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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.

Lexus RC F GT500 is the Super GT car Daft Punk fans will appreciate [w/video]

Lexus Racing's booth designers at the Tokyo Auto Salon clearly loved a certain French electronic music duo when they decided to promote the new Lexus RC F racecar from the Super GT series. The Daft Punk-inpsired race team appeared ready for a pit stop in this promo photo, wearing custom double-breasted suits made from race gear as well as top hats, headphones and reflective sunglasses.
Lexus Racing showed the car in the summer when it was known as the LF-CC, but the Tokyo Auto Salon gave the public the first chance to see the renamed RC F in full race trim. It replaces the aging Lexus SC 430 GT500 car with a sharper, more aggressive racing weapon making 500 horsepower from a 2.0-liter turbocharged four-cylinder engine.
The RC F, Nissan GT-R and Honda NSX form a trio of new models in the top-spec GT500 arm of Super GT, as the class goes through one of its biggest changes in its history. The GT500 class and DTM in Germany are unifying their rules for the new season. The cars have the same limits on exterior dimensions and weight. The only major difference between them is that the GT500 cars are using 2.0-liter turbocharged four-cylinder engines, and the DTM is using naturally aspirated 4.0-liter V8s in its cars.

Thanks to smaller engines, vehicle dependability falls for first time in 16 years

As automakers have made engines smaller and smaller to improve fuel economy, problems in those vehicles have gotten bigger and bigger. That's the synopsis of a J.D. Power vehicle-dependability study, which found that dependability dropped for the first time in 16 years, largely because the proliferation of four-cylinder engines is causing the vehicles to be less reliable. Specifically, the number of problems per 100 vehicles (or what J.D. Power calls PP100) during the past 12 months for 2011 model-year vehicles rose six percent from the year-earlier figures for 2010 model-year cars. Singling out four-cylinder vehicles revealed about a 10-percent increase in problems during the past year. This issues largely related to engine hesitation, rough transmission shifting and lack of power, signaling the inability of vehicle makers to iron out some of the problems in their smaller engines as they strove for better fuel economy. Six- and five-cylinder engines proved far more reliable. Among car brands, BMW's Mini sub-brand came out as least reliable, with 185 problems per 100 vehicles during the past year. Toyota's Lexus badge was easily the most reliable, with just 68 problems per 100 vehicles. Coming in second place was Mercedes-Benz. The overall average was 133. Check out J.D. Power's press release below. J.D. Power Reports: Increased Engine and Transmission Problems Contribute to Decline in Vehicle Dependability for The First Time in More Than 15 Years General Motors Company Receives Eight Segment Awards, While Toyota Motor Corporation Garners Seven and Honda Motor Company Earns Six WESTLAKE VILLAGE, Calif.: o Owners of 3-year-old vehicles (2011 model year) report more problems than did owners of 3-year-old vehicles last year, according to the J.D. Power 2014 U.S. Vehicle Dependability StudySM (VDS) released today. The study, now in its 25th year, examines problems experienced during the past 12 months by original owners of 2011 model-year vehicles. Overall dependability is determined by the number of problems experienced per 100 vehicles (PP100), with a lower score reflecting higher quality. The study finds that overall vehicle dependability averages 133 PP100, a 6 percent increase in problems from 126 PP100 in 2013. This marks the first time since the 1998 study that the average number of problems has increased. "Until this year, we have seen a continual improvement in vehicle dependability," said David Sargent, vice president of global automotive at J.D.