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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 RX replacement to debut in Detroit?

The 2015 Detroit Auto Show is shaping up to be a big one for Lexus, with Group Vice President Jeff Bracken confirming to Ward's Auto that the Japanese luxury marque will have at least one, and possibly two, all-new-model introductions. Ward's seems to think that one of those vehicles will be the new RX crossover, one of the brand's most popular (and oldest) offerings. The complete and utter lack of spy photos of the new RX doesn't necessarily support Ward's argument, although if the new CUV ends up being based on the JDM Toyota Harrier, as previously reported, the absence of camouflaged images might make some sense. As for that other vehicle, it's hard to say what we might see. Were we to put our money on it, though, the long-awaited GS F would be a strong contender for a Detroit debut. The high-performance challenger to the BMW M5 and Mercedes-Benz E63 AMG has been spotted almost completely undisguised as recently as October. On top of that, Detroit's reputation as a performance-focused show (last year's show saw debuts of the Ford Mustang, BMW M3 and M4, Chevrolet Corvette Z06, Volkswagen Golf R and Porsche 911 Targa) makes the GS F's appearance there a fair bet. One thing we can count on at least hearing about when Detroit rolls around is Lexus' strong sales position. The company's 2014 sales should crest 305,000 units by the end of the year, marking the first time the company had passed the 300,000-unit mark since 2007. Bracken told Ward's that should be an easy task, particularly with the brand's "best month of the year," December, still to come.

Ford Edge ST and Mercedes-AMG E 53 | Autoblog Podcast #557

On this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Associate Editor Reese Counts. They talk about driving the Cadillac Escalade, Mercedes-AMG E 53 Coupe and Ford Edge ST. Then they run down the news: Lexus LFA prototype spy shots and the Buick Cascada's death knell. Then Green Editor John Beltz Snyder crashes the studio to talk about reducing your carbon footprint. Finally, the fellas help spend a listener's hard-earned money on a new car.Autoblog Podcast #557 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving: Cadillac Escalade and Mercedes-AMG E 53 Coupe First drive of the Ford Edge ST Lexus LFA prototype spied at the Nurburgring with new body work Buick Cascada at death's door? Climate change sucks, but it doesn't have to Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: Green Podcasts Buick Cadillac Ford Lexus Mercedes-Benz Car Buying Used Car Buying Convertible Coupe Crossover SUV Luxury Performance lexus lfa buick cascada