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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 will reportedly usher in new design language with global EV

Lexus took its first steps in the electric car sector when it released the UX 300e, a compliance car developed for the Chinese and European markets. It's planning to launch a follow-up model in 2022, and the yet-unnamed EV will represent a much more serious attempt at capturing a slice of the segment in global markets than its predecessor. British magazine Autocar reported that the next electric Lexus will take the form of a crossover built on the e-TNGA platform developed to underpin a large number of Toyota and Subaru models. It will be about the same size as the NX, one of the firm's best-selling models, but it will receive a specific design inspired by the LF-Z Electrified concept (pictured) introduced in March 2021. It will retain the spindle grille, though the feature will become more of a trim piece than an air vent, and the design study's wide rear light bar is expected to make the transition from the drawing board to the showroom floor. Some of these defining styling cues will permeate other models in the 2020s.  What the low, hatchback-like body will hide remains to be seen. Autocar believes the crossover will be closely related to the production version of the Toyota bZ4X concept, which will also ride on the e-TNGA architecture. All-wheel-drive seems like a given, and Lexus will undoubtedly put a greater focus on performance and handling than its parent company. We're expecting to see some degree of automated driving, though not full autonomy. Interestingly, a steer-by-wire system may come standard, allegedly to provide a more engaging driving experience. Lexus could introduce the EV before the end of 2022, meaning it would arrive in showrooms as a 2023 model. If everything goes according to plan, it will launch a total of 10 new electrified models (including hybrids) by 2025. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Lexus previews the concept car that illustrates its new brand vision

Lexus will start writing the next chapter in its 32-year history when it unveils a mysterious concept car in spring 2021. It hasn't revealed the design study's name yet, but it explained the model will show what's coming. Koji Sato, the company's president and chief branding officer, noted that the concept "illustrates our intentions for the future, and marks the beginning of the next generation of Lexus." He stopped short of providing additional details, but the company's plans for the future are fairly easy to decipher. Lexus isn't going to start making rifles, lawn mowers, or garage flooring; it's very likely going to electrify its range while reinventing its design language for the 2020s and adding more technology — including advanced semi-automated systems — to its cars. The dark preview image released by Lexus shows the concept car's rear end. We see a relatively low roof accented by a fin, a sculpted rear bumper that's much wider than the greenhouse, and the company's name written in a new font. While the photo asks more questions than it answers, we know that we're not looking at the electric crossover that the Toyota-owned company hinted at in December 2020 because the proportions don't match. And, we highly doubt it's the rugged, body-on-frame off-roader that's allegedly also in the works. We'll have to be patient to find out whether Lexus is planning to move away from the spindle-shaped grille that has characterized its cars for nearly a decade. Geneva's annual auto show was canceled for the second year in a row, but it should have opened its doors to the public and the press in early March 2021. Odds are the Lexus concept's online unveiling will coincide with (or at least fall very close to) the axed show's dates. Sato confirmed that Lexus will release a new car in 2021, though he didn't specify if it's related to the concept, or if it's merely inspired by it. He pledged to continue rolling out new additions to the range through 2022. Related video: