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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.

Top horsepower-per-dollar cars in 2017

Bang for the buck. That quasi-scientific statistic is bandied about by motor heads everywhere from classrooms to barrooms, though the truth of the matter is that it's exceedingly complex to measure. A fair performance-per-dollar index would include something like cross-referencing MSRP (Manufacturers Suggested Retail Price) with point-to-point times on a track or driving route, which is obviously hard to do comprehensively. But, for the sheer joy of talking about cars and playing with a big spreadsheet, there's always the horsepower-per-dollar index, which is more straightforward, albeit hilariously flawed. There are vagaries even with this simple formula, of course: MSRP for vehicles can change at a moment's notice, to say nothing of the bottom-line shifting that happens with local deals or showroom negotiation. For this list we're running with the straight MSRP wherever possible, and as recently reported as we can get it. All the vehicles on this list are 2017 models, and all trims are reported where the lowest price and differing power levels intersect. Some choices were made for personal preference and some for sanity, avoiding things like all 48 trim levels of the Ford Transit, all with the same horsepower). If this list were a simple top ten, or even a top fifty, you'd be bored to tears with all the red, white and blue that is represented. Following perfectly with conventional wisdom, American cars really do lead the world where hp/$ is concerned. So, for the sake of variety (and the sheer joy of seeing a minivan 'win' one round of this thing) I've sorted out some top five and bottom five lists for broad power categories. Let's dive in. Less Than 100 Horsepower Okay, okay, this is hardly a category we'll grant you. But we've often tried to click off all the sub-100-hp cars on sale in the US, and making this list gave us an excuse. It also illustrates that none of these smallish vehicles bring cheap horsepower to the table - for that you'll need a motorcycle. The segment-leading Chevy Spark (above) asks just over $139 for each hp, and that Smart Fortwo Electric Drive has hp on sale for about the same price as its very distant family cousin, the Mercedes-Benz SL65 AMG (insert your favorite Smart joke here... we know you want to).

2016 Scion iM First Drive

The 2016 Scion iM can't launch soon enough. It's a fully competitive, well-rounded hatchback. It's functional. It's cute. And it's priced under $20,000. But perhaps more importantly, the iM represents a big breath of life into the increasingly less relevant Scion brand. In 2006, Scion moved 173,034 cars in the United States with only three models – the xA, xB, and tC. Fast forward to 2014, Scion moved just 58,009 units in our market, and that's with a five-car lineup. Yes, the original, boxy xB posted better sales numbers all by itself in 2006 than the entire Scion range did in 2014. Midway through 2015, the situation is worse. Scion sold 21,093 units through the end of May, compared to 26,024 during the same period in 2014. The iQ is dead. The xB and xD are on their way out. Now more than ever, Scion desperately needs fresh metal in its showrooms. Enter the iM and, to a lesser extent, the 2016 iA sedan that arrives at the same time. The iM is a more conventional Scion. But that's a good thing. The automaker recognizes that it needs cars that more appropriately play in the mainstream in order to attract a broader spectrum of customers. As such, the iM is sized to fit in with other C-segment hatchbacks. At 170.5 inches long, 69.3 inches wide, and 55.3 inches tall the Scion is longer than a Volkswagen Golf, but slightly narrower and shorter. Scion loads the iM up with a good amount of standard equipment. Like Scion's past offerings, the car only comes one way. Every iM starts as the car you see here (well, except for color), with 17-inch wheels and a body kit that's more sporty than conservative. It looks tacked-on, though – think last-generation Corolla S. Still, on the road, the iM is handsome, and looks good in brighter, more vibrant colors. It's not as sculpted or pretty as a Mazda3 or Ford Focus, but the iM isn't a bland, uninspired two-box shape. And if it looks familiar to your eyes, that's because it already exists as the Toyota Auris overseas. With only one spec on offer, Scion loads the iM up with a good amount of standard equipment. Every iM rolls off the line with dual-zone, automatic climate control, auto-on/off headlamps, and a seven-inch touchscreen display for the Pioneer audio and Toyota Entune-based infotainment system. That's all well and good, but it also means there are no major upgrades available. You can't get a sunroof or xenon headlamps. Same goes for leather upholstery. Don't even think about heated seats.