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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 LF-LC GT ready to hit Gran Turismo

Lexus might not have as rich a motorsport history as its parent company Toyota does, but it's not been without its racing activities – fielding the LFA in the VLN series at the Nurburgring and powering Daytona Prototypes in American endurance racing, but especially in Japan's own Super GT touring car series. That's where it recently rolled out the RC F GT500 is to replace the aging SC430, fighting for the championship last season right up to the bitter end. And this year it will bring a similar version of the RC F to GT3 racing as well. But before it does, the Japanese automaker has given us another racing machine to lust over – only this one is just for the virtual reality of Gran Turismo 6. Following the two teaser images that previewed its reveal, Polyphony Digital (the studio behind the Gran Turismo franchise) has revealed the new Lexus LF-LC GT. The latest in the Vision Gran Turismo series of virtual racers, the Lexus concept starts with the LF-LC show car revealed at the Detroit Auto Show back in 2012, but applies to it some of the same queues as the aforementioned RC F racer. The bodywork melds into extended aprons to keep the car glued to the digital track, there's a side-exit exhaust, carbon hood and roof, a giant rear wing, gargantuan diffuser and lightweight alloys on racing slicks. It's even got the rainbow-swirled white paint job of the RC F GT3 concept. Technical details weren't released, but then this concept wasn't designed to hit any real road or track any time in the near future, anyway. Related Video:

MT digs deep, learns more about hot Lexus RC coupe

As we patiently wait for the all-new Lexus RC to be unveiled at the Tokyo Motor Show in November, Motor Trend has dug up some tasty info on the Japanese automaker's new coupe for us to discuss. While we already knew some speculative, but credible, details on the upcoming two-door Lexus, MT reportedly has the dish on some details of the hotter RC F coupe (shown in the spy shots above).
The article says that the F will carry a six-figure MSRP and use a 455-horsepower, 5.0-liter V8 with cylinder deactivation, mated to an eight-speed automatic transmission. Carbon fiber body components will help reduce curb weight, and the scooped hood is said to optimize aerodynamics as the car will reach a top speed of around 186 miles per hour. Specific high-speed handling improvements include specially developed Brembo brakes, a beefed-up suspension, Michelin Pilot Sport PS2 tires and an automatic decklid spoiler.
As for other RC models, MT mentions the hybrid and V6 variants we already heard about, but it also says that the car could get a 2.0-liter turbo engine. This will probably be the engine used in the base model, which is expected to start at around $40,000. Head on over to Motor Trend for the full article, including a rendered image of the RC F.