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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.

Toyota to offer sedan version of GT 86?

Sources in Australia are reporting that we'll be seeing a small, rear-drive sedan from Toyota, based on the GT 86/Scion FR-S. Yes, a convertible variant is still in limbo, but a four-door sedan is in the works. It's unclear if the rumored GT 86 sedan would spawn Scion and Subaru variants (it's hard to cross all ten fingers while you type, but we're having a go).
Working with remarks made by the car's chief engineer Tetsuya Tada in his blog and a rendering from Japanese magazine Holiday Auto, the Australian site Motoring is claiming that the new model's wheelbase will grow about four inches over the current GT 86's 101.2-inch wheelbase.
Besides the larger overall space between the axles, the sedan will offer a more potent engine option over the current 2.0-liter, flat-four. Promising 268 horsepower, which is a big jump over the current car's 200 ponies, the new powertrain will be derived from the Hybrid R setup, shown at the Frankfurt Motor Show. If, like us, you're reaching for the salt, and we don't blame you.

Scion to offer redesigned xB for 2015, FR-S sedan in 2016?

The future of the Scion brand remains up in the air, with a report from a few weeks back that Toyota dealers with attached Scion franchises could drop the youth-minded brand without penalty, rarely a good sign. That report was contrasted, though, with a story out of Australia that claimed we'd see a four-door sedan based on the splendid FR-S's overseas sibling, the Toyota GT 86. Now, we're hearing that a revised xB, Scion's formerly lovable toaster, is on the way. What gives?
As for the new xB, the news comes from our friends at Edmunds, which cites an unnamed source, who claims a new box-on-wheels should arrive in 2015 as part of potentially larger push for the Japanese sub-brand. Aside from the original xB, which enjoys a strong cult following, and the FR-S, Scion has had fewer home runs than Prince Fielder's post-season.
"In the next two calendar years, we will have a blend of both upgrades to the products we have in the market and at least one new model," according to Scion's vice president, Doug Murtha, who spoke to Edmunds via phone.