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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' December to Remember reshaped by the pandemic

After spending the summer convincing consumers to take socially distanced breaks from grim reality, advertisers are now returning to the pandemic as the central focus in holiday shopping campaigns launching this month. U.S. companies from carmakers to retailers are under pressure to make the shopping season a success after retail sales crashed 21% earlier this year as millions of Americans lost jobs and cut their budgets. They face the challenge of convincing consumers to open their wallets for the holidays even as the coronavirus pandemic rages anew across the United States and Europe. As new campaigns roll out, brands feel it is their responsibility to inspire optimism for the coming year, but also empathize with “the hurt that people have,” said Jason Schragger, chief creative officer at ad agency Saatchi & Saatchi. Carmaker LexusÂ’ iconic “December to Remember” campaign, which features cars wrapped in giant red bows on picturesque snowy driveways, will focus on the different role that driveways have played this year, as people sought ways to celebrate birthdays, anniversaries and other milestones despite stay-at-home orders. New TV commercials launching on Monday feature family and friends doing a drive-by graduation party in their Lexus vehicles as a student in a cap and gown waves from her driveway. In another, a man greets his children and grandkids from a distance as they drive by, waving a homemade “Happy Birthday, Grandpa” sign. "We wanted to make sure we weren't showing large gatherings of people," said Lisa Materazzo, vice president of marketing at Lexus, owned by Toyota. "But it's nice to have a live interaction, and that can happen when you're safe in the car and waving from the driveway." Staying connected during the pandemic is the message behind ads for the department store MacyÂ’s, whose window displays and Santaland attraction have been hallmarks of the holidays since the late 19th century. At a time when flying home or hosting big family gatherings can be dangerous, Macy's is focusing on how finding and giving the perfect gift plays an even bigger role in connecting with people you can not see in person this year, according to Macy's chief customer officer Rich Lennox. A similar theme underpins Etsy's commercial, in which a woman who longs to see her grandson opens a gift of a handmade doll that matches a picture he had drawn.

Lexus LFA II could get TTV8 from LC500 endurance racer

We are thought to be three years away from the successor of the Lexus LFA arriving in showrooms. We are thought to be less than a month from the debut of a pre-production version of Lexus' coming supercar, which could take place at next month's Monterey Car Week. Persistent reports say Lexus is preparing two versions, one with a hybridized twin-turbo V8, one with a battery-electric powertrain; the former is thought to be the one on show in California in August, the latter not ready for primetime until around 2030. One of the many questions has been, "Where is that V8 coming from?" CarBuzz had its feelers out in Japan, picking up a report from Japan's Mag-X (translated) that Lexus will use the 5.0-liter TTV8 in the LC500 endurance racer for the super coupe being referred to as LFA II. This particular engine has been a specter, rumored for ages to make production but never seen. Way back in 2014, rumors that were already a year old posited a trio of engine options for the coupe still known as the LF-LC concept. Paramount among the powerplants was a twin-turbo 5.0-liter V8 with around 600 horsepower. The scuttlebutt continued even after the LC launched in 2016, we saw no truth of it on the street. Even when Lexus launched an endurance racing program with the LC500 in 2018, no one knew what was under the hood. It wasn't until a year later that the brand officially announced the TTV8 engine with a release that included one aim being "to complete the [Nurburgring 24-hour] race without any trouble by adopting a variety of new technologies, including a newly-developed V8 twin-turbo engine destined for use on future road cars such as sports cars." At the time, almost everyone expected the "sports cars" reference to indicate the coming of an LC F.  That could still be the case. But Mag-X says the racing engine will be used in the LFA II.