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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 confirms three-row RX coming by 2018

Now seems like the perfect time for Lexus to launch a three-row version of its RX crossover. Not only are CUVs flying off of dealer lots – as you probably already know, the RX is Lexus' best-selling model – there aren't all that many car-based luxury soft-roaders on the market for Lexus to compete with. Problem is, these things take time, and product planners don't always get the new-model cadence just right. Now, though, we at least have a tentative date for the extended-wheelbase 'ute's arrival. According to Automotive News, Lexus General Manager Jeff Bracken has confirmed that the brand is readying a three-row version of the RX with plans to have it in the clutches of salivating dealers by late 2017 or early 2018. Chances are, the new model will wear RX 350L badges in gas-powered guise and carry the RX 450hL moniker in hybrid form. As AN points out, these names were registered as trademarks earlier this month. That indicates we'll see both standard V6 and optional hybrid-powered versions of the three-row RX. Not only will the extended RX keep the same nomenclature, it'll also look pretty much the same as its five-seat siblings. According to Bracken, "We put so much energy into the styling you see now that we didn't want to compromise even with the third row." All we have to do now is wait, said Bracken. "They would just love to have it now. But I think they're quite relieved that they know it's coming." Related Video:

Lexus LC 500 coming to Detroit Auto Show

Believe it or not, it's been nearly four years since we first saw the Lexus LF-LC Concept. Its swoopy style and spindle grille kicked off a big design revolution for Lexus, and we saw a number of LF-LC design elements work their way onto production cars. But now, rumor has it a full-on production version will see the light of day, and soon. Motoring.com.au says the LC 500 coupe will show its face at the 2016 Detroit Auto Show in January, and we have little reason to doubt this. In fact, it's kind of been a long time coming. The LC was reportedly approved for production in 2013, and though we were told it might resurrect the SC name, Lexus filed copyright applications for "LC 500" and "LC 500h." Oh, and a prototype of this car was recently spotted testing. The LC 500 will arrive with – no surprise here – Lexus' naturally aspirated 5.0-liter V8, plucked from the RC F and GS F. That said, Motoring says it could arrive with a new, 10-speed automatic transmission from Aisin. As for the LC 500h, Motoring thinks it'll be powered by a, 3.5-liter V6-based hybrid drive system that could produce something like 470 horsepower – not the current V6/hybrid unit from the GS 450h. A hotter LC F should follow in a couple of years, and earlier reports suggest it could make something like 600 horsepower. Of course, Lexus refuses to comment on future product speculation, so we don't have any official proof that this is actually happening. But it all makes a lot of sense. Watch this space in two months' time for more details.