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Toyota sees profit slip but beat earlier forecasts

TOKYO — ToyotaÂ’s July-September profit fell 11% from a year earlier as the coronavirus pandemic slammed global demand, but JapanÂ’s top automaker appeared to be holding up better than weaker rivals that have sunk into the red. Toyota reported Friday a quarterly profit of 470.5 billion yen ($4.5 billion), down from 530 billion yen a year ago. Quarterly sales slipped to 6.77 trillion yen ($65 billion) from 7.64 trillion yen. Its president, Akio Toyoda, told reporters Toyota employees worked extremely hard, including making masks and face shields and boosting efficiency at factories to achieve results despite the pandemic. “Toyota has become gradually stronger,” he said, offering gratitude and praise for how resilient Toyota has proven itself to be. “This shows how each individual worked so hard,” said Toyoda, the grandson of the automakerÂ’s founder, vowing that each of its employees will keep thinking about contributing to a better world. Toyota raised its global sales forecast to 9.4 million vehicles for the fiscal year through March 2021, better than its earlier forecast for 9.1 million vehicles. ThatÂ’s still lagging behind the more than 10.5 million vehicles sold in the last fiscal year. Toyota, based in Toyota city in Aichi, central Japan, said it expects to record a 1.4 trillion yen ($13.5 billion) profit for the fiscal year. It earlier projected 730 billion yen ($7 billion) in profit. Toyota, which makes Lexus luxury models and the Prius hybrid, recorded 2 trillion yen ($19 billion) in profit the previous fiscal year. ToyotaÂ’s operating income fell in most regions, including Japan and other Asian markets, but improved in North America. Operating Officer Kenta Kon expressed caution about the U.S. outlook, given the rising coronavirus cases. But he said ToyotaÂ’s latest models were popular, and dealers were adjusting incentives to get good results. All the worldÂ’s automakers have been slammed by shrinking demand as COVID-19 squelches economic activity. Some nations, including Japan, have sunk into recession. Although uncertainties persist about further outbreaks and when a vaccine might be available, there are signs of recovery in some parts of the world. Japan has managed to keep pandemic-related deaths at fewer than 2,000. It has reported about 105,000 cases nationwide.

Lexus nixes RC convertible in favor of LS-based 3-row crossover [w/poll]

When Lexus unveiled the LF-C2 concept at the LA Auto Show last week, it did two things: it previewed the direction in which the Japanese luxury automaker's design department was looking for the immediate future, and it previewed a cabrio version of the RC coupe (to replace the IS Convertible) on the other. But the latter, according to new reports, was ruled out before the concept ever took the stage. Although the prospect of a convertible version was engineered right into the RC coupe's chassis, Motor Trend reports that plans to put such a vehicle into production were met with hostility by Lexus dealers, who were offered a two-door convertible instead of the three-row crossover they've been lobbying for. As a result – and with a finite amount of development bucks on hand – Lexus is reportedly listening to its dealers, axing the RC Convertible program and proceeding instead with a seven-seat crossover. Plans to stretch the RX were reportedly ruled out, so Toyota is reportedly proceeding instead with a new model to be based on the LS sedan. The new model would take aim at the likes of the Mercedes GL, Audi Q7 and Infiniti QX60 when it arrives in three years as a 2018 model. It's not the first time we've seen Toyota listen to dealers asking for a high-end people-mover: Earlier this year, dealers in Japan asked the automaker for a luxed-out minivan, prompting it to build the Esquire van just for the Japanese Domestic Market.

Lexus LM is a first-class minivan that's not for America

Although they might get a bad rep for not being "cool," minivans can be some of the most unique and interesting vehicles on the market. Their spacious size and clever packaging allows for design and functionality that cannot be found in any other type of family hauler. Lexus proves as such with the debut of its flagship luxury MPV, the LM, a wild-style van that can be ordered as a sort of personal private limousine with a 26-inch screen. Sadly, it's only for China and other Asian markets. Based on the Toyota Alphard, the LM caters to a Chinese market that places major importance on luxury and comfort for the on-the-go business professional. That means privacy and space, so in addition to a seven-seater configuration, the LM can be ordered in a four-seat chauffeur setup. It includes two gigantic reclining captain chairs (separated by an armrest with built-in touch control panel), a partition with power glass and a built-in 26-inch screen, a 14-liter fridge, umbrella storage, and a 19-speaker sound system. To ensure optimal tranquility, the van has double-layer noise-reducing glass. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. No matter the intended use of minivans, whether for an executive or a sleepy four-year-old, one of their strengths is ride comfort. Lexus says the LM uses swing valve shock absorbers, a technology that was introduced on the cushy Lexus ES, to maintain an undisturbed and balanced ride. In addition to the choice of seat layout, buyers will have the choice between two drive setups and two powertrains. The LM 350 will have a 3.5-liter engine, while the LM 300h will use hybrid power with a 2.5-liter Atkinson four-cylinder engine. The LM will be available in front- or all-wheel drive. As for the styling, well, it builds on the already extreme exterior of the Alphard, with slightly more chrome. The spindle grille has never been a passive feature, and this is one of the biggest applications Lexus has ever approved for production. The body, however, features muscular curves and sharp lines for an overall sleek effect. It is available in black and pearl white paint schemes. Just not for the U.S. market.