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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.

Recharge Wrap-up: Tesla breaks dyno on video, Lexus trademarks 'LS 500h'

A video shows a Tesla Model S P85D breaking a dyno during a test. Starting at a slow roll, the instant torque under full power snapped a belt on the dynamometer. Before it broke, the dyno measured over 700 pound-feet of torque from the all-wheel-drive Tesla. A previous dyno run saw the car reach its 155-mph top speed and a peak 435 horsepower. See the video above, and read more at DragTimes. Lexus has filed a trademark for "LS 500h" in Europe. This calls for some speculation as to what this means for an upcoming model. It could be that Lexus plans to release the LS with a new powertrain, perhaps a 4.0-liter engine with a hybrid system. Maybe it will use the 3.5-liter V-6 with a more powerful hybrid system. The LS 600h could simply be getting a new name. Or, we might not see the LS 500h badge used at all in the near future. Note that Lexus trademarked LC 500 and LC 500h in Canada last year, and we've seen no such cars yet. Read more at Hybrid Cars. Ethanol producers have strong words in response to the American Petroleum Institute's claims for demand for ethanol-free gasoline. The API and National Marine Manufacturers Association have urged the EPA to consider marine and small engine demand for E0 gasoline when setting Renewable Fuel Standard volume requirements. Big Oil is using a "false narrative to discourage the use of a cleaner, less expensive, homegrown renewable fuel," according to Growth Energy CEO Tom Buis. Buis says ethanol doesn't cause problems in marine and small engines, a statement backed by the Outdoor Power Equipment Institute. "What probably does concern boaters is the amount of time they spend dry docked as a result of oil spills, like the one that dumped 21,000 gallons of oil along four miles of coastline in Santa Barbara, California," says Buis. Read more from Ethanol Producer Magazine. Related Gallery 2013 Lexus LS 600h L: Quick Spin View 13 Photos News Source: DragTimes, YouTube: DragTimes, Hybrid Cars, Ethanol Producer Magazine Green Lexus Tesla Alternative Fuels Ethanol Electric Hybrid Videos recharge wrapup

Mercedes-AMG GT 63 S 4-Door and Fiat 124 Spider Abarth | Autoblog Podcast #596

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor, Green, John Beltz Snyder and Associate Editor Joel Stocksdale. This week, they focus on the cars they're driving, starting with the hardcore, four-door Mercedes-AMG GT 63 S. Then they move on to the aging Lexus GX 460 and the plucky Fiat 124 Spider Abarth. They discuss the practical-yet-luxurious Lincoln Nautilus, as well as the state of Lincoln as a whole (did you hear it just got a new design boss?). Finally, they help pick a modern vehicle for someone with a hankering for the look of the classic Ford Bronco. Autoblog Podcast #596 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown 2019 Mercedes-AMG Four-Door GT 63 S 2019 Lexus GX 460 2019 Fiat 124 Spider Abarth 2019 Lincoln Nautilus Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.