Auto blog

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.

Toyota wants improved crash scores with midcycle facelifts

The performances of some Toyotas in the Insurance Institute for Highway Safety's (IIHS) regimen of crash tests leave something to be desired. Consider the small overlap frontal crash test: only six Toyota, Lexus and Scion vehicles have undergone the new test, yet all but one of them received a poor rating. Osama Nagata, CEO of Toyota Motor Engineering & Manufacturing North America Inc., says midcycle vehicle updates are in the works to address the safety issues brought to light by the IIHS test, Automotive News reports. He confirmed that the RAV4 is getting safety updates following its crash test performance last month, but he didn't name any other models.
All three Toyotas that were tested - 2013 RAV4, 2012-2013 Prius V, 2012-2013 Camry - received poor ratings. The 2007-2012 Lexus ES 350 and 2006-2013 IS 250/350 also received poor ratings. The only other Toyota Motor Corp. vehicle to score better than poor is the 2014 Scion TC. It received an acceptable rating in the small overlap frontal crash test and is the only recent vehicle in Toyota's line-up to get the IIHS Top Safety Pick+ rating.
The small overlap front crash test measures the safety of a car when its front left corner is strikes an object during an accident, bypassing traditional crumple zones, which deform in a way to protect passengers. In 2009, automakers were alerted to the forthcoming addition of the test, which was first implemented last year, IIHS spokesman Russ Rader says. They responded with differing intensity, he says, pointing out that Subaru and Honda started incorporating design changes early on so their cars would perform well in the tests.

Scion reveals SEMA concepts, Tuner Challenge finalists

Scion has become something of a tuner favorite, so it's only fitting that Toyota's youth-oriented brand have an array of show cars ready for SEMA each year. And this year will be no exception.
Scion itself is bringing five cars to SEMA this year, and as you might expect, they're mostly based on the FR-S. There's a black one done in partnership with DJ Steve Aoki with an onboard mixing station, another (in white and black) done with Bulletproof Automotive with a 500-horsepower engine and fresh bodywork, a grey one done up with GReddy with a 750-horsepower turbocharged engine and, the slickest of the group, the Style J concept (pictured above) with matte grey bodywork, a Scirocco-style nose and a full leather interior. There's also a stretched xB done up by Cartel Customs and laden with tech.
Aside from Scion's own show cars, the automaker has also released the details on three entries for its Tuner Challenge: one each from the East Coast, Pacific Northwest and Southern California. Scion gave each builder a stock tC, 90 days and $15,000 to build their concepts that will be judged by an expert panel at the SEMA show, with the winner taking home a $10,000 prize.