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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.

2022 Lexus LX 600 First Drive | A substantial, stylish soft-roader

The Toyota Land Cruiser is dead. Long live the Toyota Land Cruiser 2022 Lexus LX 600 — the flagship SUV brought kicking and screaming into the 21st century with a much-needed overhaul. Back with a new powertrain, new shell and new possibilities, the LX is aimed at the top of the luxury SUV segment, taking the fight back to the likes of the Cadillac Escalade and Mercedes-Benz GLS. The Land Cruiser isn't truly dead, mind you; we just don't get it here in the U.S. — at least not yet. Fortunately, much of that new SUVÂ’s engineering lurks beneath the LXÂ’s skin. The new twin-turbo V6, for example, provides 409 horsepower and 479 pound-feet of torque and serves here as a baseline V8 replacement; it's paired to Toyota's new 10-speed automatic. The hybrid engine offered in the new Toyota Tundra and Sequoia is rumored to be on the way to the LX in the coming model years.  But while the Land Cruiser is traditionally known for its off-road prowess, the LX we tested was most definitely not. In place of a robust 4x4 system with locking front and rear axles intended to conquer unexplored terrain, we got a Torsen limited-slip differential, an F Sport suspension with performance dampers, and massive 22-inch wheels. Sure, the center differential lock and LSD will get you just about anywhere you could possibly need to go, even on dirt, but that's not the F Sport's intended use case. ThatÂ’s not to say the LX 600 canÂ’t hang when it comes to typical SUV duties. ItÂ’s nearly 17 feet long and equipped with a fold-flat third row, but it's also essentially a foot shorter than a standard Escalade. That partly explains why that third row is basically utility seating as opposed to consistent family transport. It also offers reasonable headroom at the expense of cargo space – just about all of it, in fact. If you really need to use the third row and bring some stuff along, you can always rent a trailer; itÂ’ll tow 8,000 pounds. Fortunately, the standard full-time 4WD and limited-slip differential donÂ’t need to be paired to the LXÂ’s off-road Crawl Mode to be worthwhile. Though our loanerÂ’s huge 22-inch wheels were wrapped in all-season rubber, the LX handled typical Michigan winter garbage with aplomb. Fresh snowfall was limited during the week we had the truck, but there was plenty of leftover, inches-deep crust and slush in the suburbs north of Detroit where we took the LX out to play. Competent though it may be over the rough stuff, comfortable it is not.

Child cobalt miners: Automakers pledge ethical minerals sourcing for EVs

BERLIN - Leading carmakers including Volkswagen and Toyota pledged on Wednesday to uphold ethical and socially responsible standards in their purchases of minerals for an expected boom in electric vehicle production. Demand for minerals such as cobalt, graphite and lithium is forecast to soar in the coming years as governments crack down on vehicle pollution and carmakers step up their investments in electric models. To cover its plans for more than 80 new models by 2025, Volkswagen alone is looking for partners in China, Europe and North America to provide battery cells and related technology worth more than 50 billion euros ($59 billion). Talks with major cobalt producers, including Glencore, at VW's Wolfsburg headquarters last week ended without a deal. More than half of the world's cobalt comes from the Democratic Republic of Congo, a country racked by political instability and legal opacity, and where child labor is used in mines. On Wednesday, a group of 10 leading passenger-car and truck manufacturers announced an initiative to jointly identify and address ethical, environmental, human and labor rights issues in raw materials sourcing. The partnership dubbed "Drive Sustainability" consists of VW, Toyota Motor Europe, Ford, Daimler, BMW, Honda, Jaguar Land Rover, Volvo Cars and truckmakers Scania and Volvo. The alliance "will assess the risks posed by the top raw materials (such as mica, cobalt, rubber and leather) in the automotive sector," said Stefan Crets of the CSR Europe business network. "This will allow Drive Sustainability to identify the most impactful activities to pursue" to address issues within the supply chain.Reporting by Andreas Cremer.Related Video: Image Credit: Michael Robinson Chavez/The Washington Post via Getty Images Green BMW Ford Honda Jaguar Land Rover Mercedes-Benz Automakers Toyota Volkswagen Volvo Green Automakers Green Culture Electric Scania ethics mining