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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.

2014 Lexus IS 350

Long regarded as one of the best driver's cars of all time, the BMW 3 Series has always been targeted by luxury automakers trying to create their own exciting, bang-for-the-buck sport sedan. For years, BMW has managed to ward off would-be rivals to its iconic 3 Series, but the combination of a softened F30 and solid, hard-hitting competitors could soon relieve the car of its crown. While the all-new Cadillac ATS has received the most publicity in this segment since its introduction, the 2014 Lexus IS has come on strong in its third generation to put plenty of heat on the 3 Series as the current-best luxury sport sedan.
The IS might be Lexus' most important launch in some time, as a new, strong attempt to draw younger buyers into showrooms. Rather than taking the same conservative path as the preceding IS, Lexus attacked the new car's design with enthusiasm. Exaggerated exterior styling, while certainly polarizing, definitely gets this car noticed.
We've certainly noticed the 2014 IS, with a couple of first drives (for the IS 250 prototype and the IS 350 F Sport) and a Quick Spin so far. This time around we had a chance to get a little more intimate with a staple of the new IS lineup: the non-F Sport, rear-wheel-drive IS 350.

2014 Lexus CT shows new face on each side of the Pacific [w/video]

Earlier today, Lexus officially took the wraps off its 2014 CT 200h at the Guangzhou Motor Show, and now we've gotten a chance to inspect the updated hybrid hatchback right here at the LA Auto Show.
As expected, the most prominent change made to the CT's styling is the addition of Lexus' signature spindle grille. Additional changes include new wheel options and revised front and rear fascias, but our favorite update to the car is to the headlights, where there is no longer a gap in the middle of the LED running lights. The luxury hatchback has also received some changes to the cabin, including an updated instrument gauge cluster, a new fixed nav screen that replaces the previous folding unit and a freshened combination of cabin materials.
No changes have been made to the CT's hybrid powertrain, meaning the model will carry on with a 134-horsepower 1.8-liter Atkinson-cycle four-cylinder paired with a drive motor and an electronic continuously variable transmission. Fuel economy ratings likely won't stray too much from the 2013 model's 43 miles per gallon city and 40 mpg highway ratings.