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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.

2018 Lexus RX 350L, RX450hL are here to fill your 7-seat needs

The Lexus RX is the Japanese automaker's best-selling model, moving nearly twice as many units so far this year as the runner-up, the Lexus NX. Considering the state of the crossover-crazed market, that should be a surprise to absolutely no one. Still, customers demands more, and automakers are happy to deliver. Currently, Lexus has a three-row crossover-shaped hole in its lineup. Soon, that gap will be filled by the new seven-passenger 2018 RX 350L and RX 450hL. Sure, you can get three rows in the GX and LX, but traditional SUVs like that aren't selling nearly as well as more fuel efficient and more affordable car-based crossovers. The RX 350L and RX 450hL are based on the standard and hybrid RX variants. The pair have been extended by 4.3 inches to help accommodate an extra pair of seats. The angle of the rear window has also been changed to make sure third-row occupants have a reasonable amount of headroom. The RX's second row folds in a 40/20/40 split. Access to the third row is granted with a lever that slides the second row up and forward. The second row also sits slightly higher than the third, creating some much needed footroom. Tri-zone climate control is available, and gives those in steerage control of their own ventilation. A pair of cup holders keeps drinks from ending up in the hair of those sitting up front. The third row folds flat when not in use. Like the standard RX 350, the RX 350L is powered by a 290-horsepower 3.5-liter V6 and is available in both front- and all-wheel drive. The RX 450hL comes standard with all-wheel drive. It's powered by a 3.5-liter V6 and two electric drive motors. Total power output is 308 horsepower. An EV mode allows the hybrid to run on pure electricity for a short amount of time. The models go on sale early next year. Related Video: Featured Gallery 2018 Lexus RX 350L: LA 2017 View 15 Photos Related Gallery 2018 Lexus RX 350L News Source: LexusImage Credit: Live photos copyright 2017 Drew Phillips / Autoblog.com Green LA Auto Show Lexus Crossover SUV Hybrid Luxury lexus rx 2017 LA Auto Show lexus rx 350

Updated 2016 Lexus LX 570 bows in Monterey

Lexus just pulled the wraps off its 2016 LX 570, and though the updates are minor, they're long overdue. A new one-piece spindle grille – framed by a satin chrome trim – defines the front end aesthetically, and adds a more aggressive look, bringing the eight-passenger SUV up to speed with Lexus's current design language. New LED headlights, turn signals, and foglights further distinguish the front end. The LX 570 adds new wheels, the standard 20-inch split 10-spoke wheels, with an available 21-inch option. While the new LX keeps the brawny 5.7-liter V8 – rated at 383 horsepower, with 403 pound-feet of torque available at 3,600 rpm – it adds a new transmission. For 2016 the LX 570 drops the six-speed in favor of a new eight-speed automatic transmission. This combination means the LX is capable of towing 7,000 pounds, and we expect the 4WD system – the LX flaunts its Toyota Land Cruiser roots – to be as formidable as on the current model. Drivers will appreciate the new Drive Mode Select, which adjusts throttle and suspension calibration with the turn of a dial. The system works in conjunction with the adaptive variable suspension, which adjusts damping, and makes for a smoother ride in the cabin. Drivers can choose from four modes: Eco, Comfort, Sport, and Sport +. The LX gets more standard safety features for 2016, including the Lexus Safety System+, a blind spot monitoring system with rear cross traffic alert, and a tire-specific TPS that gives pressure readings for each tire. Additionally, the multimedia system gets a boost with a new 12.3-inch screen with a remote-touch interface. The Panoramic View Monitor, and "Climate Concierge" are now standard features, while a heads-up display is now an available option. Scroll down for the full details in the press release. Making a Classic Entrance: Lexus Debuts Refreshed 2016 LX 570 Luxury Utility Vehicle at Pebble Beach Concours d' Elegance ???? - Redesigned Exterior Highlighted By One-Piece Spindle Grille ? New Eight-Speed Automatic Transmission - More Standard Safety Features: Lexus Safety System +, Blind Spot Monitor with Rear Cross Traffic Alert, Tire Specific Tire Pressure Monitoring System - Upgraded Multimedia With Larger 12.3-inch Screen and Remote Touch Interface - Added Standard Features Including Panoramic View Monitor and Climate Concierge - Available Lexus Enform Service Connect - Available Heads-up Display MONTEREY, Calif. – Aug.