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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.

Lexus teases a wild electric car concept for Tokyo Motor Show

The Tokyo Motor Show is shaping up to have plenty of wild concepts, from Mitsubishi's turbine-powered plug-in hybrid to Daihatsu's funky mini cars. But we doubt any of these cars will top what Lexus is bringing based on the teaser image above. Not much is shown of the car, but what is visible is extreme. We can see what looks like the Lexus spindle grille taken to its ultimate conclusion with the lower section seemingly wrapping around the front corners. The edges of the grille contain the car's headlights. The nose looks quite blunt and the windshield looks to be placed far forward. Since this is an electric car concept, having the cabin close to the front is possible and makes sense for maximum cargo space. We can also make out the instruments, which appear to be rendered in concentric circles on a transparent display. Things like range, power and more are yet to be revealed. The car's unveiling will be at the Tokyo Motor Show in just a couple of weeks. With looks this dramatic, it's hard to imagine how it could translate to a production Lexus EV. But if it does, Lexus will be taking a mighty bold direction in car design.

Lexus to debut small hybrid CUV at 2014 Geneva Motor Show

Following rumors that Lexus has been working on a small crossover to slot below the RX (pictured), Automotive News Europe reports that the production-ready CUV will bow at the 2014 Geneva Motor Show next March. Later this year, Lexus will preview this new crossover by way of a concept car at the Tokyo Motor Show in November.
According to the report, this new crossover will be a hybrid, and will ride on the smaller architecture that underpins the Toyota RAV4. Specific details have not been confirmed, but AN states that the entry-level CUV will be powered by the same 2.5-liter gasoline-electric drivetrain found in the Lexus ES 300h. Since Toyota will evidently be taking the time to hybridize the platform, we can't help but assume that it will eventually build a second-gen RAV4 EV.
Either way, with the small luxury CUV segment heating up, Lexus is likely smart to offer a player in this space. Until now, there has not been a Lexus crossover below the RX, and this new model will compete with other new players in the class including the BMW X1 and Audi Q3.