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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.

Scion FR-S recalled for key interlock problem

The Basics: Scion will recall 26,000 examples of the 2013-2016 Scion FR-S. The Problem: Some models with the automatic transmission might not have the connection for the key interlock. On these vehicles, it would be possible for owners to remove the key, even if the gearshift isn't in Park. This condition puts the coupes out of compliance with federal rules. Injuries/Deaths: "We are not providing specifics at this time," Scion spokesperson Cindy Knight told Autoblog. The company's announcement makes no mention of injuries or deaths. The Fix: Scion dealers will inspect the vehicles and connect the key interlock if necessary. If You Own One: Owner notification will begin in early March, according to Knight. More Information: Autoblog reached out to Subaru to see if there would be a similar recall for the BRZ. "We've confirmed with our Quality Assurance dept. that the BRZ does not have that defect, as the issue is related to the work conducted during pre-delivery service prior to sale," company spokesperson Michael McHale said. Related Video: TOYOTA RECALLS CERTAIN SCION FR-S VEHICLES TORRANCE, Calif., February 9, 2016 – Toyota Motor Sales, USA, Inc. today announced that it is conducting a safety recall of approximately 26,000 Model Year 2013-2016 Scion FR-S vehicles. In the involved vehicles, connectors for the automatic transmission key interlock on some vehicles may not have been connected during pre-delivery service prior to sale. If the delivery mode connectors are not connected, it is possible to remove the key in gear positions other than "Park", causing the vehicles not to comply with a portion of Federal/Canadian Motor Vehicle Safety Standard 114. This could increase the risk of vehicle rollaway and a crash. All known owners of the subject vehicles will be notified by first class mail and instructed to return the vehicle to a Toyota dealer to have the ignition key interlock function confirmed, and if necessary, delivery mode connectors connected at no charge. Information about automotive recalls, including but not limited to the list of involved vehicles, is subject to change over time. For the most up-to-date Safety Recall information on Lexus, Toyota and Scion customers should check their vehicle's status by visiting http://www.toyota.com/recall and entering the Vehicle Identification Number (VIN). Safety Recall inquiry by individual VIN is also available at the NHTSA site: safercar.gov/vin.

Scion xB Release Series 10.0 headed for New York debut

Toyota promises that upgraded products for Scion are on the way, with the possibility of a redesigned xB coming soon. In the meantime, fans of the boxy hatchback have to make due with the new Release Series 10.0 special edition that is debuting at the 2014 New York Auto Show. The latest limited model puts an emphasis on technology with a wireless charging mat, backup camera, projected logos and a few interior changes.
All the Series 10.0 editions come in Electric Quartz, a pearlescent white color with green highlights, and their steel wheels are covered in Tungsten Gray caps. The exterior's jade color scheme flows inside with the accent stitching on the seats and door panels. This xB is equipped with three projectors - one in the rear bumper displays the company's logo on the ground, and two inside put "xB RS 10.0" on the driver's side and the car's build number on the passenger side. (That's kind of cool, honestly.) Smaller upgrades include piano black trim around the console, illuminated door sills and lit cup holders.
The Release 10.0 edition doesn't see any mechanical changes and uses the same 2.4-liter four-cylinder with 158 horsepower and 162 pound-feet of torque as all other xBs, mated solely to a four-speed automatic transmission. Scion plans to build 1,500 Series 10.0 models with pricing starting at $20,420, plus a $755 destination charge. Sales begin this summer. Scroll down for the full details in the release.