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Toyota racks up $18-billion profit

Toyota is looking strong at the end of the fiscal year with its net revenue showing six percent growth to the equivalent of $227 billion. Operating income grew to $23 billion in that period, a 20-percent jump, and net income increased to $18.1 billion, a 19-percent advancement. The company attributes the positive numbers to cost reductions and the weak yen compared to other currencies. Toyota increased its operating income in every major region, but despite these ballooning figures, total sales globally actually fell slightly to almost 9 million – 144,149 fewer than last year. The automaker's biggest division in terms of units was North America, and it accounted for 2.7-million vehicles during the fiscal year. Operating income amounted to $4.5 billion there. Meanwhile, Japan ranked as the most lucrative territory. Sales there fell by about 200,000 vehicles to a total of 2.15 million. However, operating income for the fiscal year more than doubled to $13.1 billion. In its forecasts for the next fiscal year, Toyota predicts global sales to remain roughly the same as this year at 8.9 million vehicles. Net revenue and net income are expected to make slight gains, though. Related Video: TMC Announces Financial Results for Fiscal Year Ended March 31, 2015 (All consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles) Toyota City, Japan, May 8, 2015-Toyota Motor Corporation (TMC) today announces its financial results for the fiscal year ended March 31, 2015. Consolidated vehicle sales totaled 8,971,864 units, a decrease of 144,169 units compared to the previous fiscal year. On a consolidated basis, net revenues for the period totaled 27.23 trillion yen, an increase of 6.0 percent. Operating income increased from 2.2921 trillion yen to 2.7505 trillion yen, while income before income taxes1 was 2.8928 trillion yen. Net income2 increased from 1.8231 trillion yen to 2.1733 trillion yen. Operating income increased by 458.4 billion yen. Major factors contributing to the increase included currency fluctuations of 280.0 billion yen and cost reduction efforts of 280.0 billion yen.

Successor to the Toyota 86 is on the way

Until now, Toyota and Subaru have been mum on the prospect of a follow up to the Toyota 86 and Subaru BRZ. Although both cars received mild refreshes and even milder power bumps, they're both essentially the same cars that hit the market nearly five years ago. It appears a successor is indeed on the way, as Autocar confirms that Toyota is developing a next-gen 86. Karl Schlicht, executive vice-president at Toyota Motor Europe, said that the 86 will live on past the current generation. "The car serves a big purpose," Schlicht said. "We are not getting out of that business. Sporty cars go through their phases. It's our intention to continue with that car." Toyota seems to be back in the sports car business, as the company has partnered with BMW on a new Supra. Like the current Toyota 86, it seems likely that the successor will be co-developed with Subaru. Schlicht says that to get the low center of gravity and the handling characteristics that come along with it, a horizontally opposed engine is a necessity. He admits that there is no firm confirmation of a commitment from Subaru. While no Schlicht gave no details about the new car, he did nix any possibility of a convertible variant. "We wouldn't do it on the current model," he said. "That doesn't mean dealers wouldn't like one, but there are so many other priorities that I don't think we've got spare capacity for that." Related Video:

2015 Toyota Prius V gets updated looks and content

The Toyota Prius V is the most utilitarian member of the Prii family with a big jump in cargo space over the rest but maintaining the great fuel economy. For the 2015 model year, the company is giving the wagon an update with a big shift in front end styling and upgraded taillights to go with the revised look. Inside, customers also get a little new technology, as well. The biggest change up front is the reshaped headlights and new bumper that look almost identical to the recent restyling of the Prius + in Europe. Though, the latest parts might be a little polarizing and almost make the wagon look like it has gills at each corner. The top level Prius V Five trim also adds integrated foglights to the design and headlights with LEDs for the high and low beams. Toyota is offering three additional colors too: Attitude Black Metallic, Absolutely Red and Toasted Walnut Pearl. Inside, drivers can get a new, eight-way adjustable power driver's seat on some models, and there's now a 4.2-inch TFT screen situated between the gauges on the Three trim level and higher to display information like fuel economy, navigation instructions, climate control settings and more. The upper versions also get Toyota's latest Entune infotainment system with a 6.1-inch high-res touchscreen with navigation. Finally, the Advanced Technology Package on the Five trim now includes Lane Departure Alert and Automatic High Beams. Mechanically, the Prius V remains unchanged thanks to the same 1.8-liter Atkinson-cycle, four-cylinder hybrid powertrain with nickel-metal hydride battery pack pumping out 134 net horsepower. Fuel economy stays at 44 miles per gallon city, 40 mpg highway and 42 mpg combined. Despite the upgraded looks, the base 2015 Prius V Two is $75 cheaper this year at $26,675, plus $825 destination. Although, the top Five model is $540 more at $30,935 before destination. The latest model year should start hitting dealers in December; scroll down for all of the specs and pricing.