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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's SEMA show cars display tuner creativity [w/videos]

Scion brought four FR-S concepts to SEMA this year and one xB concept, while another three Scion tCs were brought to the show by three different shops that are competing in Scion's Tuner Challenge. The modified Scions range from mild to insane, and show how popular they are in the tuner world.
The Tuner Challenge teams brought unique creations to SEMA, after Scion gave each of them a tC, $15,000 and 90 days to modify it. At 11:00 AM on Wednesday, judges picked the Young Tea Scion Simpli-tC as the winner, the Walter Franco Scion L-DZ Concept got second, and third place went to the Josh Croll Scion WSD-tC. Check out the three videos below to watch the tC builds from start to finish.
Out of the FR-S concepts brought to the show, we're gravitating toward the GReddy Performance x Scion Racing Drift FR-S (top), which has the venerable 2JZ-GTE turbocharged straight-six engine in place of the flat-four that comes standard in the rear-wheel-drive coupe - ready to pump out 750 horsepower - and the Bulletproof FR-S Concept One, which features a striking, handmade wide body and a heavily modified, turbocharged flat-four that puts out 500 hp.

Toyota GT86 GT4 racer is ready for UK competition

It's about time we saw someone cook up a legitimate race version of the delectable Toyota GT86, and now it looks as if GPRM has done just that. The Buckingham-based race engineering team has built the creation you see here, complete with a turbocharged 2.0-liter, direct-injection four-cylinder boxer cooked up by Nicholson McLaren Engines. The team says the new mill delivers between 360 and 400 horsepower to the rear wheels depending on final testing, which is a sight bit more than the 197 horses the naturally aspirated stock mill offers.
The car will compete in GT4 events, including the Avon Tyres British GT Championship. Technically, the GPRM effort isn't factory backed, but the team says the effort "has the blessing of Toyota Great Britain." How could it not? You can check out the brief press release below below, and be sure to take a closer look at the machine in our gallery.