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Toyota reports huge quarterly profit increase, raises forecast for the year

Toyota isn't just the world's largest automaker - so far its the biggest winner for quarterly profits. With an enormous $5.5 billion take during Q2, Toyota took advantage of the weak Japanese yen and strong US demand to record a 94-percent improvement in profit over the same period from last year. So far, Toyota brought in larger profits than Ford and General Motors combined.
Toyota is showing no signs of slowing down either, as it has bumped up its forecast for full-year global production, going from 9.94 million to 10.12 million vehicles, on the back of a 13-percent drop in the buying power of the Japanese yen versus the US dollar. That strong exchange rate is largely responsible for Toyota's big jump in profits, although it also managed to shift 1.3 million vehicles in the US market this year. Strong Camry sales have also helped. But while Toyota is raking in the cash, it actually saw a small drop in market share, down 0.1 percent to 14.3 percent of the US market.
As is the case with most automakers, Toyota seems flummoxed by Europe, where it recorded less than one percent of its revenue. Still, as Automotive News points out, Toyota only maintains a 4.5-percent market share in Europe and is far less dependent on the continent than other manufacturers. Toyota also struggled at home, much like Honda. With 525,777 units sold, JDM sales were down almost 51,000 units, although Toyota still saw its operating profit jump from $3.5 billion to $4.6 billion.

Bollywood star gets 5-year sentence for hit and run, after 13-year trial

It took nearly 13 years for popular Bollywood actor Salman Khan (pictured right in above photo) to be sentenced to five years in prison for allegedly hitting five people with his SUV, one of whom was killed. On May 6, the movie star was found guilty of culpable homicide, rash and negligent driving, and being intoxicated at the time, according to Time. The tragic incident that began the legal odyssey occurred in September 2002 when the Toyota Land Cruiser that Khan was in struck five people on a sidewalk in Mumbai. The actor denied both being drunk and being behind the wheel at the time. However, witnesses disputed those assertions. Khan fought the allegations tooth and nail from the very beginning. According to Time, he even challenged the charge of culpable homicide all the way to the Supreme Court of India, but the case was sent back to lower courts in 2013. In the years since the crash, several witnesses recanted their original statements, but it wasn't enough to sway the verdict. Khan reportedly started crying when he heard his sentence.

Toyota unintended acceleration lawsuit settled for $16M

Slowly, the many loose threads still dangling after the unintended acceleration issue Toyota faced a few years ago are being resolved. The Orange County District Attorney's office was believed to be the first DA's office to take Toyota to court, its suit alleging that Toyota knew its cars had defects and continued to sell them. The suit sought to "permanently enjoin Toyota from continued unlawful, unfair, deceptive, and fraudulent business practices as it pertains to both consumers and competitors" and asked for $2,500 "for every violation of the Unfair Business Practices Act," plus costs.
That suit has now been settled, Toyota - without admitting fault or wrongdoing - agreeing to pay $16 million to the county. Half of the money will go to the Orange County Gang Reduction Intervention Partnership, another four million dollars to the OC DA's office to investigate economic crime, the remaining four million being used to pay for the case.