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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 LQ flagship crossover due around 2022, so what of the LX?

When Lexus debuted the LF-1 Limitless crossover concept at the 2018 Detroit Auto Show, Lexus' U.S. general manager waited roughly six minutes to tell the world, as a way of hinting to HQ in Japan, "We have to build this vehicle." Car and Driver says the GM and his dealers will get their wish when the Lexus LQ crossover takes the top spot in the automaker's range in 2022. Underneath the "molten katana" design language that looks like an RX sent back from the future to kill an RX named Sarah Connor, we'll find the inner workings of the LS sedan, possibly including the luxury-specific TNGA-L rear- and all-wheel-drive platform. Engines could be ported straight from the LS stable for standard LQ models, meaning — for now — a 3.5-liter twin-turbo V6 with 416 horsepower and 442 pound-feet of torque, and a 3.5-liter V6 helped by two electric motors to produce a combined 354 hp. An LQ F or F Sport model could bolt up the impending twin-turbo V8 and cross the 600-hp mark. Numerous rumors over several years have clouded our view of what's planned for the pinnacle end of Lexus crossovers, though. In late 2018, whispers out of Japan claimed Lexus was working up a twin-turbo V8 with 660 horsepower for a production version of the LF-1 concept due to launch this year, with a milder V6-powered trim to make 424 hp. The V8 part came true, at least. Would an LQ cohabit with the LX as the luxury side of the flagship people-hauler coin? Or would they cohabit at all? Toyota insiders have said the next LX will turn into "an entirely different vehicle" and get far more luxurious, perhaps meaning the LX turns into the LQ. However, last October Lexus trademarked the LX 600 name, a Japanese magazine predicting a month later the next-gen LX would bow in 2021 on Toyota's truck-focused TNGA platform. And with the Toyota Land Cruiser going downmarket, jettisoning the LX would eliminate all those buyers looking for something big, luxurious, and conspicuously rugged.    Toyota has taken the time to trademark the LQ name in the U.S., Canada, France, and China, so dealer lots should clear up the mystery eventually. C/D thinks the entry-level LQ could start around $80,000, and since Lexus won't put its V8 into anything under $90,000, the top LQ trim could demand around $100,000. For comparison, the LS starts at $80,010 before destination, the LX at $86,480. Related Video:      

Lexus LC Convertible Concept is likely headed for production

The Lexus LC works quite well as a stunning halo car for the Japanese brand, and we're big fans of the coupe's design, both inside and out. So we're excited by the prospect of the car you see above, which Lexus will officially unveil in just a few days at the 2019 Detroit Auto Show. As it sits, the Lexus LC Convertible is a concept vehicle, but judging by statements from company executives, production is practically a foregone conclusion. "This concept takes the unmistakable design of the LC coupe and reimagines it as a future convertible," Tadao Mori, chief designer of the LC Convertible concept, hints in the press release that accompanied this announcement. He adds, "A production version of this concept would be exhilarating in many different ways." Even if this concept is little more than an LC Coupe with its roof lopped off, the result is still very pretty. The droptop sits low to the ground on 22-inch wheels. Inside, elegant white leather dramatically contrasts with yellow stitching and dark-colored trimmings. The automaker isn't saying what's under the hood, but we'd guess a production version would offer both gasoline-fueled and hybridized powertrains similar to the coupe. Stay tuned for live images from the show floor in Detroit. Related Video: