDATE (April 5, 2018): Since we first ran this post, Lexus has actually sold 3 more LFAs, meaning that there should be 9 more remaining for sale in the U.S. Read on to learn more about how there are still a few new ones on the market. While we were digging through automaker sales figures for July, we found a few odd sales of discontinued cars, but the strangest by far was the inclusion of the Lexus LFA in Toyota's numbers. Apparently, a dealer sold one in July, and even more amazingly, six were sold last year. This is remarkable because production ended for the LFA way back in 2012, and there weren't many examples to begin with. So we reached out to Toyota for more info, and we have good news, sort of, if you missed out on buying a new one when the car was, well, really new. According to a Toyota representative, there are currently 12 9 8 5 LFAs around the country that are officially classified as dealer inventory. We also asked about overseas cars, but apparently those numbers weren't available. Still, 5 technically new LFAs is a shocking number. The representative also gave us a detailed explanation from Lexus International on how this might have happened. Basically, for the U.S. market, Lexus said the company intended to only take purchase orders on LFAs from customers to avoid price gouging and speculation. However, in 2010, orders started to drop off, and to make sure cars weren't sitting at the factory, the company allowed existing LFA holders to order a second car, and also allowed dealers and executives to order cars for themselves or for selling at dealerships, and some of the dealer-ordered cars still come up from time-to-time as new sales. So the cool news is that you might be able to still buy a new LFA if you really want to. But that's a big might.