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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 Lexus RX sharpens up for round four

Go back a couple of decades and no one would have heard of a luxury crossover. Most of the benefits of a luxury sedan and an SUV with few of the drawbacks? Unheard of. Then 1997 rolled around and two vehicles changed the face of the industry forever. One was the Mercedes M-Class. The other was the Lexus RX. And both have seen their successors unveiled at the New York Auto Show this week. The new Mercedes GLE that takes the place of the M-Class, we've already brought you from the floor of the Javitz Center. Now it's time for its Japanese rival. Now entering its fourth generation, the new RX is distinguished from its predecessors with a far more revolutionary design than that which separated the previous three: It's altogether more angular, more recognizable, more... Japanese – from the oversized spindle grille to the sharp taillights and at every pointy point in between. Of course it's not quite as edgy as its kid brother, the NX, but it has to appeal to a more conservative customer base. They'll get to choose once again between the RX 350 with conventional V6 and the RX 450h with its hybrid powertrain, both of which have been upgraded to produce 300 horsepower. The interior has likewise been updates as well, with more space and enhanced equipment. All of which ought to help the RX remain the top seller for Toyota's luxury division. Related Video:

Lexus RX successor headed for NY Show

The redesign of the popular Lexus RX crossover will finally make its official debut in April, at the 2015 New York Auto Show with an on-sale date slated for later in 2015, Edmunds is reporting. This will be an important job for Lexus, as its next-gen midsize luxury crossover will need to measure up to a segment that is very different than the one the current RX debuted in, way back in 2008. Cars like the BMW X3, Audi Q5 and Mercedes-Benz GLK are now supported on the lower end by more compact models. Lexus is no different; the RX has been joined by the entry level NX, allowing the Japanese luxury marque to do a bit more for the fourth-gen CUV. That means New York will herald a larger and pricier crossover, Edmunds claims, even boasting a third row. That fits with our previous round of spy photos. Despite the baby NX's hardcore, knife-edge styling, it's expected that the next RX will be a more evolutionary version of the current model's conservative looks. Still, as our previous spy photos show, there will be some Lexus styling trademarks, including a revised version of the current crossover's spindle grille. Keep your eyes open come April, as we can expect the full details on the 2016 Lexus RX.