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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.

Genesis cars win accolades, offer value — so why are sales so bad?

My high-school buddy Brent Cormier was so smitten with the Genesis G80 when he saw it at an event I hosted at SXSW in 2016 he bought a used 2013 Hyundai Genesis a short time later and fell in love with the car. "It surpasses my every expectation," said Cormier, a self-described "renaissance man" who owns and runs a real estate agency with his wife Laura, is a food service executive chef and part owner of Austin-based Thin the Herd Guitars. "I was locked into Mercedes and Audi for 10 years," he added. "And felt trapped in an endless pit of maintenance costs." After owning the Genesis over the past two years — including using it as an Uber and Lyft driver to earn extra cash — Cormier learned what some frugal luxury sedan buyers and a handful of car reviewers have discovered: Genesis offers great bang for the buck compared to other premium brands and can compete with the best in terms of performance, features and comfort. Hyundai's luxury brand also earned a prominent third-party endorsement last week when for the first time Genesis topped J.D. Power's 2018 APEAL study, surpassing German luxury-performance icon Porsche. The APEAL study (which stands for Automotive Performance, Execution and Layout) "measures owners' emotional attachment and level of excitement across 77 attributes," ranging from performance to comfort, and asks nearly 68,000 owners of new 2018 models to score vehicles on a 1,000-point scale. In its second year ranked as a stand-alone brand, Genesis earned an APEAL score that bumped it up 15 points to 884 and helped push it past Porsche — and past BMW, Lincoln, Mercedes-Benz, Audi, Volvo, Cadillac, Land Rover and Lexus, in order of ranking. Last month, Genesis also topped J.D. Power's Initial Quality Survey (IQS) for the first time this year. And both its models were awarded Top Safety Pick Plus ratings by the Insurance Institute for Highway Safety, among 11 Plus ratings in all for Korean vehicles. Despite high J.D. Power rankings and great reviews, Genesis U.S. sales were off 50 percent for the first six months of 2018 compared to 2017, and in June Genesis sold only 796 vehicles — the first time U.S. numbers dropped below 1,000 in a month. Part of Genesis's APEAL and IQS success can be attributed to its small product lineup: just two models, the G80 and G90 sedans, with a third, the 2019 G70, launching later this year. And while those numbers may help in J.D.

Refreshed 'exciting' Lexus ES takes a bow in Shanghai along with RX 200t

We were expecting a refresh and that's what we got. The 2016 Lexus ES, taken to "the next level of elegance and progressive luxury." A new front fascia design goes even bolder on the spindle grille, hiding the crossmember that separated the upper and lower sections, and rimming the whole thing with satin chrome. It's flanked by new LED projector headlights with the brand's pronounced "arrowhead" DRLs, and new triangular foglights laid into a matching sharp-edged motif. In back you'll find new taillights and chrome-tipped rectangular exhaust tips. In between those two ends, the body has been stiffened and gotten more sound-deadening material. The list of exterior hues grows to ten with the addition of Amber, Nightfall Mica, Caviar, and Eminent White Pearl. A new 20-spoke wheel joins the options list for non-hybrid models, whereas hybrids get a 10-spoke design. The cabin also broadens its tonal range in a variety of materials, with seats available in Flaxen, Parchment, Stratus Gray, and Black, and trim pieces in a choice of Illustrious Piano Black, Linear Dark Mocha Wood, Espresso Bird's Eye Maple with Shimamoku ornamentation, and matte Bamboo. Other touches include a new steering wheel, an embossed pattern on the seats, a leather boot for the gearshift, and a larger TFT display in the gauge cluster. Our engine options here won't change, but China, Russia, and Taiwan will be offered a 2.0-liter, direct-injected four-cylinder designed for China's emissions scheme. A new engine was also the news with the Lexus RX 200t rocking the dais at the Shanghai Motor Show, unveiled to the world next to its ES sibling. Available in certain international markets but not in the US, the RX 200t is powered by a 2.0-liter turbocharged four-cylinder working through a six-speed automatic transmission. Lexus hasn't released its official horsepower number, but says it's going for more than 228 horsepower; in the NX 200t it gets 235 horsepower 258 pound-feet of torque. You can check out the press release below for more details. Related Video: Refreshed 2016 Lexus ES Fuses Striking Design with Refinement and Safety at Shanghai International Motor Show Lexus RX 200t Also Makes Global Debut Active Safety Technology Integrated Into Lexus Safety System+ April 19, 2015 SHANGHAI, China (April 20, 2015) - As the best-selling sedan model in Lexus' impressive stable, the ES has come to define the very essence of near luxury sedan.