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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 iM spied testing in US in more production-ready guise

Following the niche-oriented iQ and FR-S, Scion is preparing its first new model with mass-market appeal in quite some time with the iM. Just unveiled at the recent Los Angeles Auto Show in concept form, our spies recently shot some photos of a slightly camouflaged production iM doing some testing in Southern California. Judging by these spy shots, the production iM is taking many more styling cues from the European-market Toyota Auris that it's based on, than the much more aggressive concept on display in LA. The body kit with a low front bumper, flared fenders, side skirts and rear spoiler are all gone in favor of a much more mainstream design (we aren't surprised). The model's name comes from the first letters of 'individuality' and 'modern,' according to Scion, but if these shots are any indication, it looks like it'll pretty easily just blend into the crowd. Scion didn't reveal anything about that the US-market powertrain for the production version in LA but promised the details would be released sometime in 2015. The company did hint at a starting price under $20,000, though. It's too early to make any real styling judgments about the iM before the final version is ready, but until then see what you think of these spy shots of the upcoming hatchback.

2016 Scion iA shows its face, for better or worse, in New York [w/video]

We have a theory that, among auto designers, there's something resembling Stockholm Syndrome. Designers spend so many hours looking at a single product that, after awhile, they can't help but fall in love with it, regardless of how bad it may look to everyone else. That might explain the appearance of the Scion iA, which while largely similar to the handsome Mazda2, replaces that car's attractive five-pointed grille with what could be described as a gaping maw. Fortunately, it's only the Scion grille that really causes any offense. The parts of the iA that have been left to Mazda designers are, as we said, rather handsome. That includes both the attractive rear and the Kodo-derived lines found in the tiny sedan's profile. The cabin, meanwhile, is well outfitted with standard equipment, including a seven-inch touchscreen display. Plastic is the dominant material, although the overall layout is logical and mostly attractive. Have a look at our live gallery of images of Scion's first-ever four-door sedan. Sports Sedan that Shouts Success All-New 2016 Scion iA Rolls Into New York With a Trunk - Brand's first-ever sedan with dramatically sporty look and agile moves - Estimated MSRP in the $16,000-range for well-equipped mono-spec model • High-spirited 1.5-liter engine; estimated 42 MPG highway - Choice of 6-speed stick shift or 6-speed automatic - Standard Low-speed Pre-collision safety system - Roomy cabin with premium amenities - 7-inch multimedia system with voice recognition NEW YORK, March 31, 2015 – Scion is expanding its line-up in more ways than one. In addition to adding a new vehicle to its stable, it's also adding its first-ever sedan, the remarkably sporty, yet very affordable, 2016 Scion iA. The Scion iA sedan joins the all-new 2016 Scion iM hatchback for a one-two punch in the subcompact and compact segments. The new sans-hatch Scion will arrive in dealerships this fall for an estimated MSRP in the $16,000-range. That's for a mono-spec model equipped with standard Low-speed Pre-collision safety system and 7-inch multi-media system with voice activation. Because Scion has a no hassle, no haggle Pure Price, customers walk out the door with the same price they saw posted in the dealership. "Dramatic" could be an understatement when describing the visual impact of the 2016 Scion iA. Beneath the daringly curved sheetmetal lies a tight, agile machine that re-defines "entry level." Call the design "class above," a term that applies throughout the car.