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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.

Lexus promises to unveil two updated models at Pebble Beach

Lexus has announced it will stage the global debuts of two updated models at Pebble Beach later this week. But it isn't saying which models they will be. However we can take an educated guess or two. Two of the oldest nameplates in the Lexus lineup at present are its flagship models: namely, the LS sedan and the LX sport-ute. The original LS was first introduced back in 1989, with the current fourth-generation model rolled out in 2006. (That's the Pebble Beach edition of the 2009 LS 600h pictured above.) It's undergone incremental updates in the decade since, with the last one having arrived in 2012. With much newer examples of the Mercedes S-Class and BMW 7 Series having recently been launched, Toyota will likely want to keep its flagship sedan up to date and competitive with newer rivals. Meanwhile the LX first launched in 1995 as a rebadged and luxed-up version of the Toyota Land Cruiser. The current third-generation model arrived in 2007, and was updated in 2012 alongside the aforementioned LS sedan. Sales of the LX have been floundering, spurring Lexus to potentially launch an entirely different flagship crossover to take its place. But before that happens, it is expected to launch another facelift for the existing model. Photos of that updated version have already leaked out and begun circulating, so we wouldn't be surprised to see the new LX 570 debut in Monterey as well. Both are expected to adopt more aggressive styling in line with other, newer models in the lineup, along with the latest technologies Toyota has to offer. Whatever form they take, we won't have to wait long to find out what Lexus has in store for us. The unveiling of both its freshly updated new models is set to take place on Thursday, so watch this space. Related Video: MEDIA ADVISORY - LEXUS TO UNVEIL TWO UPDATED MODELS AT PEBBLE BEACH August 10, 2015 -- Lexus plans to stage the global premiere of two updated models in Pebble Beach during the days leading up to the 2015 Concours d' Elegance. The reveal will take place at 7 p.m. PDT, Thursday, Aug. 13, and all materials will be available on www.LexusNewsroom.com simultaneously.

Google shares more details on self-driving car accidents

Google has pledged to release monthly reports on the status of its self-driving car program, and says these updates will include information on accidents involving the vehicles. But the company won't release the actual accident reports, a sore point for activists who recently have clamored for the company to be more transparent in the way it tests this promising technology on public roads. "Google is dribbling out bits of information in the hope to silence legitimate calls for full transparency," said John Simpson, privacy director for Consumer Watchdog, a nonprofit that has asked Google to release reports from the 12 accidents the company says it has been involved in over the past six years. "They are testing on public roads, and the public has a right to know exactly what happened when something goes wrong." Under California law, the accident reports are not considered public records. Google has attributed all accidents to human error, and says drivers of the other cars involved caused 11 of the 12 accidents. In eight of those, the Google cars were rear-ended, and the autonomous vehicles were sideswiped in two other crashes. One of the accidents occurred at an intersection when a human driver failed to yield at a stop sign, and in one incident, a Google driver accidentally rear-ended another car while manually driving. Google had previously provided those details. The first monthly report installment sheds new light on which types of self-driving vehicles were involved, directions of travel, locations, and whether the cars were operating in autonomous or manual mode. Update: Google says this information comes directly from the OL 316 forms used to report accidents involving autonomous cars in California, though it has "edited the summaries lightly to protect other drivers' information." But Google still will not release the original OL 316 forms, nor the "traffic collision report" forms used in California to report accidents. Another company that has been involved in a single self-driving car accident, Delphi Automotive, has released this information, which verified its car was not at fault. Regarding Google, Simpson said, "We now know a few more details of what happened. The problem is that it's Google's version and they want us to take their word for it." The Google self-report adds information that goes beyond accidents, with further details on the company's overall program.