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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 nixes RC convertible in favor of LS-based 3-row crossover [w/poll]

When Lexus unveiled the LF-C2 concept at the LA Auto Show last week, it did two things: it previewed the direction in which the Japanese luxury automaker's design department was looking for the immediate future, and it previewed a cabrio version of the RC coupe (to replace the IS Convertible) on the other. But the latter, according to new reports, was ruled out before the concept ever took the stage. Although the prospect of a convertible version was engineered right into the RC coupe's chassis, Motor Trend reports that plans to put such a vehicle into production were met with hostility by Lexus dealers, who were offered a two-door convertible instead of the three-row crossover they've been lobbying for. As a result – and with a finite amount of development bucks on hand – Lexus is reportedly listening to its dealers, axing the RC Convertible program and proceeding instead with a seven-seat crossover. Plans to stretch the RX were reportedly ruled out, so Toyota is reportedly proceeding instead with a new model to be based on the LS sedan. The new model would take aim at the likes of the Mercedes GL, Audi Q7 and Infiniti QX60 when it arrives in three years as a 2018 model. It's not the first time we've seen Toyota listen to dealers asking for a high-end people-mover: Earlier this year, dealers in Japan asked the automaker for a luxed-out minivan, prompting it to build the Esquire van just for the Japanese Domestic Market.

Lexus LF-NX gets turbocharged second act [w/video]

Don't let its supremely polarizing appearance fool you, this is not the Lexus LF-NX Concept that you (probably) had a strong reaction to when it debuted at the Frankfurt Motor Show. The German version of the concept car featured a variant of the Lexus Hybrid Drive system, while this LF-NX Turbo, well, it has "turbo" in the name, you see?
If fact, the namesake turbo would appear to be the first for Lexus; getting off the line in the forced-induction race with a 2.0T four-cylinder engine that "paves the way for the introduction of turbocharged powerplants in future Lexus models." Sounds good to us. The new turbo four has plenty of tricky tech, too. Lexus tells us that the engine makes use of an advanced high tumble port, fan spray fuel injection, VVT-iw variable valve timing, an exhaust manifold integrated into the cylinder head and, of course, a twin-scroll turbo with active wastegate valve. The result is said to be a blown engine that offers quick throttle response and "exhilarating" performance, along with excellent fuel economy and low tailpipe emissions.
As for the rest of the LF-NX Turbo concept? Well, you've seen this angular concept crossover before, basically. There's a slightly tweaked front end and new wheels sitting in slightly cleaned-up wheel wells. The boldest-yet version of the spindle grille still bears an uncanny resemblance to The Predator, and the slightly revised exterior visuals won't change your made-up-mind about this vision of Lexus' future.