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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 GT3 will compete in IMSA SportsCar Championship

Lexus will field its new RC F GT3 in the GT Daytona class of the IMSA SportsCar Championship. GTD is the lowest of the four classes of which the series is comprised, equivalent to the FIA's GT3 class. The team is owned by Trans-Am champion Paul Gentilozzi and his partners, and it's based out of East Lansing, MI. It will contest only a handful of races this season, though the schedule was not announced. The plan is to expand into a "multi-car effort" for 2017. Driving duties will be shared by the previously announced Scott Pruett and the newly signed Sage Karam. Both drivers were recently released from their contracts with Chip Ganassi Racing, for which Pruett drove in NASCAR and Karam in the IndyCar Series. He won the Indy Lights title in 2013 and impressed with a third-place finish last year in Iowa. This year's IMSA SportsCar calendar kicked off this weekend at Daytona, and will head next to Sebring in mid-March, Long Beach in mid-April, Laguna Seca in early May, and Detroit in early June. July will see races at Watkins Glen, Mosport, and Lime Rock, followed by rounds at Road America and VIR in August. The seasons concludes at Austin in September and Road Atlanta at the beginning of October. LEXUS TO COMPETE IN IMSA WEATHERTECH SPORTSCAR CHAMPIONSHIP AND F PERFORMANCE RACING ANNOUNCES SAGE KARAM AS DRIVER TORRANCE, Calif., Jan. 29, 2016 -- Lexus and their F Performance Racing group have reached an agreement with the International Motor Sports Association to campaign the RC F GT3 in the IMSA Weather Tech SportsCar Championship. The agreement gives the Japanese Luxury automaker a presence in the GT Daytona (GTD) class race series through the 2018 season. "We are excited to reach this agreement with IMSA to campaign the RC F GT3 at such a high level. Our hope is to build a strong foundation for the new F Performance Racing organization during 2016 season, seizing the opportunity to develop the team and the race vehicle in anticipation of the multi-car effort during the 2017 season," said Jeff Bracken Group Vice President and General Manager, Lexus division. Additionally, F Performance Racing also announced that Sage Karam will join veteran racer Scott Pruett as drivers for F Performance Racing when the East Lansing, Michigan-based team campaigns the Lexus RC F GT3 for a limited schedule in the 2016 WeatherTech SportsCar Championship. "We have had our eye on Sage for some time," said Paul Gentilozzi, Managing Partner of F Performance Racing.

Lexus: No plans for LFA replacement anytime soon

Supercars are fantastic in terms of their raw performance, sound and ability to inspire interest in an automaker. They aren't so good at actually making money, even for giant, global automakers like Toyota. And if you are holding out hope that Lexus might be fibbing about there being no plans for an LFA successor, we have some bad news. "I think you will see us do some incredible things in the future, but probably not a $375,000 supercar anytime soon," Lexus Executive Vice President Mark Templin told Automotive News. The issue comes down to the LFA's cost to develop and massive price. Lexus built just 500 of the V10 supercars from 2010 through 2012. Templin said that the plan was originally for a much more modest vehicle with a steel body. However, that intention changed to plans for an aluminum exterior and eventually evolved further to carbon fiber during the course of its engineering. Templin is clear that Lexus isn't giving up on more accessible performance with its F sub-brand models, but more supercars aren't coming, at least not anytime soon. He previously suggested that the LFA was a generational model with a 30-year wait for the next one. These days, the workshop that built the LFA has been converted for a much less powerful but perhaps more important vehicle. Toyota now uses it to build the Mirai with the company's hydrogen fuel cell powertrain. Related Video: Featured Gallery 2012 Lexus LFA: Review View 30 Photos News Source: Automotive News - sub. req.Image Credit: Copyright 2015 Drew Phillips / AOL Plants/Manufacturing Lexus Toyota Coupe Performance Supercars supercar lexus lfa