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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 bringing next-gen IS to Detroit

With ES, GS and LS models all now minty fresh at your local Lexus showroom, it was only a matter of time before we had official word that the company's IS had a replacement in the wings. That word has come down today in an ultra brief press release that names the date and venue that the sheet will be pulled on the new car: January 15th in Detroit at the North American International Auto Show.
Don't pay too much attention to the test mule in these dusty spy shots, we're told that the small Lexus has been "completely redesigned" from the inside out and that it has drawn inspiration from the sultry LF-CC concept car. In LA we learned that the LF-CC has been green-lit for production, so we'd expect to see a lot of cues from that car (in the gallery below) lifted directly for the all-new IS. New fang-face, here we come.
While a coupe and a convertible version of the next IS are undoubtedly in the cards, too, we'd guess that the sedan will be first to go on stage at Detroit next month.

2013 Lexus IS F

Sometimes fortune really smiles on even shiftless car-reviewing Dutchmen like myself, I must admit. I had come into Austin, TX the week before I was supposed to meet up with the good people at Lexus, who had graciously invited me to drive the 2014 IS. I flew in early because Austin is a pretty good place to eat, as well as being a place that my wife doesn't live. Let me say that a nicer way... while my stunningly attractive wife pretty much represents all things good and light in this world, she does occasionally shoot me a sideways glance when I dig in for my fifth Tacodeli breakfast taco. Thankfully, I leave most of my good sense and information about the effects of high-calorie diets on lifespan at home with Molly when I come to Texas, so I can better focus my laser-like attention on car reviews and TexMex. You guys are worth it.
Aside from all the tacos, I was also lucky to be visiting town the weekend before South By Southwest really kicked off in earnest, because it was that Sunday that my good old buddy John, and my new old buddy Pat, were headed up to the Circuit of the Americas to see the first ever SCCA Majors event there. It was lucky that I had planned to be out at CotA, which is east of Austin, because that made it very slightly easier for a very nice woman named Marcia to bring me a 2013 Lexus IS F from Houston, roughly 150 miles away.
Marcia brought me the IS F to replace another press car, which was having mechanical troubles; I didn't ask for the fire-breathing IS but when it was offered up I figured I couldn't do much better as a warm up for the 2014 IS program I was about to go on. See, lucky right?