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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 GS 300 disappears from 2020 lineup

The seven-strong Lexus GS lineup will enter 2020 with only five models in the lineup. Cars Direct found out the entry-level GS 300 will not ring in the new year, the discovery explained by a Lexus spokesperson with, "the GS 300 represented a small percentage of GS sales in 2018." That will leave the standard GS 350 and the GS 350 F Sport, both offered in either rear- or all-wheel drive. With the $47,885 GS 300 out of the game, the price of entry for the range goes up to $52,420 for the GS 350 RWD. That price represents a $150 increase over 2019, and an MSRP of $51,395 plus a $1,025 charge for destination and handling. Perhaps it's a sign of how much Lexus believes in the sport sedan credentials of the GS 350 that the rear-wheel-drive version currently on sale costs $330 more than the all-wheel-drive model. This is reversed for the F Sport trims, with the GS 350 F Sport AWD needing $1,745 more than version with a driven rear axle only. If pricing differentials hold across the range into 2020, that would make the GS 350 AWD $52,090, the GS 350 F Sport RWD would cost $53,785, and the GS 350 F Sport AWD $55,530. The GS F, charging along with a 5.0-liter V8 producing 467 horsepower and 389 pound-feet of torque sent to the rear wheels only, will run $86,035. That's a $560 bump over the 2019 model year. Since the GS F 10th Anniversary Edition celebrated the tenth anniversary of F performance this year, we don't expect the $89,350 sedan to continue into next year. The GS has been in the spotlight at Lexus HQ since last summer, when the brand's general manager told Automotive News "we're certainly evaluating both vehicles," speaking of the GS and IS. For next year, the 241-horsepower GS 300 slips off the scene, but one wonders how long even the 311-hp GS 350 can stick around when the entire lineup sold just 6,604 units in the U.S. last year. Sales are down more than 50 percent this year, down from a 2015 high of 23,117. The new ES is just nine horses down on the GS, $7,000 less expensive, and sold 50 percent more units in the U.S. in January than the GS has so far this year. With no news of an updated GS on the way and the ES rumored to add an all-wheel-drive trim for 2020, the GS could have a hard time standing up to business-case scrutiny.

The 2018 Lexus LC starts under $100k, but stay away from the options list

The scintillating and characterful 2018 Lexus LC coupe now has a price tag. The flagship Lexus two-door starts at $92,975 for the V8 LC 500 model with a 10-speed automatic. The hybrid V6 LC 500h will start a bit higher at $97,485. So for under $100,000, you can have one of the best-looking Lexus coupes of all time. However, that gets dangerously close to, and even exceeds, the six-figure range when adding options. Choosing the Touring Package will add $4,000 to an LC 500 and $2,400 to an LC 500h, keeping both models under a hundred grand. The Sport Package with Glass Roof will push the hybrid over the six-figure mark with a cost of $2,750. Both packages add blind spot monitoring, parking assist, heated and cooled seats, and a glass roof. The Sport Package provides Alcantara seats and a limited slip differential, while the Touring Package includes leather seats and a Mark Levinson sound system. Opt for a Sport Package with a Carbon Fiber Roof, and the price jumps significantly. It adds $7,000 to the V8 model for a price of $99,975, and $5,400 to the hybrid for a total of $102,885. For big spenders, there's the Performance Package. The big draws here are the rear steering, active rear spoiler, and variable steering ratio system. It adds $10,000 to the LC 500, and $8,790 to the LC 500h for totals of $102,975 and $106,275 respectively. Related Video: