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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.

Weekly Recap: GM scales back as Russian auto market teeters

General Motors' extensive plans to scale back its Russian operations are the latest sign the automotive market in the former superpower is collapsing – and there are few signs of recovery. GM said Wednesday it will stop selling mainstream Chevrolets and shutter the entire Opel brand in Russia. The moves leave GM with a luxury-focused presence consisting of Cadillac and Chevrolet's Corvette, Camaro and Tahoe. The cutbacks will be completed by the end of the year. The automaker will also idle its factory in St. Petersburg and end a contract-assembly agreement with Russian manufacturer GAZ. "We had to take decisive action in Russia to protect our business," Opel Group CEO Karl-Thomas Neumann said in a statement. "We confirm our outlook to return the European business to profitability in 2016 and stick to our long-term goals." GM is the latest automaker to scale back in Russia as the economic conditions, volatile currency and uncertainty over the conflict in the Ukraine all have sandbagged new car sales. Last month, vehicle sales collapsed 38 percent in Russia to 128,298 units, according to the Association of European Business, which records sales. Joerg Schreiber, chairman of the AEB automobile manufacturers committee, didn't even feign optimism in a statement announcing the figures. "The market is entering a very difficult phase now, and February is only the beginning," he said. "Industry sentiment is the next few months will be extremely difficult and the market bottom has yet to be found." The dovetails with industry experts, who predict the Russian auto sector will remain in the doldrums. IHS said earlier this year it expects Russia's sales to slip to just 1.8 million units in 2015, which is a 40-percent drop from 2012. Other News & Notes Chief leads Jeep's Easter Safari stable Jeep is bringing seven attention-getting concepts to Moab for its annual Easter Safari off-roading celebration in Utah, but the Chief is perhaps the standout of the group. It salutes the 1970s Cherokee with a throwback appearance and surfer styling cues. The Chief has a custom modified razor grille made famous by the Wagoneer, and it rolls on 17-inch slotted mag wheels. The surf theme comes in with ocean blue paint, floral cloth and leather seats and a tiki-style shifter handle. Based on the Jeep Wrangler, the Chief has removable sides, a 3.6-liter V6 engine and a six-speed manual gearbox.

2016 Scion FR-S gets slight price increase, updates

Scion has bumped up the starting price of its rear-drive FR-S for the 2016 model year, although as the manufacturer tells it, an improved interior and more standard equipment makes the extra cost easier to bear. The FR-S with the six-speed manual has gone from $24,900 to $25,305, while the automatic's former $26,000 entry price has received an identical $405 bump. Those prices do not include a $770 destination charge. Offsetting the price increase is a new audio interface with a standard seven-inch touchscreen display and integrated rear-view camera. Scion's designers also touched up the cabin, adding bright silver accents throughout, while the customers can opt for two new exterior finishes. There's a blue named Oceanic, and a new red, called Ablaze, which you can see in the gallery. Check out the gallery up top, and then scroll down for the full press release. Related Video: New Style, Safety, Sounds and Sales Price For 2016 Scion FR-S April 30, 2015 TORRANCE, Calif. (April 30, 2015) – Scion's FR-S performance sports coupe is getting its style on for the 2016 model year. With interior improvements, two new colors, a new standard audio system and a rear-view back up camera, the next FR-S also sports a new price. The Manufacturer's Suggested Retail Price (MSRP) of the six-speed manual transmission FR-S is $25,305 while the six-speed sequential automatic transmission with paddle shifters and Dynamic Rev Management technology is $26,405. This price excludes the destination, processing and handling (DPH) fee of $770. The 2016 FR-S has a new premium feel with bright silver interior accents on the steering wheel bezel, shift bezel, door grip, and along the sides of the center console. Also inside the FR-S is a new standard audio system with a large 7-inch touch-screen display and voice recognition technology. For added safety, comfort and convenience, a rear-view backup camera has been integrated into the FR-S, as well. Adding to the new look, two new colors will be available with a new red called Ablaze and a new blue called Oceanic. The 2016 FR-S will be available in dealerships beginning in June.