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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.

Toyota recalls 2016 RAV4, RX350, and ES350 for stability failure

The Basics: Toyota will recall 4,170 examples of the 2016 RAV4, 90 units of the 2016 Lexus RX350, and 12,400 units of the 2016 ES350. The Problem: A component in the brake actuator assembly may have damage from a manufacturing error. The actuator controls the anti-lock brakes, traction control, stability control, and other systems. If the part doesn't work properly these safety systems might not activate properly. Accidents/Injuries: Toyota spokesperson Amanda Rice told Autoblog, "Regarding the recent recalls, alleged crashes, injuries, and fatalities are reported in many ways to many different organizations. We are not providing specifics at this time." The Fix: Dealers will check the brake actuator's serial number and will replace it if the part comes from a period when the damage could have happened. If you own one: Toyota will contact affected owners by mail. Related Video: TOYOTA RECALLS CERTAIN 2016 MODEL YEAR RAV4 AND LEXUS RX AND ES VEHICLES TORRANCE, Calif., April 6, 2016 – Toyota Motor Sales, USA, Inc. today announced that it is recalling approximately 4,170 Model Year 2016 Toyota RAV4; approximately 90 Model Year 2016 RX350; and approximately 12,400 Model Year 2016 ES350. The involved vehicles are equipped with a Brake Actuator assembly that enables enhanced brake control functions including the Anti-lock Braking System (ABS), Traction Control (TRAC), and Vehicle Stability Control (VSC), among others. There is a possibility that a component inside the actuator could have been damaged during manufacturing, preventing the actuator from operating properly. This could cause a loss of vehicle stability control, increasing the risk of crash. All known owners of the affected Toyota vehicles will be notified by first class mail. Toyota and Lexus dealers will check the serial number of the Brake Actuator and replace actuators assembled during a specific production period. Information about automotive recalls, including but not limited to the list of involved vehicles, is subject to change over time. For the most up-do-date Safety Recall information on Toyota, Lexus or Scion vehicles, customers should check their vehicle's status by visiting toyota.com/recall and entering the Vehicle Identification Number (VIN). Safety Recall inquiry by individual VIN is also available at the NHTSA site: safercar.gov/vin.

Lexus' new V-LCRO advances seat tech by going back in time

Automakers love teaming up with aftermarket suppliers. Stuff like Foxx Racing shocks, BBS wheels, and Brembo brakes are all there to gussy up performance vehicles. But one of the best branded performance options you can get are a meaty set of seats. Not only do they look great, but the two purposes they serve are legitimate – hearty bolsters keep you pinned in place around high-G turns and they allow you to soak up a lot more of the chassis' sensations. Lexus already had a solid set of (unbranded) thrones in the RC F and GS F, but a piece of old tech is about to make them even better. The company is introducing a new Variable Load Coupling Rear Orientation for its seats. Fancy name aside, this is far from a new technology. It's been around for 75 years, and you probably know it as Velcro Technology. Yes, Lexus is going to start selling Velcro lined seats to keep you in place at up to three Gs, whether they be fore, aft, or lateral forces. "The RC F and GS F are exhilarating, racing-inspired vehicles," said Brian Bolain, Lexus' GM for product and consumer marketing. "By partnering with Velcro Companies, our new V-LCRO technology enhances the driver's ability to maximize the cars' track-proven performance." If you're worried this is just a bunch of marketing jargon, though, take it from an actual driver. The V-LCRO system works. "The beauty of this technology is its simplicity," Lexus F Performance Racing driver Scott Pruett said. "With V-LCRO, Lexus has created an unprecedented connection between driver and vehicle, and the impact on the track has been phenomenal." According to Lexus spokesman Moe Lester, V-LCRO will be available on 2020 models, alongside the upcoming hoverboard package. In other news, tomorrow is April Fools' Day. Be prepared. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Lexus Introduces Groundbreaking V-LCRO Technology Automaker reveals new interior option for RC F and GS F performance vehicles TORRANCE, Calif. (March 31, 2016)—When it comes to performance cars, few things are more important than the connection between driver and vehicle. For luxury automaker Lexus, the continuous pursuit to enhance this connection even includes venturing outside the automotive world for new solutions.