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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.

Toyota, Lexus to build more CUVs to meet surging demand

What was the biggest takeaway from the auto industry's 2014? Besides the fact that recalls are now a sad and mostly unremarkable part of a vehicle's life, it's that you can't be a competitive, mainstream brand in the US without a really strong line of crossovers, SUVs or pickups. We saw evidence of this as recently as Monday, when Hyundai unveiled its HCD-15 Santa Cruz Concept, and now we're seeing it again with Toyota. The company already has a comprehensive lineup of both mainstream and luxury CUVs and SUVs, although surging demand – sales were up 16 percent last year, Bloomberg reports – has led the company to increase its production tempo at the plants responsible for the RAV4 and Lexus RX. "The freeze is still in place until the end of March of 2016," Toyota's Jim Lentz told Bloomberg during this week's Detroit Auto Show, referencing the production bump at the Japanese and Canadian factories responsible for the models. "That hasn't changed. All indications are that it will lift, but right now it has not lifted." The increased sales are even spurring the brand to consider additional CUVs, including a compact that would slot in below the RAV4, Lentz told the business publication. Such a move would give Toyota a player in an increasingly competitive and important segment. In 2014 alone, mainstream brands, including Honda, Mazda, Chevrolet and Jeep, have announced brand new products destined for the compact CUV market. "We're going to have to look at how the market under RAV4 develops," Lentz told Bloomberg. "There's no question that it's going to. That's going to be the next growth spurt." Related Video:

Forget LCD displays, the Lexus UX concept has hologram orbs

Two weeks ago, Lexus revealed the UX concept for the Paris Motor Show. The company only showed one photo of the exterior, but did give a generic description of the interior, saying it would have "imaginative technologies for an immersive driver experience." Now we know what that means: holograms! Yes, Lexus has done about the only thing that can impress in this world of high-resolution automotive displays – it brought instruments and infotainment into the third dimension. In the process it has somewhat reimagined the way occupants interact with the car as well. We're guessing the name UX, which stands for user experience in the tech world, was intentional. The large crystal-shaped box in the center console stands out immediately. The company says the box will display climate control and infotainment options in full 3D for the driver and passenger. The instrument cluster gets the hologram treatment as well with an orb floating in the middle and the ability to display both analog and digital information. No word on whether a small, blue Princess Leia will appear in the console asking for help. The UX's interior has a few other nifty surprises. The windows are electrochromic, so they can be darkened as needed (similar tech is already in use on some car roofs). The passenger side of the dashboard has a large, finned sound bar that can be removed. We're not entirely sure the thinking behind that feature, but we suppose it would be nice as a stereo for a picnic or a day at the beach. To cap things off, Lexus included the concept car staples of touch-sensitive buttons and side-view mirror cameras. As for when you'll see hologram displays in future Lexus models, we have no idea but wouldn't count on them coming anytime soon. We have a more optimistic view of the Lexus UX concept itself. With crossovers as popular as ever, we expect to see an attractive production model with these bulging fenders and a steeply raked windshield in a year or so. Related Video: Image Credit: Lexus Design/Style Paris Motor Show Lexus Technology Emerging Technologies Infotainment Crossover 2016 paris motor show interior design lexus ux concept