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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.

Japanese automakers will seriously subsidize hydrogen fuel stations

Fresh off the announcement of the EPA-rated fuel economy and range figures for the Toyota Mirai, three of Japan's major automakers are throwing their weight behind hydrogen on the other side of the Pacific. Toyota, Nissan, and Honda are detailing their partnership in Japan to subsidize the creation of an expanded FCV refueling infrastructure there in the coming years. The plan could provide a much-needed boost for goals that are already looking to miss their targets. The partnership, which is called the Joint Hydrogen Infrastructure Support Project, is subsidizing a third of the annual operating expenses up to a maximum of 11 million yen ($90,000) for any hydrogen refueling station that applies and is accepted into the program. For now, the automakers plan to keep this running through around 2020. Toyota senior managing officer Kiyotaka Ise tells Bloomberg the whole thing over that time is expected to cost 5 billion to 6 billion yen ($40.5 million to $49 million). In addition to the money, the companies are trying to raise awareness about the alternative fuel to build popularity. Japan has been pushing extremely hard to build the FCV market there for quite some time by subsidizing both the models and building refueling stations for them. By the 2020 Olympics, the country's goal is to have 6,000 fuel cell vehicles on the roads and possibly even 100,000 of them by 2025. The cars to fulfill these lofty hopes are just gaining steam, though. For example, the Mirai is already experiencing high demand, and Honda is set to bring its new challenger in 2016. This announcement says Nissan is aiming a potential entry for 2017, as well. According to Bloomberg, the fuel cell industry in Japan is forecasted to balloon from 400 million yen (3.3 million) in the current fiscal year to 100 billion ($813 million) by 2025. Toyota, Nissan, and Honda Agree on Details of Joint Support for Hydrogen Infrastructure Development Toyota Motor Corporation, Nissan Motor Co., Ltd., and Honda Motor Co., Ltd. have agreed on key details regarding a new joint support project for the development of hydrogen station infrastructure in Japan. In addition to partially covering the operating costs of hydrogen stations, the three automakers have also agreed to help infrastructure companies deliver the best possible customer service and create a convenient, hassle-free refueling network for owners of fuel cell vehicles (FCVs).

Toyota Corolla Nurburgring Edition talks the talk, doesn't walk the walk

From the Opel Corsa OPC to the Lexus LFA, there have been all sorts of vehicles worthy of wearing the Nurburgring name. And while the Toyota Corolla may have a lot going for it – it is, after all, once of the top selling models in the world – we're not sure it would count among them. Especially not with a CVT. Toyota's Thai division seems to think otherwise, though, and is launching the Corolla Altis ESport Nurburgring Edition at the Bangkok Motor Show this week. Apparently inspired by a seventh-place class finish at last year's 24-hour race on the Nordschleife, it's based on the Corolla Altis – a version of the popular sedan sold in South Asian markets – and picks up where the ESport trim leaves off. From there it gets a reworked aero kit, blacked-out grille, LED daytime running lights and red-trimmed leather interior. There's even a recalibrated suspension hooked up to 17-inch alloys, giving it the right stance, but that's about the extent of the performance enhancements. Power unfortunately still comes from a 1.8-liter atmospheric inline-four, driving just 141 horsepower to the front wheels through a continuously variable transmission. So while it may have at least some of the looks to go with its racy name, it still lacks the oomph. This, then, will not be one of those overseas performance specials we'll be longing for when passing by a Toyota showroom on our own shores, but at least customers in Thailand can look the part.