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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.

2016 Scion iM Review [w/video]

Scion is all grown up. When the brand launched in 2003, it was as if Scion wanted to be the anti-Toyota. You could almost imagine it saying, "We aren't our parents, dude. We're different." Scion's decision to eschew mainstream vehicles was largely successful. The original xA, xB, and tC were affordable, economical, stylish, and – most importantly – different. But the brand's aging lineup couldn't keep the interest of the young, urban buyers it so coveted. Sales suffered severely after the 2009 industry collapse and have failed to return to their 2006 peak. So much like the bearded 20-something that's finally realized an artisanal headcheese startup isn't going to pay the bills, Scion has finally introduced its first truly mainstream model, the 2016 iM. You already know the basics on the iM, courtesy of Managing Editor Steven Ewing's testing in California in June. But since there's little substitute for more mileage and extra time with the car, we ventured out to Michigan's second largest city, Grand Rapids, for a second look. The iM is exactly the kind of vehicle Scion needs right now. Ewing spent most of his time on California's beautiful winding roads, but our second go in the iM was much more sedate, consisting largely of freeway cruising and some city driving. In short, these miles backed up our original assessment: the iM is exactly the kind of vehicle Scion needs right now. But that's not without a few problems. We spent almost all of our drive time behind the wheel of the continuously variable transmission model which, in many ways is better than the six-speed manual-equipped car we originally tested. Toyota's CVT works well; it's on par with the industry's best. The transmission keeps the revs low and responds quickly to throttle inputs, but at the same time, the tach needle is quick to retreat when acceleration isn't demanded. The stepped nature of the CVT is a bit off-putting at first – it feels a lot more sudden on the "upshifts" – but it's easy to ignore. Weirdly, there are no paddle shifters, but you can still pick your "gears" via the floor-mounted shifter. The iM doesn't hate a little bit of fun. We played with the CVT's sport setting, and while we wouldn't recommend using it on a regular basis, we liked the way it kicked up the revs upon corner entry. The engine never felt flat-footed midway through a turn, giving the impression that the iM doesn't hate a little bit of fun.

2017 Toyota 86: The car so nice it's been rebadged twice

When the dust settles and the Scion brand is no more, the car we currently know as the Scion FR-S will be rebadged. Again. If you remember the excitement that surrounded the Toyobaru/Subota rear-drive sports coupes' introduction, you'll recall that Scion's Subaru BRZ twin landed in here as the FR-S. That car, along with the new iA and iM, will get a stay of execution next year when the brand bids adieu. We know it will wear a Toyota badge in dealers from then on, and there's a good chance it will get the 86 badge European models wear. Toyota's version of the car goes by several different names depending on the market. It's only a Scion in North America, while it's sold as the Toyota 86 (in Asia, Australia, New Zealand, South America, and South Africa), Toyota GT86 (in Europe and New Zealand again), and Toyota FT86 (in Nicaragua and Jamaica). The 86 part of the name is a nod to the rear-drive AE86 Corollas of the 1980s. That's a history lesson Toyota likely won't have to teach its core demographic. Then again, this car's core demographic probably already bought one. There's also a possibility that this car will get yet another name combination: Toyota FR-S. For the sake of simplicity, let's hope not. View 7 Photos So yes, the rebadged 86 will be re-rebadged back to a Toyota. Functionally this means almost nothing. Buyers who were ordering badge-swap kits from overseas will save some money. Some enthusiast forums might need to change their names. And people visiting from Japan or Europe will feel a little more at home when they see a rear-drive Toyota sports car on the street. Meanwhile, FR-S – a name that may or may not have stood for "front-engine, rear-drive, sport" – will be quickly forgotten. Related Video: Scion Toyota confirmed toyota 86