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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 and Scott Pruett go racing with RC F GT3

Lexus will show what its RC F GT3 can do next year in the US when the racer will be hit the track with a newly formed team called F Performance Racing. Unfortunately, no one will say what series the coupe will compete in, but veteran racer Scott Pruett will be behind the wheel. As Lexus already teased, the RC F GT3 will feature a body with big flares and a huge wing. Under the heat extractors in the hood, there will be a production-derived 5.0-liter V8 with over 500 horsepower that will route through a six-speed sequential gearbox. Based on its current livery in eye-popping metallic blue, the coupe will also be one of the easiest cars to spot on the track. The sharply styled RC F might take too many checkered flags in its first season, though, because the team will keep the coupe to a limited schedule next year. Rather than scoring wins, the focus will be on developing the platform and gaining experience. However by the 2017 or 2018 season, there will be a multi-car effort with a full racing calendar. When taking on veteran teams fielding Porsches or Ferraris in the same class, a seasoned driver like Pruett will be an asset around a racecourse. He also already has close ties to the Japanese luxury brand after competing in Lexus-power prototypes in the Grand-Am Rolex Sports Car Championship Series and helping to develop the LFA. "I could not be more ecstatic to be representing Lexus as a performance brand ambassador and on the track in the F Performance RC F GT3," he said in the announcement. We look forward to seeing what he can do with it next year. Related Video: Lexus Partners with F Performance Racing for 2016 and Beyond Scott Pruett and Paul Gentilozzi form new team Multi-year team agreement Upcoming season focuses on vehicle development LAS VEGAS (Nov. 2, 2015) - Lexus today announced its motorsports partnership with Paul Gentilozzi and newly formed F Performance Racing to field the RC F GT3 in a soon to be announced sports car series. This new racing venture is part of the Lexus' global motorsports effort that will see the Japanese luxury brand competing on tracks in the United States beginning in 2016. The new race vehicle is based upon the production Lexus RC F high performance coupe that went on sale at the end of 2014.

Next Lexus RX previewed with JDM Toyota Harrier?

Japanese site CarWatch has revealed images of the next-generation Toyota Harrier, known to US and European buyers as the Lexus RX. The new model features a considerably more aggressive fascia in keeping with some of the latest Lexus design trends, while the back features a pair of wide, wraparound taillights.
The profile features a revised greenhouse, with a rather complex rear window treatment, while a subtle character line connects the front and rear taillights. According to the badging, the model shown features a hybrid powertrain, although there's little information on which engine is being used. We'd wager it's an evolution of the same 3.5-liter V6 hybrid found in the current RX450h.
This early look doesn't have a great deal of other info, and there are no images of the interior. We're not yet clear on how closely the North American RX will adhere to the Harrier seen here, but historically the two models have been quite close. That said, we'd expect a more prominent 'spindle' grille on the Lexus version than the baleen strainer on the vehicle shown here.