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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.

Scion announces FR-S Release Series 1.0 in New York

In the market for a Scion FR-S (or Subaru BRZ), but don't want the same one your neighbor's got? Scion has good news for you. At the New York Auto Show today, the Japanese automaker has announced the availability of this FR-S Release Series 1.0. As the first Release Series FR-S (the aging xB is debuting its tenth alongside it), this special edition has been spruced up by Toyota Racing Development with a series of visual and aerodynamic enhancements to give the FR-S a bit of extra edge. Included in the Release Series 1.0 is an upgraded aero kit, an exhaust tip for every cylinder in the engine (that makes four, folks), and a lowered suspension with TRD springs and HID headlamps. Did we mention it's all capped by Yuzu yellow paint? Inside, you'll find black seats with T-pattern upholstery, a TRD steering wheel, shifter and cargo mat, dual-zone climate control and push-button ignition with smart key. Scion isn't saying exactly what this model will cost, but it is saying it will come in under $30,000 (before the $755 delivery charge). Only 1,500 individually numbered examples will be made, with deliveries beginning in August. Heritage Inspires First Scion FR-S Release Series TORRANCE, Calif., (April 16, 2014) – Scion FR-S fans, get ready for a modern take on the sports coupe's racing roots. Scion revealed its FR-S Release Series 1.0 at the New York International Auto Show today, drawing on track heritage and the expertise of Toyota Racing Development (TRD). The FR-S Release Series 1.0 will contain just 1,500 vehicles with a collection of enhanced features, including a custom-designed aero kit with a rear spoiler and side fender garnish. Additional highlights include the TRD Quad Tip Exhaust System, TRD lowering springs and Smart Key with Push Button Start. If all those additions aren't enough to turn heads, the bright Yuzu exterior paint color will definitely catch some attention. "It's fitting that the first Scion FR-S Release Series draws on the rich motorsports history that inspired the FR-S design while standing out in new ways that will excite our drivers," said Scion Vice President Doug Murtha. "FR-S enthusiasts will appreciate the side spoilers and lowered stance that deliver a look and feel meant for the track, at a price meant for them." The series vehicles will come with either six-speed manual transmission or a six-speed automatic transmission with paddle shifters and Dynamic Rev Management® technology.

Santa swaps his sleigh for a Ferrari-powered Toyota

A Ferrari-powered Toyota 86 is sure to garner a bit of attention, as well it should. We've been paying attention throughout this build, so it should be no surprise then that Santa did as well. He's ditched his red sleigh for the Gumout GT4586 in this video. If you've been following along, you know that Ryan Tuerck and Gumout built this completely bonkers machine that's far more exciting than some previous Japanese/Italian mash-up automobiles. Donut Media has been doing their part to document and promote every stage of the process. This new video is filled with the gratuitous amounts of lights, noise, and tire smoke that Donut is known for. We don't know the conversion from horsepower to reindeerpower, but the GT4586 should provide plenty of oomph for Santa's Christmas trek. Related Video: News Source: YouTube Humor Ferrari Scion Toyota Coupe Special and Limited Editions Performance Videos toyota 86 engine swap