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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 CT 200h could be replaced by sub-compact hybrid CUV

The Lexus CT 200h is an interesting vehicle that never really caught on. It's a sporty Prius in sleeker hatchback clothing and was aimed at the Audi A3 when it hit the market in 2011. Since then, though, the CT has averaged a meager 16,000 sales per year. For that reason, the hybrid hatch won't be redesigned at the end of its life cycle. And according to Lexus' European brand boss, Alain Uyttenhoven, it could be replaced by a crossover. While you may lament yet another CUV hitting the market, Lexus needs a small car that sells in big numbers. Uyttenhoven told Autocar the brand aims to move 100,000 units per year in Europe to "give us visibility in the market." For 2016, European sales are on pace to hit just 70,000 units, with 10,000 of those coming from the CT 200h. He sees an opportunity for the right little Lexus based on the recent nature of the European luxury market. View 29 Photos According to Uyttenhoven, "a full 50 percent of the European luxury car market exists below the [$44,600] mark," and the only model Lexus has at that point is the CT. Put another way, the company has a remarkably slow seller as its sole representative for half of an entire continent's luxury market. Enter the crossover. Replacing the CT with a crossover makes a great deal of sense. The body style is getting more and more popular by the day, especially in the sub-compact and compact markets. Adding a smaller model – below the current NX crossover but larger than the LF-SA concept shown in Geneva – would allow Lexus to challenge the Mercedes-Benz GLA, the BMW X1, and the Audi Q3. We're betting the small crossover would use the Toyota C-HR as its basis and add a Lexus-correct heavily creased skin. Hybrid power is a given for the European market, where almost all Lexuses sold are gas-electric, but a conventional gas variant could join it in the US. That would give Lexus three hybrid CUVs in three popular sizes, alongside the NX and RX. With a forthcoming RX-based three-row on the horizon, the brand would have a full lineup of crossovers ready to take over the world. We'll miss the quirky CT when it goes, but it's hard to stop volume-driven progress. Related Video:

The Lexus Sriracha IS is the hottest Lexus ever

For this year's Los Angeles auto show, Lexus created its hottest IS ever: the Sriracha IS. And the company did so by putting Sriracha sauce in everything! It's in the paint, the steering wheel, and even in the trunk! Check out the video if you don't believe us. Ok, so Lexus didn't really put Sriracha in everything. In reality, the company partnered with Huy Fong Foods to produce this one-off car, and turned to West Coast Customs to execute it. It features a custom paint job designed to emulate the look of Sriracha sauce, and green accents on the grille, mirrors, brake calipers, and exhaust tips are a call back to the food company's sauce bottles. View 13 Photos Inside, West Coast Customs created some clever and surprisingly subtle changes. The climate controls only show increasing heat levels, and the seat heater buttons are bright red with little flames above the seat icons. The drive selector trades sport mode for "Sriracha" mode. The seats get red and green inserts along with logos stitched into the seat backs. Other parts of the interior have green contrast stitching, too. The steering wheel is a particularly unique piece. West Coast Customs found a liquid that looks similar to sriracha, put it a resin container and shaped it to fit the steering wheel, so now it looks like there's sriracha in the steering wheel. It also has a warning sticker for "hot handling." And lest you think there isn't any real Sriracha anywhere in the car, you'll find 43 bottles of the stuff in the trunk, and the key fob dispenses some as well. As for how Lexus tops this, perhaps they could make a habanero or ghost pepper car. Or maybe they could show us a real IS F successor. We think another V8 Lexus would come across as pretty hot. Related Video: