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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 iM Concept bows, production version confirmed for US

Scion has officially pulled the covers off its iM Concept, which is, in reality, a slightly modified version of the Toyota Auris that is already sold outside the United States. It's also a model that is going into production for North America, says Scion, minus, we'd guess, a good bit of the overly aggressive ground effects bits, slammed suspension and oversize wheels. A production iM has been confirmed for the upcoming New York Auto Show, where Scion is also promising a second new production debut, as well. After a substantial lull in its new product cadence (barring the FR-S), it looks like Scion is once again intent on cementing its position as the entry point into the Toyota brand, promising three new models in the next three years. Scion tells us that iM's name is derived from the first letters of the words 'individuality' and 'modern.' More important details like price, powertrain and on-sale date should come later in 2015, but Scion has at least say it "anticipates that a price under $20,000 could make this car enticing to youthful customers," all of which makes it sound like the second coming of the Toyota Matrix to us. Feel free to read more in the press release below and gaze upon the concept in all its Incrediblue glory above. From Concept to Commitment - Scion Announces New Product Plans Production Version of iM Concept to Hit Showrooms Next Year TORRANCE, Calif., (Nov. 19, 2014) – Start planning that next adventure; a new ride is on its way. After revealing the iM Concept car today at the Los Angeles Auto Show, Scion announced that a production version of the versatile five-door compact hatchback will be coming to dealerships in 2015. Fans will get a first look at the road-ready, sporty ride – and another new Scion model – at the New York International Auto Show in April. "The two models we're debuting in New York next spring are just the beginning for Scion," said Scion Vice President Doug Murtha. "We plan to bring three new products in three years to our showrooms, offering a variety of exciting options for current and new Scion customers." As a test laboratory for Toyota, Scion attracts those with an independent spirit and desire to stand apart from the crowd. But many of today's consumers between 18-34 years old also value a degree of practicality to support their self-reliance and more mobile lifestyles. Faced with greater independence and less disposable income, they value fun and sensibility in a vehicle choice.

Scion previews new iA sedan, iM hatch ahead of New York debut

Scion is preparing to revitalize its lineup with the debut of not one, but two new models at the upcoming New York Auto Show next month. That much we already knew, but now Toyota's more youthful counterpart has revealed teaser images of both. In one corner will be the Scion iM, a hatchback previewed in concept form at the 2014 LA Auto Show and based closely on the European-market Toyota Auris. In the other will be the Scion iA, which will be the brand's first proper sedan with an actual trunk instead of a liftgate. Though we'd generally call hatchbacks more practical than trunked sedans, Scion says the four-door iA will be more practical than the iM hatchback, and will be more aggressively styled as well. We'll have to wait a little longer to find out additional details, but Scion promises to reveal both at the end of this month before they make their live debuts in Manhattan. Related Video: Scion's Double-Take at New York International Auto Show World Debuts of Scion iM 5-door hatchback and Scion iA sedan March 18, 2015 TORRANCE, Calif., March 18, 2015 – One look at Scion won't be enough for guests attending the New York International Auto Show. It will take two looks (or more) to see the World Debuts from Scion. Both the Scion iM and the newly named Scion iA will be revealed on the eve of the show, March 31, 2015. The Scion iM is a 5-door hatchback that combines maximum versatility with a sporty design and a fun-to-drive experience. Meanwhile the Scion iA sedan is designed to appeal to young people who need a little more practicality, but still want engaging styling and outstanding driving dynamics. The "i" in the models' names can stand for intriguing, individual, and easy on customers' income. The "M" reflects the hatchback's modern style and multi-faceted uses. Meanwhile the "A" for the sedan denotes the accommodating trunk and the aggressive styling. "We've been eagerly waiting for this moment and are excited to introduce our new Scions in New York," said Scion Group Vice President Doug Murtha. "Both the iM and the iA are tremendous additions to our line-up and will appeal to young people with different perspectives and needs. These cars represent the evolution of Scion and are kicking off a new wave of momentum for the brand." About Scion Scion continues to be the test laboratory division for Toyota Motor Sales (TMS), U.S.A., Inc. From its start in 2003, Scion's goal was to offer products and processes that stand apart from the crowd.