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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.

Next-gen Lexus RC will be a race car first

There has been one generation of the Lexus RC, the Japanese luxury maker's sports coupe meant to mix it with offerings like the Audi A5, BMW 4 Series, and Mercedes C-Class. Instead of doing that, it has hung back in the enthusiast consciousness with the Infiniti Q60, a car you remember — and remember is actually pretty good — when someone else brings it up. At least one exec at Toyota wants to change that for the next-gen RC, assuming we get one. David Wilson, president of Toyota Racing Development (TRD), spoke to Car and Driver at the recent 24 Hours of Daytona. C/D said Wilson "hinted" the coming RC will look at the Toyota Gazoo Racing GT3 concept revealed as last month's Tokyo Auto Salon for inspiration, the target being to create a better performing race car for global GT3 competitions, which will breed a better performing road car. "ItÂ’s fairly safe to connect the dots and suggest that [the GR GT3 concept] could be a precursor to the next global GT3 car for Lexus," he said.  As we wrote about the GR GT3 concept, Toyota believes it can provide more enjoyment for customers by commercializing race cars than by making customer cars racy. So instead of turning the next Lexus RC into a not exactly ripping IMSA and GT3 competitor, as it did with this one, the GT3 Concept could lead development of one or more Toyota Group race cars that, as required by GT3 homologation rules, become one or more road cars. Speaking to Motor1, Wilson and Lexus GM Andrew Gilleland affirmed the coming RC will be a racer first, Wilson saying, "Our Lexus RC F is a dynamite sports car, but I'll be candid and say that itÂ’s not a GT3 car. The current gen that weÂ’re racing right now was an afterthought to make it a GT3 car." That process gets reversed for the next coming, the president confiding to, "Before you put your first line on paper, you decide youÂ’re going to race that car and that shapes the design parameters, the performance parameters of that production car." Gazoo Racing said there'd be a prototype of the GT3 concept on track by the end of this year. We might learn then how Toyota and Lexus plan to push the sporty angle for track and road. As for when a new RC race or road car might debut, the TRD honcho would only say, "hopefully in a couple of years." Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Editors' Picks May 2022 | Nissan Z, Subaru WRX and Mazda's latest

This month of Editors' Picks sees us recognize a strong pair of Japanese cars designed for the driving enthusiast. Both having just been totally redesigned, we found their latest versions to be even more satisfying than the last. In addition to the Nissan Z and Subaru WRX getting the nod, Mazda gets similar recognition for its new crossover. The CX-5 is still highly recommended, but we prefer the CX-50 over it at this point. In case you missed our previous Editors' Picks posts, here’s a quick refresher on whatÂ’s going on here. We rate all the new cars we drive with a 1-10 score. Cars that are exemplary in their respective segments get EditorsÂ’ Pick status. Those are the ones weÂ’d recommend to our friends, family and anybody whoÂ’s curious and asks the question. The list that youÂ’ll find below consists of every car we rated in May that earned an EditorsÂ’ Pick. 2023 Nissan Z Quick take: Tons of power, excellent handling, a gorgeous design and a supremely affordable price make the Nissan Z a killer sports car proposition. Score: 8.0 What it competes with: Toyota GR Supra, Subaru BRZ, Mazda MX-5 Miata, Ford Mustang, Chevrolet Camaro Pros: Powerful twin-turbo V6, excellent handling, pretty design, agreeable pricing Cons: Cramped interior, automatic option is subpar, base trim is sparsely equipped From the editors Road Test Editor Zac Palmer — "I fell for the Z quickly. A new sports car with a dynamite engine, solid manual transmission, very good handling and stunning looks is an instant winner today. We're living in a golden age of Japanese sports cars/sport compacts, and the Z is one of the best options of them all. It should make everyone looking to buy a Toyota GR Supra take pause to consider the Nissan." Associate Editor Byron Hurd — "I was a believer in the Z even when others weren't, so I'm happy that Nissan left most of the formula well enough alone. The new engine makes the Z feel punchier and more alive without giving up all of the high-revving character that made the 3.7-liter V6 an outlier in a space now overrun with turbocharged four-cylinders. Just stick to the manual." In-depth analysis: 2023 Nissan Z First Drive Review: The Z is back again!   2022 Subaru WRX Quick take: The WRX gets big upgrades where it counts, making it better to drive than before. We're not fully sold on the styling, but it's tough to beat if AWD performance is king.