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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 GS production and sales halted in Europe

We last wrote about the Lexus GS one year ago to editorialize about the rumored death of the luxury brand's sports sedan. Now, Dutch outlet AutoRAI claims to have gotten confirmation from Lexus Europe that the automaker stopped taking orders for the GS in March, and will cease production of the Euro-spec model in April. In keeping with last year's speculation, AutoRAI reports the next-generation, front-wheel-drive ES will fill the role of the rear-wheel-drive GS there. What this means for the GS in the States? We sill don't know. But we do know that the ES moved 51,398 units here last year, compared to GS sales of 7,773. Those numbers represent double-digit declines compared to 2016, when the sold ES sold 51,398 units and the GS sold 14,878. In August 2017, spy photographers caught the 2019 ES testing with the Audi A6 and Mercedes-Benz E-Class, hinting the coming ES has grander aspirations than being a florid Toyota Avalon. That still wouldn't make the ES a pure replacement for a sporty rear-drive sedan, but are there enough GS buyers for Lexus to care? Last October, Car and Driver reported that Toyota's Gazoo Racing brand was working on a new GS F, but C/D couldn't tell if Gazoo meant a new model or the current one. Last June, Lexus Australia head Peter McGregor refuted the death of the GS. When asked if dealers were interested in both the ES and GS, McGregor responded, "I think what dealers like is a full line-up... that meets the market requirement in every key segment." Making clear that he couldn't speak on future product, McGregor also commented, "I think [a new GS] would still be a four-door sedan in terms of its application, but the exterior styling may appear to be more liftback." The third-gen GS struck a fastback profile, and you could see the new LS as a modern evolution of that old GS design. A member at the Lexus Enthusiast fan forum has found that the the next GS, internally codenamed 300B, still shows up in industry databases alongside the date "SOP [Start of Production] Q2 2019." Throwing money at an updated GS F wouldn't make sense for a doomed sedan. Could the GS reappear as a four-door coupe? Certainly, if for no other reason than that Lexus needs something to fill the slot between the $38,950 ES and the $75,000 LS.

2018 Lexus LS First Drive | Luxury, performance and the puzzling parts

When one imagines the enormous executive sedan that might be driven by a wealthy lawyer or banker (or their chauffeur), the mind naturally goes to the Mercedes S-Class or the BMW 7-Series. Venerable, enormous and expensive. But for those wanting to keep their driveway a little more understated, we also have the Lexus LS. Sure, it's not as ostentatious as the big saloons from Munich and Stuttgart, but it has a dignified elegance all its own. For nearly three decades, the LS has been a discrete and dependable Japanese luxury sedan. The new 2018 LS, perhaps thankfully, is a bit less discrete. We saw the new-look LS when it was introduced earlier this year in Detroit. Now we know how it drives. We put the 2018 LS through its paces on the traffic-clogged streets of San Francisco and over the Golden Gate Bridge to the twisty B-roads around Marin County and the legendary Skywalker Ranch, where we stopped for lunch. Unfortunately, all in attendance were sworn to secrecy about the details of Skywalker Ranch, but we're free to tell you all about the LS. Here's our one-sentence summary, which can be used to describe many cars to bear the Lexus badge: It's excellent in many respects, odd in a few, and incredibly, massively frustrating in one very important area. Lexus has a brand new 3.5-liter twin-turbocharged V6 paired with a 10-speed automatic transmission, a first for a premium passenger car. It produces 416 horsepower and 442 pound-feet of torque, up from 386 hp and 367 lb-ft from the outgoing naturally aspirated 4.6-liter V8. Lexus engineers are extremely proud of the fuel efficiency of the new engine, which required some clever technical innovations (a longer bore stroke and increased valve angle) as well as tech borrowed from Formula One, including a "laser clad valve seat" that allows for a more direct flow of air into the combustion chamber and a high "tumble ratio." In other words, Lexus figured out how to get more bang out of each gasoline-powered buck. Fuel economy numbers are 19 city, 29 highway, and 23 combined for the RWD version and 18/27/21 for AWD, with the highway numbers particularly helped along by the 10-speed gearbox. It's a torque converter unit, but Lexus promises shift times that rival its dual-clutch-wielding competitors. The LS is no slouch, either. In RWD trim, the nearly 5,000-pound car hustles from 0-60 mph in 4.6 seconds, according to Lexus' reckoning.