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Toyota sees profit slip but beat earlier forecasts

TOKYO — ToyotaÂ’s July-September profit fell 11% from a year earlier as the coronavirus pandemic slammed global demand, but JapanÂ’s top automaker appeared to be holding up better than weaker rivals that have sunk into the red. Toyota reported Friday a quarterly profit of 470.5 billion yen ($4.5 billion), down from 530 billion yen a year ago. Quarterly sales slipped to 6.77 trillion yen ($65 billion) from 7.64 trillion yen. Its president, Akio Toyoda, told reporters Toyota employees worked extremely hard, including making masks and face shields and boosting efficiency at factories to achieve results despite the pandemic. “Toyota has become gradually stronger,” he said, offering gratitude and praise for how resilient Toyota has proven itself to be. “This shows how each individual worked so hard,” said Toyoda, the grandson of the automakerÂ’s founder, vowing that each of its employees will keep thinking about contributing to a better world. Toyota raised its global sales forecast to 9.4 million vehicles for the fiscal year through March 2021, better than its earlier forecast for 9.1 million vehicles. ThatÂ’s still lagging behind the more than 10.5 million vehicles sold in the last fiscal year. Toyota, based in Toyota city in Aichi, central Japan, said it expects to record a 1.4 trillion yen ($13.5 billion) profit for the fiscal year. It earlier projected 730 billion yen ($7 billion) in profit. Toyota, which makes Lexus luxury models and the Prius hybrid, recorded 2 trillion yen ($19 billion) in profit the previous fiscal year. ToyotaÂ’s operating income fell in most regions, including Japan and other Asian markets, but improved in North America. Operating Officer Kenta Kon expressed caution about the U.S. outlook, given the rising coronavirus cases. But he said ToyotaÂ’s latest models were popular, and dealers were adjusting incentives to get good results. All the worldÂ’s automakers have been slammed by shrinking demand as COVID-19 squelches economic activity. Some nations, including Japan, have sunk into recession. Although uncertainties persist about further outbreaks and when a vaccine might be available, there are signs of recovery in some parts of the world. Japan has managed to keep pandemic-related deaths at fewer than 2,000. It has reported about 105,000 cases nationwide.

2020 Lexus UX Review & Buying Guide | Stylish and small, with a hint of Corolla

The 2020 Lexus UX is the smallest and cheapest Lexus out there, and with the UX 250h hybrid model, it’s mighty efficient, too. The UX was completely new last year, as Lexus finally entered the fast-expanding subcompact car segment. WeÂ’re impressed with the original design and quality of this least expensive Lexus, although there are some necessary compromises that were made along the way to achieve its low price. Voluminous interior space is obviously not a priority in this smallest luxury SUV segment, but the UX is nevertheless one of the least spacious. It's also far from the most fun to drive and is hampered by frustratingly slow acceleration regardless of powertrain choice. All-wheel drive can also only be had with the hybrid. In those ways, its European competition are handily superior. Still, Lexus has implemented some unique and new tech features in this crossover, not seen in other Lexus vehicles. The distinctive design and the hybrid systemÂ’s excellent efficiency are two other major selling points, and even if we wouldn't call the UX fun, its composed handling and comfortable ride yield a perfectly pleasant driving experience. What's new for 2020? The Lexus UX was totally new for 2019, so changes for 2020 are minimal. Lexus added Android Auto functionality (it already had Apple CarPlay). It's also added rear cross-traffic alert as an option to be packaged with the car's blind-spot monitoring system. What's the interior and in-car technology like? From the comfortable and supportive driver seat, the UX looks and feels like a proper Lexus. The design is consistent with, but, refreshingly, not a copy of other models. There are common details like the drive mode setting selectors that sprout from the instrument panel and the F-Sport's sliding gauge cluster within, while the available 10.25-inch infotainment display is perched atop a low, flat dash. The materials covering the dash and front doors are appropriate for this luxury price point and consistent with the ES 350, if not higher-priced Lexus models. By contrast, the hard plastic door panels in the rear are disappointingly more consistent with a Toyota Corolla. However, the UX features unique touches (we like the contrast-color dash and door trim available) and offers different controls than other Lexus models. The climate system is operated by unique toggle switches, while the air vents have little rotary controllers that look and feel better than those in a Lexus ES.

Krafcik says US Gov. shutdown is slowing Oct. auto sales

The government shutdown is eroding consumer confidence in the auto market, says John Krafcik, CEO of Hyundai's US sales unit, and could lower October sales by as much as 10 percent, Automotive News reports. "It's that anxiety that keeps customers, potential buyers, on the sidelines when making a big purchase like an automobile," Krafcik says, adding that industry sales could be off by five to 10 percent in October compared to September.
The fourth quarter, which started October 1, usually consists of increased auto sales as dealerships clear their lots to make room for the next year's models. Leading up to the fourth quarter this year, the auto industry was doing well in the fragile, recovering US economy, although September deliveries decreased by 4.2 percent, due in part to this year's Labor Day sales being recorded for August.
To help its customers, Hyundai announced it is deferring new-car loan and lease payments for furloughed federal workers until they're called back to work and also offering them a three-month payment deferral if they buy a new Hyundai in October. "We have already had requests from over a thousand people to have their payments deferred," Krafcik says.