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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 joins subscription craze with Complete Lease

Lexus is the latest automaker to offer a vehicle subscription service, even if it isn't marketing it that way per se. The luxury brand is launching Lexus Complete Lease as a "full-service lease program," but if it walks like a duck and talks like a duck, well, you get the idea. The program is offered exclusively with the 2019 Lexus UX subcompact crossover, both the UX 200 and the UX 250h hybrid, in all trim and option levels. Lexus is teaming up with roughly 80 dealers for the program in seven states: California, Florida, Illinois, Indiana, Massachusetts, New Hampshire and Rhode Island. And it's touted as a simplified monthly payment that includes insurance, scheduled maintenance and other services. So it's a subscription service, OK? More specifically, Complete Lease involves a two-year term capped at a total of 20,000 miles. Insurance is provided by Travelers and includes a $250,000 per-person and $500,000 per-accident bodily injury limit and $250,000 property limit, with a $500 deductible, though other rates and coverage can vary by state. You also get two years of connected vehicle services including SiriusXM satellite radio and Lexus Enform Remote Destination Assist on models equipped with Navigation. There's no word yet on Complete Lease pricing; Autoblog sought that information from Lexus and will update this if we hear back. But we know that the UX is the lowest-priced Lexus, starting at $33,025 for the UX 200 and $35,025 for the UX 250h. For comparison's sake, those are in the same ballpark as the respective starting prices for Volvo's XC40 crossover and S60 sedan, which are available under the Care by Volvo subscription service starting at $700 and $750 per month, respectively. For more information on Vehicle Subscription Services, check out the Complete Guide. Related Video:

2018 Lexus LS First Drive | Luxury, performance and the puzzling parts

When one imagines the enormous executive sedan that might be driven by a wealthy lawyer or banker (or their chauffeur), the mind naturally goes to the Mercedes S-Class or the BMW 7-Series. Venerable, enormous and expensive. But for those wanting to keep their driveway a little more understated, we also have the Lexus LS. Sure, it's not as ostentatious as the big saloons from Munich and Stuttgart, but it has a dignified elegance all its own. For nearly three decades, the LS has been a discrete and dependable Japanese luxury sedan. The new 2018 LS, perhaps thankfully, is a bit less discrete. We saw the new-look LS when it was introduced earlier this year in Detroit. Now we know how it drives. We put the 2018 LS through its paces on the traffic-clogged streets of San Francisco and over the Golden Gate Bridge to the twisty B-roads around Marin County and the legendary Skywalker Ranch, where we stopped for lunch. Unfortunately, all in attendance were sworn to secrecy about the details of Skywalker Ranch, but we're free to tell you all about the LS. Here's our one-sentence summary, which can be used to describe many cars to bear the Lexus badge: It's excellent in many respects, odd in a few, and incredibly, massively frustrating in one very important area. Lexus has a brand new 3.5-liter twin-turbocharged V6 paired with a 10-speed automatic transmission, a first for a premium passenger car. It produces 416 horsepower and 442 pound-feet of torque, up from 386 hp and 367 lb-ft from the outgoing naturally aspirated 4.6-liter V8. Lexus engineers are extremely proud of the fuel efficiency of the new engine, which required some clever technical innovations (a longer bore stroke and increased valve angle) as well as tech borrowed from Formula One, including a "laser clad valve seat" that allows for a more direct flow of air into the combustion chamber and a high "tumble ratio." In other words, Lexus figured out how to get more bang out of each gasoline-powered buck. Fuel economy numbers are 19 city, 29 highway, and 23 combined for the RWD version and 18/27/21 for AWD, with the highway numbers particularly helped along by the 10-speed gearbox. It's a torque converter unit, but Lexus promises shift times that rival its dual-clutch-wielding competitors. The LS is no slouch, either. In RWD trim, the nearly 5,000-pound car hustles from 0-60 mph in 4.6 seconds, according to Lexus' reckoning.