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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 flagship spotted testing in the desert

Most of the Lexus line-up has been updated with the company's unique design language. Whether you love it or hate it, most of the company's cars are impossible to confuse for something else. But during this time of transformation, the flagship LS sedan has lingered with a very mild, sedate shape. These spy photos show the LS has gone under the knife. That being said, we can't really say how different the LS is going to look for sure because Lexus has employed some impressive camouflage. If we didn't know better we'd say it looks like the LS is going retro with round reflector headlights and some rear tailfins. But we do know better, so don't look for those features to make it to the production model. What we can make out is the lower half of the Lexus "spindle" grille. The camouflage wrapping is pressed up against a trapezoidal shape at the front reminiscent of what we've seen on other Lexus models. It looks like a large version of it as well. This Lexus seems to still be quite long, and based on where the rear passenger is in the photos, it still seems to have loads of space for rear passengers. It's difficult to tell if this is a long wheelbase model or a standard one, but if it is long wheelbase, it's proportioned quite nicely. It looks like there will be quite a large C-pillar on this LS too. Our spy photographer expects this car to be revealed next year as a 2018 model available with a V8 and possibly a hydrogen powertrain. So if you want one of the last low-key LS models, you'll want to get the current version because its days are numbered. Related Video:

A replacement for the Lexus CT 200h is due to arrive in 2021

On the hunt for a reasonably priced gas-electric hybrid-powered compact, but want something a little nicer than the oddity that is the Toyota Prius? You probably remembered that Lexus made the CT 200h. That's made, as in the Prius platform mate was discontinued in 2017. But word on the street is that Lexus is working on a replacement, according to Autocar in the UK. The outlet spoke to Lexus Europe's head honcho, Pascal Ruch, at the Geneva Motor Show recently, who shed some light on the matter. According to the report, a new CT 200h is set to arrive sometime in 2021 and will be built on Toyota's latest TNGA (Toyota New Global Architecture) modular platform. TNGA these days underpins a majority of Toyota's current models, from the new Camry, to the new Corolla, the current Prius, and even the new RAV4 and Highlander. But what isn't so clear is whether the CT 200h will keep its hatchback body style. A few years ago, we even heard the CT 200h could be replaced by a hybrid crossover. But nothing's confirmed. The original CT 200h used Toyota's old "New MC Platform." When new at the time, it underpinned many models from the third-generation Toyota Prius and Prius V, to the last Scion tC, Scion xB, the outgoing Toyota Corolla, the previous Toyota RAV4, and many other JDM-specification Toyota models. The CT 200h also pretty much utilized the same 1.8-liter 2ZR-FXE inline-four and electric motor hybrid powertrain as the Prius. It also produced the same total 134 horsepower and 153 pound-feet of torque. Despite being discontinued in the U.S. two years ago, Lexus continued with the CT 200h in Europe, where it sold, but modestly. And despite not being too hot of a seller here stateside as well, Lexus is adamant about keeping it in the portfolio as the automaker continues to push for more fuel-efficient hybrid models. Over the long-term, Lexus plan hopes to boost its global market share of hybrids to 50%. "Europe has a great strategic importance for Lexus because it's seen as a leading region for technology and design," Ruch told Autocar in its interview. "Our hybrid sales are highest in Europe, China and Japan will electrify [internal combustion engines] and the wider U.S.