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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 LC 500 coming to Detroit Auto Show

Believe it or not, it's been nearly four years since we first saw the Lexus LF-LC Concept. Its swoopy style and spindle grille kicked off a big design revolution for Lexus, and we saw a number of LF-LC design elements work their way onto production cars. But now, rumor has it a full-on production version will see the light of day, and soon. Motoring.com.au says the LC 500 coupe will show its face at the 2016 Detroit Auto Show in January, and we have little reason to doubt this. In fact, it's kind of been a long time coming. The LC was reportedly approved for production in 2013, and though we were told it might resurrect the SC name, Lexus filed copyright applications for "LC 500" and "LC 500h." Oh, and a prototype of this car was recently spotted testing. The LC 500 will arrive with – no surprise here – Lexus' naturally aspirated 5.0-liter V8, plucked from the RC F and GS F. That said, Motoring says it could arrive with a new, 10-speed automatic transmission from Aisin. As for the LC 500h, Motoring thinks it'll be powered by a, 3.5-liter V6-based hybrid drive system that could produce something like 470 horsepower – not the current V6/hybrid unit from the GS 450h. A hotter LC F should follow in a couple of years, and earlier reports suggest it could make something like 600 horsepower. Of course, Lexus refuses to comment on future product speculation, so we don't have any official proof that this is actually happening. But it all makes a lot of sense. Watch this space in two months' time for more details.

Best and worst car brands of 2022 according to Consumer Reports

It's that time again, Consumer Reports this morning lifting the curtain on its 2022 Annual Car Brand rankings and its 10 Top Picks in the car, crossover, and truck category. Drumroll, please: This year, Subaru climbs two spots to claim the winner's circle, having come third the last two years. Last year, Mazda climbed three spots from 2020 to take the crown. This year, Mazda slipped to second, BMW taking the last spot on the podium, also a one-spot drop from 2021. Six automakers in the top 10 hailed from Japan, which is one more than last year, and five luxury makers occupied the top 10, which is two more than last year. And South Korean representation didn't crack the top this year, after Hyundai managed tenth last year. The seven makes after BMW are: Honda, Lexus, Audi, Porsche, Mini, Toyota, and Infiniti.  The magazine and testing concern says its Brand Report Card "[reveals] which automakers are producing the most well-performing, safe, and reliable vehicles based on CR’s independent testing and member surveys," and that "Brands that rise to the top tend to have the most consistent performance across their model lineups." The domestics also took steps back among the 32 OEMs ranked on the 2022 card. Chrysler and Buick were the domestic carmakers who made last year's top 10 in eighth and ninth, respectively. This year, Buick dropped to eleventh, Chrysler to thirteenth. Dodge went from fourteenth to sixteenth. CR continues to ding Tesla's yoke steerer, the not-exactly-natural handhold responsible for the electric carmaker going from sixteenth last year to twenty-third this year.