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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.

Scion testing updated FR-S

It looks like Toyota is preparing a mid-cycle update for its critically acclaimed GT86, known here in the US as the Scion FR-S or Subaru BRZ. As far as updates go, this one looks to be rather average. Hidden behind the camouflaged front and rear ends, we have new headlights and taillights, which according to our spies looked to be of the LED variety. We wouldn't be shocked to see the GT86 get LED taillights, although fitting the top-of-the-line headlights seems less likely. Supporting that position are the images we have of the actual headlights in action, which don't look quite bright enough to be full LED units. Instead, we'd expect some new form of running light, perhaps with bi-xenon low beams. Aside from the lamps, the front bumper gets a larger, more prominent lower intake, while the rear end sports a redefined bumper that houses larger dual exhaust tips. The size of the spoiler has been increased, too. According to our spies, we should also expect powertrain enhancements – which we can only hope means more power – as well as upgrades to the interior of the GT86. While it's possible that the updates being tested in Germany could be exclusive to the European market, that seems unlikely. We'd expect the same new enhancements to at least find their way to the Scion, if not its Subaru-badged twin. Check out the full battery of spy photos up top. Related Video:

2016 Scion iA First Drive

Leading up to our first test of the 2016 Scion iA, we're actually really excited to drive it. A string of "if A, then B" logic tells us this car ought to be pretty good. We drove the new Mazda CX-3 and loved it. The CX-3 is based on the Mazda2 platform. The Scion iA is a rebadged Mazda2, built in Mexico as part of Toyota and Mazda's joint venture. Following that line of thought, we should like this Scion a lot. And we do – mostly. Parts of the Scion iA experience feel a lot more Toyota than Mazda. Scion executives tell us that Toyota had a lot of influence in the engineering of the Mazda2, since in addition to being the iA in the US, the car will be sold as the Yaris in other markets. Unfortunately, that Toyota-ness comes through in the driving dynamics. The iA uses Mazda's 1.5-liter Skyactiv-G four-cylinder engine with 106 horsepower at 6,000 rpm and 103 pound-feet of torque at 4,000 rpm. On the canyon roads near Malibu, CA, we're putting pedal to the metal; uphill acceleration is unsurprisingly poor for a car with meager output numbers like these. Around town, 106 hp and 103 lb-ft is perfectly fine for the 2,385-pound iA. And it allows the car to return impressive EPA-estimated fuel economy numbers of 33 miles per gallon city, 42 mpg highway, and 37 mpg combined with the six-speed automatic transmission. Should you choose the six-speed manual, those numbers only drop to 31, 41, and 35, respectively. The six-speed stick is all Mazda, and we love it. You should choose the manual, by the way. The six-speed stick is all Mazda, and we love it. Gear throws are short and snappy, and the clutch has a nice weight and crisp action. Driving the manual iA back to back with the six-speed iM really points out that Mazda makes a far better manual transmission than Toyota. Great gearbox aside, on these canyon roads, we're feeling a bit let down. Never mind the acceleration issues, the iA just doesn't feel like a Mazda in the turns. Credit where credit's due: the steering is really nice, with a solid feeling on center and crisp turn-in and lots of feedback throughout the entire range of motion. But we're remembering the solid, planted feeling the CX-3 exhibited when we hustled it along the mountain roads of Arizona. And we aren't feeling it here in the Scion iA.