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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.

Pics Aplenty: Scion FR-S and Subaru BRZ show up en masse at SEMA

Scion made a huge investment in the 2012 SEMA show, and its spanking new FR-S coupe, by putting hundreds of cars in the hands of tuners. The result on the floor of the Las Vegas Convention Center is unmissable, as just about everywhere we turn we find another FR-S peeking out at us.
We tried to capture a large quantity of the coupes we saw on display, to represent just how thick on the ground they actually are. In the attached gallery you'll find a healthy percentage of the alleged 150-plus cars that made it to SEMA this year. You'll also find a smattering of Subaru BRZ models, too. Fair is fair.

Toyota 86 and Subaru BRZ successor canceled?

Rumors indicate that the Toyota 86 is done for. Japanese Nostalgic Car is quoting Japanese sources as saying Toyota and Subaru have parted ways regarding the 86 and that the current car's replacement is off the table. According to JNC, the Japanese magazine Best Car is readying a report that the 86/BRZ successor has been canceled. JNC also considers the fact that in Japan, there will be a four-cylinder, 197-horsepower version of the new Supra, ready to continue where the 86 will leave the market. Back in 2016 the automaker seemingly confirmed that a replacement for the rear-drive car was under development, but plans can change and with a cheaper Supra version for sale in markets outside the U.S., we have to wonder if the 86 replacement has been shelved. The 86, while balanced, has only received mild enhancements and not a lot of extra power during its near-decade long time on the market, and it isn't such a strong seller that it would necessarily merit the effort of Toyota developing a successor on its own, particularly without the help of a partner like Subaru or BMW. At the same time, Autocar quotes Toyota boss Akio Toyoda on the Supra: "At the end of the day, is there anything better than a tight rear-wheel-drive sports car? I hope this won't be the last Toyota sports car you see from us in the future." While that is far from a solid statement of Toyota's future intent, it paves the way to offerings below the Supra, and shows how much the company boss cares about driver involvement. There is a distinct possibility that the company will re-introduce the MR2 as an electrified, rear-drive sports car – which could still be a joint venture with Subaru, as Japanese Nostalgic Car theorizes. Whatever's in the pipeline – and we hope there is something in the pipeline – it seems Toyota's heart is in the right place: driving the rear wheels. Related Video: