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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 recalling FJ Cruiser due to excessively bright headlights

Now, hold on. This recall isn't quite as serious as it sounds. Yes, Toyota is recalling 11,489 FJ Cruiser models from the 2007 to 2013 model years, and yes, it's because the vehicles, as the National Highway Traffic Safety Administration states, "fail to conform to Federal Motor Vehicle Safety Standard No. 108, 'Lamps, reflective devices, and associated equipment.'" But read the fine print and you'll see the catch: This recall is only for vehicles fitted with the automaker's auxiliary lighting kit that can be mounted to the front bumper.
Basically, the auxiliary lamp assemblies use 55-watt bulbs, and when these are turned on in conjunction with the upper beam headlamps, it's a pretty blinding sight. NHTSA states that excessively bright lights can blind other drivers, increasing the risk for a crash.
To remedy the situation, Toyota will replace the 55-watt bulbs with cooler 35-watt units. The recall is expected to begin later this month. Scroll down for the full details in the NHTSA report.

Next Lotus Elise to draw from its roots

Recently-appointed Lotus CEO Jean-Marc Gales told Autocar that work on the new Lotus Elise, which is coming in 2020, is already underway, and thanks to growing sales, the automaker is set to make a profit for the first time in 20 years. Gales also dropped some details about the new sports cars' design philosophy and underpinnings. According to the report, the new Elise will utilize the same aluminum chassis technology found in the original Elise and won't bear any resemblance to the 2010 Elise concept. Instead, the upcoming vehicle will uphold its roots with a lightweight design that emphasizes driver involvement at an affordable price. The new Elise is rumored to weigh in at roughly 1,984 pounds, almost 384 pounds more than the original Elise. In order to meet US crash ratings, the Elise will most likely be wider, but have the same length as the current model. Power will probably come from a Toyota unit producing between 134 horsepower and 245 horsepower. The Elise is expected to come to the US where it will be offered with a manual and automatic transmission, which will both come from Toyota as well. Gales claims Lotus has more orders now than in any year in the last 10 years, with the US being one of the automaker's most important markets. Related Video: