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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.

Rutledge Wood wins Toyota Pro/Celebrity Race in Long Beach

Rutledge Wood took home the checkered flag at this year's Toyota Pro/Celebrity race at the Grand Prix of Long Beach. The Top Gear USA presenter, Fox Sports commentator and Honda Wagovan owner managed to take pole position in qualifying, but lost his lead early in the race to Mark Steines. Steines has competed in the Pro/Celebrity race four times so far, but the Hallmark channel host of Home and Family couldn't quite hold on to the lead. Wood eventually made up the ground he had lost for the win. This year, all the participants went fender to fender in identically prepared Scion FR-S racers.
Meanwhile, Adam Carolla took first in the Pro category, and Toyota donated $5,000 on behalf of each participant to Racing for Kids. The charity benefits children's hospitals in the Long Beach area, and this year Toyota donated a total of $90,000. Check out the full press release below for more information.