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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 bringing next-gen IS to Detroit

With ES, GS and LS models all now minty fresh at your local Lexus showroom, it was only a matter of time before we had official word that the company's IS had a replacement in the wings. That word has come down today in an ultra brief press release that names the date and venue that the sheet will be pulled on the new car: January 15th in Detroit at the North American International Auto Show.
Don't pay too much attention to the test mule in these dusty spy shots, we're told that the small Lexus has been "completely redesigned" from the inside out and that it has drawn inspiration from the sultry LF-CC concept car. In LA we learned that the LF-CC has been green-lit for production, so we'd expect to see a lot of cues from that car (in the gallery below) lifted directly for the all-new IS. New fang-face, here we come.
While a coupe and a convertible version of the next IS are undoubtedly in the cards, too, we'd guess that the sedan will be first to go on stage at Detroit next month.

Award-winning Lexus Sport Yacht to get a production successor

Imagine driving along a coastal road in the evening sun, listening to Christopher Cross, Michael McDonald or some other very smooth singer usually associated with the tag "Yacht Rock". Perhaps a Lexus coupe could very well suit that soft rock mental imagery, with "Sailing" playing from its Mark Levinson audio as you cruise down the road in a laid-back fashion. But you could in fact be sailing in a Lexus-branded boat, too. Revealed a year ago, the Lexus Sport Yacht isn't just a badge-engineering job: it was created by Lexus Design, engineered by Toyota's Marine Division and built by the Wisconsin-based boat manufacturer Marquis-Larson Boat Group. The one existing example has just now been honored at the Yokohama International Boat Show, by Japan's Boat of the Year committee. As Toyota's Executive Vice President Shigeki Tomoyama accepted the award, he also announced production plans for a globally sold Lexus Yacht. "Based on our amazing experiences in engineering, building, testing and showing the Lexus Sport Yacht concept last year, we've decided to take the next bold step of producing an all-new larger yacht that builds on the advanced nature of the concept while adding more comfort and living space," Tomoyama said. "We plan to start sales in the U.S. in the latter half of 2019, with sales in Japan following in the spring of 2020." The new, 65-foot yacht will be built in partnership with Marquis-Larson, and more details of it will be revealed later. Related Video: