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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.

Gazoo heads to the N"urburgring with Lexus LFA Code X

You'd be forgiven for thinking just because the Lexus LFA has ended its production run (it's been over a year now) that Toyota would have ceased its development. You'd be forgiven, but Gazoo Racing is here to tell you you'd still be wrong.
One of Toyota's many works racing teams, Gazoo is returning to the 24-hour endurance race at the Nürburgring this year with a trio of entries. One is based on the Toyota GT86 (which we know as the Scion FR-S), and one is essentially the same LFA that it's entered in years past. But the third vehicle is dubbed Code X.
It's also based on the LFA, but its 4.8-liter V10 engine has been bored out to 5.3 liters, raising its output to untold levels. It's got a full carbon-fiber chassis and a range of other enhancements that Gazoo isn't telling us about just yet, but they should turn the LFA Code X from a road-going supercar beyond a racecar and into a rolling research lab. Considering that Gazoo has been racing at the 'Ring since 2007 and fielding versions of the LFA there since 2008, it'll be interesting to see how the Code X version fares.

Toyota reveals new versions of FT-1 concept at Pebble Beach [w/video]

Toyota certainly caught our attention when it unveiled the FT-1 concept at the Detroit Auto Show last January. Coming from the same people who gave us the Lexus LFA, Scion FR-S and Toyota Supra, the FT-1 concept looked striking in its bright red livery. But the Japanese automaker isn't quite done with it yet.
No, we're afraid we don't have a production announcement to share at the moment, but Toyota has revealed two new versions of the FT-1 concept that cast it in different light. Most notable is the graphite version pictured above. Replacing the bright red paintjob and two-tone red and black interior of the original concept, this second iteration - presented in the metal at McCall's Motorworks Revival in Monterey, California - goes for a more upscale and refined graphite exterior and a tan leather interior with exposed metal elements.
Both versions of the virtually road-going FT-1 concept will be playable in GT6, but at the same time Toyota also revealed (in digital form, at least) a virtual racing version of the concept called the FT-1 Vision Gran Turismo. Looking like the original concept was prepared for Japan's Super GT series, the FT-1 Vision GT is retuned for racing, with wider fenders, more extreme aero, competition-spec alloys on slicks and the like.