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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.

Toyota adds 1.6m cars to Takata inflator recall list

As part of the Takata airbag inflator recall expansion announced by NHTSA earlier this month, Toyota has listed an additional 1.6 million cars that will need to have inflators or airbag assemblies replaced. This brings the total of recalled Toyota, Scion, and Lexus vehicles to 4.73 million. Other automakers will announce their expanded recall lists this week as well. This round of recalls affects some but not all vehicles with the following model names and years: 2009–2011 Toyota Corolla and Matrix 2006–2011 Toyota Yaris 2010–2011 Toyota 4Runner 2011 Toyota Sienna 2008–2011 Scion xB 2007–2011 Lexus ES 2010–2011 Lexus GX 2006–2011 Lexus IS To see if your specific vehicle falls under recall, write down your VIN and go to toyota.com/recall; you can also check any recalls, Takata or otherwise, at safercar.gov/vin. Toyota will inform owners of affected vehicles by mail. Depending on the model, either the inflator or the entire airbag assembly will have to be replaced. Due to the number of vehicles that have already been recalled, it may take some time for the necessary parts to be available. A total of 11 deaths have been attributed to the faulty Takata inflators, and federal investigators now know why the parts are prone to failure. The state of Hawaii was the first to sue the auto supplier, with more states expected to follow. The 17 other automakers are required to announce their additions resulting from the May 4 expansion this week, so expect more of the 35 to 40 million vehicles to be listed soon. Related Video: Image Credit: Reuters Recalls Lexus Scion Toyota Takata airbag recall lexus is toyota sienna toyota 4runner toyota matrix lexus es lexus gx

Scion C-HR Concept looks sharp at LA Auto Show

The Scion C-HR concept was shown off as a Toyota concept last year at the Paris Motor Show, and we've been told it will show up at next year's Geneva Motor Show in production form. In the transition from a Toyota to a US-focused Scion, though, it's been saddled with a regrettable piece of marketing-speak: the press release says the C-HR concept was designed for "yuccies." That's an acronym describing 'young, urban creatives,' and it should go away. The C-HR is at the LA Auto Show, however, a visually fascinating concept that we're looking forward to seeing in production form; it could be good, or it could be meh. The C-HR stands for "Compact size and High Ride height," partly an effect of 21-inch wheels, and Scion says it will combine "supreme functionality" and "sporty performance" under that "polarizing" skin. We don't know much more than that about it now, save that its purpose is to be "a fantastic urban driving car." The press release below has lots of adjectives to help you imagine what that means; apparently, if you like cutting boards with grid lines and "earthy, modern terrariums," this will be for you. Related Video: Scion's Next Icon: World Debut of C-HR Concept Car at Los Angeles Auto Show TORRANCE, Calif., Nov. 18, 2015 – When the designers for the Scion C-HR concept began their research, they were told by young urban creative customers, "Polarizing is ok. Boring is not." That sentiment was evident today as the Scion C-HR concept had its World Debut at the Los Angeles Auto Show. With an iconic design that also incorporates functionality and sporty performance, the Scion C-HR concept is much like Scion's customer in that it strives to stand out from the crowd. "Scion is known for doing things differently, and maybe even being a little weird," said Scion Vice President Andrew Gilleland. "This C-HR concept embraces that idea and wears it like a badge of honor. We couldn't be more excited to add the production version to our line-up." The C-HR concept is named for its Compact size and High Ride height. With five doors and a hatch for supreme functionality, it's the perfect vehicle for "yuccies," the young urban creatives who inspired the design. These customers put an emphasis on great design and wanted something distinctive, sophisticated, passionate and clean. They viewed most SUVs as too boring and wanted something for their urban lifestyle that sparked emotion.