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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 RC F police cruiser set to patrol Australia's highways

Planning a trip down to Australia? Better keep an eye on the speedometer. Because with this latest set of wheels, the local cops should have little trouble chasing you down. It's a Lexus RC F coupe that's been specially outfitted to join the police motor pool in the southern region of New South Wales. Details on how it's set up for official duty are scarce, but as you can see, it features special graphics as well as flashing lights on the dashboard and rear shelf. There's probably special communications equipment installed as well, but we doubt the Aussie bobbies will be trying to squeeze any perps into the back seat. The Japanese performance coupe is slated for use in a number of applications, one of them being to promote road safety. We're not sure how a 467-horsepower V8 luxury coupe gets that message across, exactly. But even though it's not quite as impressive as what they've added to the fleet in Dubai, the RC F ought to garner some attention at events like the Bathurst Six Hour race and the MS Sydney to the Gong bike ride where it'll be on display. And just in case it's put on highway patrol, we'd suggest locals and visitors exorcise their speed demons on the Stuart Highway up north and keep their right feet light on the streets in NSW. Related Video:

Why Lexus shies away from plug-in hybrids

Lexus may have softened its stance a bit from the anti plug-in vehicle ads the Toyota luxury badge ran last year, but at least one executive from the company casts a pretty critical eye towards the concept as a way to cut both emissions and refueling costs. In fact, Lexus doesn't really buy the fact that buyers of plug-in hybrids are really looking to save both gas and the environment, Green Car Reports says, citing an interview at the recent New York Auto Show with Lexus executive Mark Templin. Templin also said hydrogen fuel-cell technology may be a better way to edge towards zero emissions. Templin decried plug-in hybrid technology because it adds weight to vehicles, which contributes to poor emissions figures in the process. He added that plug-in vehicle buyers are motivated more by potential tax credits and solo driving rights in high-occupancy vehicle (HOV) lanes than cutting back on fuel use. Last summer, Lexus ran an supposedly tongue-in-cheek print ad poking fun at how long it takes to charge a plug-in vehicle and how using air conditioning can shorten a car's charging range. Last spring, Lexus had to backpedal from an anti-electric ad it ran that had serious mistakes about hydrogen infrastructure. News Source: Green Car Reports Green Lexus Toyota Hybrid PHEV