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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 rounds out the LS line with 500h hybrid

The 2018 Lexus LS range will feature a full hybrid LS 500h version, which will be presented to the public at the Geneva Motor Show in March. The LS 500h is expected to use a 3.5-liter naturally aspirated V6, also seen in the LC 500h coupe. The platform sibling LC 500 coupe does have an available V8 version in its non-hybrid guise, but perhaps Lexus has seen fit to equip only the sportier coupe with an eight-cylinder – a major deviation from the previous V8-only LS series bloodline. The earlier LS 600h was the first production full hybrid vehicle with a V8 engine, producing 439 horsepower; since the LC 500h's hybrid powertrain only produces 354 hp, the earlier car is likely to remain the horsepower king. The coupe still hits 60 mph under five seconds, so the big sedan should also be able to move briskly. Almost 30 years have passed since Toyota unveiled its Lexus luxury brand and the LS 400 flagship, as the UCF10 body LS 400's design was locked in spring 1987 and the wraps came off in January 1989. The LS 400 of those days was often deservedly revered, and in the following decades it has spawned numerous new generations of high-end Lexus LS sedans. But in case the latter-day LS models have become just a touch too Camry- or Avalon-like, the 2018 version should bring a new edge. Related Video: News Source: LexusImage Credit: Lexus Green Geneva Motor Show Lexus Hybrid Luxury lexus ls

Houston repair shop disappears and takes man's Lexus with it

A man in Houston, Texas, is out his sweet new Lexus after the small-time repair shop he took it to just up and disappeared along with his car last month. According to KPRC, Randy Exom purchased a Lexus ES300 back in November and immediately took it to On Site Auto Repair in Northwest Houston to deal with some used car issues. To pay for the work, Exom set up a bi-weekly payment plan with the shop's owner. This arrangement worked out fine until January 19, when Exom showed up to make his payment and discovered that the shop had disappeared. "Everything was going fine up until I came there to make a payment and there was an eviction sign posted, sign on the door, and the regular cars that were in the lot weren't there anymore," Exom told KPRC. Eventually, he was able to reach the shop's owner to get an explanation but it wasn't the one he wanted. "I gave him a call and I said, 'Hey, there's an eviction notice here. Did you move?' He said, 'Yeah, I'm at 59 and Little York now." The fact that the owner didn't give him an exact address raised some alarms, and upon further review it seems that Exom's suspicions were justified. It turns out that the shop's owner, Shawn Gee, has a history of shady automotive dealing. Last fall, KPRC reported cases of cars going missing from a shop at 59 and Little York. That shop, which is now closed, was owned by Gee's brother. On February 10, Exom finally found his car in an impound lot with the rest of the cars from Gee's shop nearly a full month after it went missing. He told KPRC that the impound lot wants $800 to release his car. He told reporters that he wished Gee had called him and worked the situation out like a real businessman. "My thing is my car was in your possession and you should have made some type of contact with me and say, 'Hey this is what's going on, sir,'" he said. KPRC reached Gee by phone on February 10 and he declined to give an on-camera interview. He did confirm the eviction and said that he was working with customers to get their impounded vehicles back. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: KPRC Auto News Weird Car News Lexus houston impound