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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.

Toyota preparing Scion-badged Nissan Juke fighter

As we've said on multiple occasions, the sub-compact crossover market is The Next Big Thing™. With that in mind, Toyota's lack of a competitor to the new breed of super-small, super-cute crossovers like the Nissan Juke, Honda HR-V, Mazda CX-3, and Jeep Renegade has been especially glaring. But as these photos show, the hole in the Japanese giant's lineup could soon be filled. Our spies captured this heavily disguised prototype testing in the deserts of the American southwest, signaling that Toyota is preparing to wade into the Nissan Juke's space by offering a tiny, but very heavily styled crossover of its own. Our spy photographers call the cute ute's look "aggressive," citing inspiration from the Toyota C-HR concept from the 2014 Paris Motor Show. Based on the meaty wheels and tires and what we can see through the camo, we're inclined to agree with their assessment. Underneath that sheet metal, we're told the new car rides on Toyota's new NGA platform. Like the Juke, a four-cylinder engine and continuously variable transmission will be on offer, although there's no telling whether Toyota will follow its rival's enthusiast beat and offer a six-speed manual version. What we find most interesting about all of this conjecture, though, is what it means for Scion, rather than its parent. Introducing a small crossover is the next logical step for Toyota's troubled sub-brand, and would serve as a delectable followup to the recently released iA sedan and iM hatch. Such a three-model lineup, when combined with the enthusiast-oriented FR-S, would transform Scion into a force to be reckoned with in the entry level space. Supporting this conjecture isn't too hard, either. As the spy photos show, this camo'd tester is being supported by a xB, the closest thing Scion (or its parent company, for that matter) have to a sub-compact CUV. It's unclear just when this new model will make its debut, but if Toyota hopes to make inroads into this popular new segment, this CUV will need to arrive before its extremely competent rivals can establish a solid foothold. Related Video:

2016 Scion iM is the return of the Corolla Wagon

If you were expecting the Scion iM Concept to magically leap into production unchanged, well, you're a lot more optimistic than most. Predictably, Scion has toned down the production iM, revealing a vehicle at the 2015 New York Auto Show that's is only slightly spicier than the Toyota Auris on which it's based. Gone are the swollen wheel arches and center-exit exhaust of the concept, but the production version is still a handsome five-door hatchback. Compared the Euro-market Auris, first seen in 2012, the iM gets a more aggressive front end treatment. The angular grille and larger lower intakes and grilles are home to hexagonal inserts and gloss-black accents. Fitting with Scion's single-spec single-price sales model, 17-inch wheels come standard. The alloys are are wrapped in low-profile tires, which Scion describes as "fat." Flared side skirts run into the rear bumper, which sits well below a prominent set of taillights and a smallish rear window. The iM's sole engine is a 1.8-liter gas-powered four-cylinder. If that sounds familiar, it's because it's the same 2ZR-FAE engine found in the Corolla Eco model, and features continuously-variable valve timing and lift. With 137 horsepower, the iM cedes 3 ponies to its Toyota sibling, although we don't know if the torque figures are the same. Fuel economy, estimated at 37 mpg highway, is actually 2 mpg better than the Corolla Eco. Again, like the Corolla, the iM can be had with a continuously variable transmission. But fans of fun can enjoy a good ole' six-speed manual, something not available in the Corolla's hotter engine. As for the CVT, Scion claims it's been "sport-tuned for driving." The so-called CVTi-S features both a Sport mode – more aggressive transmission behavior and a more sporting steering sensation – and a manual setting with seven stepped shift points. The 2016 iM is expected to start at around $20,000, making it a potential challenger for the likes of the Ford Focus, Mazda3, Subaru Impreza and Volkswagen Golf Sportwagen. Deliveries should start this fall. Check back tomorrow for more details, as well as a full set of live photos. Until then, scroll down for the official press release.