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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.

Toyota investing $200M in Southern manufacturing

Over the past two years, Toyota has invested more than $2 billion at its North American production facilities, and it apparently doesn't plan on stopping there. To keep up with recent strong sales, Toyota is investing an additional $200 million at its engine plants in the Southern US to increase production capacity of its V6 engines.
The bulk of this money ($150 million) will go to expand Toyota's engine plant in Huntsville, AL, which is currently responsible for supplying engines - four-cylinder, V6 and V8 - to eight of Toyota's 12 domestically produced vehicles. That includes the best-selling Toyota Camry (shown above).
Toyota didn't say exactly what improvements are being made to the plant, but this follows last year's $80 million investment in the plant that is set to be completed by next year raising the engine capacity to 750,000 annual units including 362,000 V6s. The remaining $50 million will go to the casting plants of Toyota-owned Bodine Aluminum in Missouri and Tennessee, which supply engine blocks and cylinder heads to the Huntsville engine plant as well as others in Kentucky and West Virginia. Scroll down below for the official press release.

2018 Lexus LS has a livelier look and new twin-turbo V6

When considering that the Lexus LC 500 made it to production virtually unchanged from concept form, it was reasonable to think that the LS would similarly follow suit. Especially when the LS shares the LC's GA-L platform. Unfortunately, it didn't pan out that way. It is possible to spot cues inspired by the LF-FC concept, such as the lower contour of the windows, the crease in the metal leading up to the rear wheel, and of course the lights and spindle grille. But they're overshadowed by the fact that this LS has a significant amount more girth. View 14 Photos Just because it doesn't live up to the concept doesn't mean it's a bad looking car. It's far more interesting to look at than the dated, upright LS currently on dealer lots. It also sits quite low and the wheels and tires fill the wells nicely, which gives it a road-hugging stance. There are some nifty design details, too, such as the glass that is completely flush with the pillars. View 28 Photos As already mentioned, the new body is wrapped around a stretched version of the LC's platform, and it also uses its 10-speed automatic. Surprisingly, though, the LS doesn't use the LC's powertrain. Under the hood is a completely new twin-turbocharged 3.5-liter V6 that pumps out 415 horsepower and 442 lb-ft of torque. That puts it down on power, but ahead in torque compared with the LC's V8. It's also significantly more than the previous LS' V8, and Lexus predicts it will be capable of a 0-60 mph time of 4.5 seconds with rear-wheel drive. A Lexus PR representative also said the LS is only being released with the V6. We doubt it would be hard to drop one in later though if Lexus saw demand. Inside, the LS is more interesting than the outside would suggest. The dash is clearly inspired by the LC 500, utilizing a similar gauge pod with traction control and drive mode selectors protruding from each side. The dash is also dominated by a wide, dark section that houses the 12.3-inch infotainment display. Just below that, is an attractive strip of slats that follow the contours of the dash and house the air vents. Back seat passengers also will have a pleasant environment thanks to the fact that the LS will only be available in a long wheelbase form, so leg room will never be in short supply. They also will have access to available reclining seats, ottoman, and Shiatsu massage functionality. According to a spokesman, the Japanese-style of massage function is a first for the LS.