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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.

Despite slow sales, no new Scion models in near-term pipeline [w/poll]

According to a top Toyota executive, the Japanese automaker will not be introducing any fresh Scion models in the near future, Reuters reports. As of August, Scion sales for this year were down 1.6 percent from 2012 and accounted for only 0.3 percent of Toyota's overall US sales. And last month, Toyota Motor Sales USA Senior Vice President Bob Carter informed the 1,000 dealers who carry Scion that they can drop the brand without penalty.
However, never fear - Carter has assured that, while nothing new is coming for at least six months, the company is still very committed to the quirky Scion brand. Toyota launched Scion, which targets the youth market, in 2003, and sales peaked in 2006. The brand currently has five models, with the 2013 best-sellers being the FR-S sports coupe followed by the tC sedan and xB hatchback.
What do you think about Toyota's decision to hold off on introducing new or refreshed Scion models? Are they heading in the right direction, or does this spell doom for the funky Gen Y brand?

Scion styles up the FR-S with 'Release Series 2.0'

Scion's long-running Release Series of special edition vehicles has just added its second FR-S, with the new Release Series 2.0. While the first special edition FR-S, which debuted at the 2014 New York Auto Show, placed a serious emphasis on sportiness, the second is a more balanced, perhaps more mature special edition. Release Series 1.0 had loud yellow paint, a lowered ride height, and chunky 18-inch TRD wheels on low-profile tires. The new RS 2.0 changes things up: The ride height appears unchanged. In fact, there doesn't appear to be any suspension upgrade in play, period. And while the wheels are still painted black, these 17s ride on slightly more reasonable 45-series rubber, rather than the 40-series tires used on the 2014 model. There's still an upgraded body kit, but combined with the Lunar Storm White hue, it's a lot more subtle than last year's aggressive setup and Yuzu Yellow paint. Where Scion didn't do much to the FR-S's interior for the 2014 special edition, the RS 2.0 gets luxed up with heated, two-tone Alcantara/leather seats. The black-and-camel color scheme works well here, appearing not just on the seats but around the steering wheel, doors, and dash. All 1,000 special editions will come with HID headlights, LED running lights, push-button start, and dual-zone climate control. Prices for the six-speed manual model start at $30,305, while the automatic adds $1,100, just like it does on the standard FR-S. Read on for the official press release from Toyota. SCION PAIRS SPORTS AND STYLE FOR 2016 FR-S RELEASE SERIES 2.0 TORRANCE, Calif., (Oct. 29, 2015) – Drivers of the 2016 Scion FR-S Release Series 2.0 will look better than ever in the most stylish version of the sports car ever offered. The new FR-S Release Series 2.0 comes with luxurious appointments and premium features, and with just 1,000 vehicles available, it's the most elusive and exclusive Scion Release Series yet. The interior creates the lap of luxury with heated seats in black Alcantara and leather with camel-colored accents. The same black and camel theme continues to the leather-trimmed steering wheel while the shift knob and parking brake lever are covered in black leather. Camel trim also appears on the door armrest and the upper door trim while the center armrest and knee pads are black. Camel accent stitching is prominent throughout the interior and embroidered on the dash insert is the release series badge, sequentially numbered from 1 to 1000.