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Toyota has two all-new 8-passenger SUVs in the works, and one's a Lexus

Toyota announced yesterday that its Princeton, Indiana, manufacturing plant is getting a big $803 million infusion of cash. The reason? Toyota casually dropped that it will soon build “two all-new, three-row SUVs” there. TheyÂ’ll be “designed with the active Gen Y American Family in mind,” which is another way of saying that Toyota is targeting Millennials. In case you missed it, Millennials are in their late 20s and 30s now! That means they have growing families and need more space to put them. Both new SUVs will seat up to eight passengers. The other big reveal is that both will be electrified. WeÂ’re going to assume that means theyÂ’ll be regular hybrids in ToyotaÂ’s case, though thereÂ’s every possibility for a PHEV “Prime” version, too. Both will have semi-automated driving systems, advanced enough that they will “allow for hands-free driving in certain conditions.” Plus, there will be a remote parking system that allows “the driver to park and unpark outside the vehicle using a smartphone.” The last nugget of tech Toyota is sharing with us is that both will use a new “digital key” that turns your smartphone into a quasi key and allows you to share it digitally with others. Another bit of information concerning these two is that one will be a Toyota, and the other will be a Lexus. What these two models will be named is not yet clear. Seeing “three-row SUV,” our minds instantly go to Sequoia. That model is as old as it gets these days, and is deeply in need of a redesign — the current generation launched all the way back in 2008. However, Toyota does not explicitly say that this news pertains to the next-gen Sequoia. In fact, previous reports of the Sequoia shifting its production location to San Antonio lead us to believe that this news has absolutely nothing to do with a potential next generation of the SUV. Coincidentally, the Sequoia is currently built at the Princeton, Indiana, plant thatÂ’s getting this investment — that official switchover to Texas is reported to happen sometime in 2022.  ToyotaÂ’s language in this press release, plus the knowledge that Sequoia is leaving Indiana, all indicates that these two three-row SUVs might not be rough-and-tumble body-on-frame off-roaders. TheyÂ’re likely going to be plenty capable (hitting that “active lifestyle” market), but the focus toward families suggests that comfort could be paramount.

Toyota sees profit slip but beat earlier forecasts

TOKYO — ToyotaÂ’s July-September profit fell 11% from a year earlier as the coronavirus pandemic slammed global demand, but JapanÂ’s top automaker appeared to be holding up better than weaker rivals that have sunk into the red. Toyota reported Friday a quarterly profit of 470.5 billion yen ($4.5 billion), down from 530 billion yen a year ago. Quarterly sales slipped to 6.77 trillion yen ($65 billion) from 7.64 trillion yen. Its president, Akio Toyoda, told reporters Toyota employees worked extremely hard, including making masks and face shields and boosting efficiency at factories to achieve results despite the pandemic. “Toyota has become gradually stronger,” he said, offering gratitude and praise for how resilient Toyota has proven itself to be. “This shows how each individual worked so hard,” said Toyoda, the grandson of the automakerÂ’s founder, vowing that each of its employees will keep thinking about contributing to a better world. Toyota raised its global sales forecast to 9.4 million vehicles for the fiscal year through March 2021, better than its earlier forecast for 9.1 million vehicles. ThatÂ’s still lagging behind the more than 10.5 million vehicles sold in the last fiscal year. Toyota, based in Toyota city in Aichi, central Japan, said it expects to record a 1.4 trillion yen ($13.5 billion) profit for the fiscal year. It earlier projected 730 billion yen ($7 billion) in profit. Toyota, which makes Lexus luxury models and the Prius hybrid, recorded 2 trillion yen ($19 billion) in profit the previous fiscal year. ToyotaÂ’s operating income fell in most regions, including Japan and other Asian markets, but improved in North America. Operating Officer Kenta Kon expressed caution about the U.S. outlook, given the rising coronavirus cases. But he said ToyotaÂ’s latest models were popular, and dealers were adjusting incentives to get good results. All the worldÂ’s automakers have been slammed by shrinking demand as COVID-19 squelches economic activity. Some nations, including Japan, have sunk into recession. Although uncertainties persist about further outbreaks and when a vaccine might be available, there are signs of recovery in some parts of the world. Japan has managed to keep pandemic-related deaths at fewer than 2,000. It has reported about 105,000 cases nationwide.

Toyota projecting record profits, thanks in part to weak yen

Toyota retained its global sales crown in 2014 by selling 10.23 million cars in the calendar year. As the positive number might suggest, the Japanese automaker is doing extremely well financially, too. Although, some tougher times might be on the horizon. Toyota recently released its financial figures for the three fiscal quarters running from April 1 through the end of December 2014. Net profit jumped an impressive 13.2 percent to 1.727 trillion yen ($14.7 billion) for that period. It could be the Japanese automaker's most profitable time ever when the fiscal year ends in March, if things keep going this way, according to The New York Times. Toyota's own profit forecast for the 12-month period is also up by 130 billion yen ($1.1 billion) to 2.13 trillion yen ($18.1 billion). One key to the company's success is the low value of the Japanese yen, because it allows Toyota to make more money on each vehicle the company sells abroad. The currency is now worth relatively less than any time since the early '70s, according to The New York Times. Despite the rosy financial numbers, actual sales have started to fall, albeit a very slight amount. Through the three fiscal quarters, the company sold 6.73 million cars, a drop of just 45,365 vehicles. Toyota also reduced its forecast for the fiscal year to 9 million units, rather than the original estimate of 9.05 million. According to The New York Times, the shrinking Japanese auto market and difficulty in China might mean losing the global sales lead next year. For the US, sales jumped 145,411 units from April through December to a total 2.1 million vehicles. Operating income reached $4.27 billion, nearly 50 percent more than last year, according to The New York Times. Toyota Motor Corporation (TMC) Announces April – December 2014 Financial Results February 04, 2015 Toyota's global net income jumped 13.2 percent during the nine-month period (April 1– December 31, 2014) of the 2015 fiscal year. Global Financial Highlights: Global sales decreased by 45,365 vehicles to 6.73 million, with strong sales in North America and gains in Europe, offsetting decreases in Japan and other regions.