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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 to unveil new sedan in New York

Scion is on a mission to inject some new life into its struggling lineup. It unveiled a refreshed and rebadged Euro-market Toyota Auris as the iM Concept at the LA Auto Show in November, and is bringing it to market with that same nameplate. But that's not all: the youthful division from Toyota has just announced it's bringing a sedan join the production iM hatch on stage at the New York Auto Show in April. Although details are scarce, the close association Scion has drawn between the iM hatch and the new sedan suggests that the two could be related. The iM (like the Auris upon which it's based and the Matrix that came before) is already essentially a hatchback version of the Corolla sedan, which US buyers can find in Toyota showrooms. So whether the new sedan will be essentially a rehashed Corolla sedan, or something else entirely, remains to be seen. If Scion were to take a similar approach and bring over another Toyota model sold overseas, the new model could borrow heavily from the European-market Avensis or even Japan's Mark X. Whatever form the car ultimately takes, however, this will be Scion's first sedan, believe it or not. The brand has previously offered only hatchbacks like the iQ, xD and xB, and two-door coupes like the FR-S and tC. The latter, for what it's worth, shares its underpinnings with the Avensis. Scion says the new sedan and the iM hatch will "represent two of the three new models Scion will bring to market in the next three years," so expect one more to follow sometime in the near future. New Names and Bold Bodies Coming to Scion in 2015 First-Ever Scion Sedan and Scion iM on the way TORRANCE, Calif., (Jan. 7, 2015) – Like many others, Scion has a New Year's Resolution to debut an all-new body by spring. And not surprisingly, all eyes will be on its backside as Scion will be adding its first-ever sedan to its line-up. The new sedan will be introduced in April at the New York International Auto Show along with the all-new Scion iM. The iM is the official name for the production version of the iM Concept car shown at the Los Angeles Auto Show in November. Together, the two vehicles represent two of the three new models Scion will bring to market in the next three years aimed at independently minded 18-34 year olds. The trio will bring exciting options for Scion's younger customers looking for vehicles to support both adventure and sensibility.

2016 Scion iA arrives with price tag 'in the $16,000 range'

The adorkable iA, Scion's first sedan, is likely to appeal to a number of customers who value efficiency, affordability and equipment. And because the iA is essentially a rebadged Mazda2 there should be some pep in this little guy's step. If you're wondering why Mazda would build a car for Toyota, volume is a big reason. 1,003 Toyota dealers have a Scion store, more than one-and-a-half times as many franchises as Mazda, and that translates into higher production numbers. Ignoring the rather tragic grille, the rest of the iA is actually a handsome little four-door, which makes sense, considering the amount of Mazda blood coursing through its veins. One need only compare the shots of the Scion, shown above, and the leaked images of the Thai-market 2 sedan to see the similarity. The headlights and taillights are identical in shape and similar in overall design, while both cars share Mazda's expressive Kodo character lines in the profile. While the 2 is cute and brawny, the iA looks a little sullen, with its catfish-mouth grille drooping low in front of the sloping hood. It's a similar story in the cabin, where Mazda's work is plain to see. The dash is crowned by an ample, standard seven-inch display, which is in turn controlled by either touch or the excellent dial-and-buttons input also found in the Mazda3 and Mazda6. Toyota's Entune system is conspicuous by its absence. A trio of knobs control the HVAC system, while a section of faux leather, complete with stitching, separates the tactile controls from the main display. The instrument cluster is home to a single binnacle, housing the speedometer. A pair of secondary displays feature a tachometer and other ancillary information. Considering that the interior and exterior are almost unchanged from the Mazda2, it's no surprise that the 1.5-liter four-cylinder is also common to both cars. In the iA the lump under the hood makes 106 horsepower, while the Euro-market 2 comes in three flavors – 75 horsepower, 95 hp and 115 hp (with the i-ELOOP system). The 1.5 is paired with either a six-speed manual or a six-speed automatic. Following the theme, the iA's chassis is largely identical to the new 2's. The front suspension is of the MacPherson strut variety, while a torsion-beam axle sits out back with rear drum brakes. The steering assist is electric, which contributes at least partially to the 33-mile-per-gallon city rating and 42-mpg highway.