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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 xB to be replaced by Auris hatchbach, iQ dead after 2014

Scion seemed like such a good idea when it was first launched. Toyota's aim was to provide young people with stylish, affordable cars that would serve as a gateway to the automaker's family of products. It was also supposed to be something of an incubator for new ideas that were too radical for its more conservative Toyota and Lexus brands. Over a decade since its launch, the brand has languished, and today's showroom is populated by slow-selling and aging vehicles that have often been slow to receive upgrades. However, there may be a bright spot on the imminent horizon, as there are reportedly a slate of new models on the way over the next three years.
According to a model timeline published by Automotive News, the Scion lineup is about to get a major overhaul. First, the boxy xB may finally be going to the big refrigerator box in the sky, to be replaced by a version of the more conventionally styled Auris hatchback (pictured above) from overseas markets in early 2015. Later next year, the xD will also allegedly bow out in favor of a new hatchback based on the Mazda2 (thanks to a recently signed platform-sharing deal). For 2016, the sporty tC hatchback is also said to get a redesign, and interestingly enough, a Corolla-based compact crossover could join the ranks, too.
While those changes should boost sales volume, there's also news that's sure to make enthusiasts happy. Automotive News cites company executives who confirm a second-generation FR-S is on the way in early 2017. A Subaru exec also recently gave a similar confirmation that it was working on another BRZ.

Scion iA and iM get wide bodies and whitewalls... thanks, SEMA

Scion has a quartet of customized vehicles on the way to this week's SEMA show in Las Vegas, two iM hatchbacks tuned as part of its Annual Scion Tuner Challenge, two iA sedans whipped up by the brand's lifestyle partners. Streetwear brand Crooks & Castles went with the widebody style that Japanese tuners RWB have been grafting onto Porsches and Liberty Walk has been bolting onto exotics for a few years now. Underneath the punched-out flares there's an air suspension that'll put one of those custom mesh wheels in the air, while the iM's insides are draped in black-and-white leather. Fellow streetwear brand illest worked up another iM in the manner of Japanese VIP cars, with 19-inch wheels outside and suede and leather inside. In the other corner, Eddie Huang, he of the TV show Fresh Off the Boat, took the lowrider route with his iA. The Scion boasts a mural-emblazoned metallic yellow paint job and root beer accents, chain-link steering wheel, and gold-dipped wire wheels and grille. Skybound Entertainment, the entertainment company that brings shows like The Walking Dead to life, forsook zombies for demons with its iA, cued off the theme of graphic novelist Robert Kirkman's latest book Outcast. You can read more about all four cars below, and we'll have live images from the SEMA floor soon. SCION SHOWCASES FASHION AND PASSION TORRANCE, Calif. (Oct. 29, 2015) – Creative visions of the Scion iM 5-door hatchback and Scion iA sedan are ready for Las Vegas lights. The cars were previewed in the downtown Los Angeles' Arts District ahead of their debut at the Specialty Equipment Market Association (SEMA) Show in Las Vegas, Nov. 3-6. For the 11th Annual Scion Tuner Challenge, remixed versions of the all-new sporty 2016 iM 5-door hatchback were created by prominent streetwear brands illest and Crooks & Castles. Each received a Scion iM and a $15,000 build budget to put a unique spin on the car. Mark Arcenal, creative director of illest, drew inspiration for his iM concept from the Japanese VIP world, a clear departure from the race-inspired tC he built at the 2008 Scion Tuner Challenge. "With a background in motorsports, I went with familiarity for my previous Scion Tuner Challenge experience. I wanted to push the boundaries even further this time," Arcenal said.