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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.

Recharge Wrap-up: First EV to attempt Dakar Rally, Mazda makes bioplastic parts

Zap and Jonway Auto brought their Urbee EV and their new Falcon A-380 SUV to the Peru Motor Show in Lima. Jonway sells its SUV and minivan in Lima through Dai-Ichi Motors, which displayed the cars at the show. According to the companies, their cars "received tremendous interest from the public," including private citizens as well as groups who would use the EVs for security guard service or campus use. Read more in the press release below. California is the US leader when it comes to EVs. In 2013, California had 70,000 battery electric and 104,000 plug-in hybrids. The state boasts almost half of the country's electric vehicles, thanks largely to state and local EV incentives that go beyond the federal tax rebate. California also leads the way in legislation, and nine other states have adopted California's ZEV mandate. Washington, Maryland, Georgia and DC also have their own EV incentives, while some utility companies also offer benefits for EV owners in other states. Still, EV sales have only made up about 0.7 percent of new vehicle sales in 2014. Read more at the US Energy Information Administration website. Toyota will be using landfill gas to help power its Kentucky manufacturing facility. Beginning in 2015, Toyota's Georgetown assembly plant will use electricity converted from landfill-sourced methane gas from Waste Services of the Bluegrass. It will provide enough energy to produce 10,000 vehicles each year. Plus it diverts methane - a greenhouse gas - from entering the atmosphere and helps improve the local air quality. Learn more in the video or Toyota's press release below. Mazda has developed a plant-derived bioplastic for making exterior and interior parts. The dyed plastic doesn't require painting, and it reduces petroleum consumption and carbon emissions in the manufacturing process. The bioplastic will be used for interior parts in the all-new MX-5 before being put into use on the exterior of future vehicles. Mazda will display prototype parts at the Eco-Products 2014 exhibit in Tokyo. Read more in the press release below. Acciona will enter the first-ever zero-emissions vehicle (pictured) to compete in the Dakar Rally. The vehicle uses an electric motor and lithium ion batteries, as well as solar panels to power telemetry and security systems. The Dakar Rally will take place from January 4 through 17 through Argentina, Chile and Bolivia. See Acciona's Dakar EV in the video and read more in the press release below.

Scion iA and iM rolled into Yaris and Corolla lineups for 2017

The Scion brand may be going away, but most of its cars (sorry, tC) are living on. We'll see the 2017 Toyota 86 (nee Scion FR-S) at the New York Auto Show next week, and the automaker already confirmed that the Scion iA and iM will be rebadged as Toyotas. But instead of standing on their own, the former Scions will be rolled into existing model lines. "Yaris iA" and "Corolla iM" will be the official names of the cars, effective for 2017. It's a smart move, paring the relatively new Scion nameplates with well-known, existing Toyota monikers. Scion spokeswoman Nancy Hubbell tells Autoblog that the iA already exists as the Yaris in the Canadian and Mexican markets, so "that connection was already there." Plus, it's better for marketing. The combination of the two vehicles all under the Yaris nameplate means Toyota can focus its advertising dollars on one vehicle line, simply saying that you can now have the Yaris as a four-door sedan or a five-door hatchback. "The same goes with Corolla," Hubbell explains. She says the existing Toyota sedan and the Scion iM "paired really well," and again, it means Toyota can advertise the Corolla as having two body styles moving forward. There are benefits from a sales perspective, too. Never mind that Scion division sales were already included in Toyota's overall numbers – calling the new cars Yaris iA and Corolla iM means the company won't have to report these cars individual sales separately. It's like when Toyota made the Matrix – its technical name was Corolla Matrix, so its individual sales didn't have to be broken out. That means an extra boost in overall numbers for the Yaris and Corolla, even if the cars would have been reported under Toyota's numbers had they kept their Scion badges. View 18 Photos Related Video: