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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.

Scion exec admits brand has too many dealerships, may contract network

Despite being conceived by corporate giant Toyota, Scion painstakingly built its reputation on being something of an offbeat, youth-minded brand, working hard to establish individualist, almost hipster-like credentials. So it comes as something of a surprise to hear WardsAuto report that Scion has a whopping 1,000 dealers across America - just 200 fewer than Toyota itself. This, despite a much smaller product portfolio and a sliver of the sales volume.
All those factors may explain why Bill Fay, US group vice president for Toyota, is admitting to the industry publication that its dealer network "might actually go down a little bit." As it stands, the volume end of the equation is probably an even bigger incentive - Scion's sales are way down from the salad days of the mid-2000s, when the brand had fewer models but sold more of them. With the (then) white-hot xB and tC models, Scion shifted 173,034 units in 2006, while Ward's notes the marque's 2013 sales are only at 41,261 units through July. In the story, AutoPacific analyst Dave Sullivan observes that other low-volume brands have far fewer dealer points, noting that Mini has just 115 dealer points and Infiniti has 200. By Sullivan's estimate, he would expect to see 350-500 Scion stores based on its sales figures.
Dealer question aside, the bigger issue is where the brand goes from here, and Fay admits Toyota is studying a number of different strategies, including possibly going "small-premium." Nothing is finalized, though according to Ward's, Fay discounts the idea that the FR-S - the brand's sales bright spot - will drive the brand to consider a more driver-oriented lineup.

Scion xB won't live past 2015

The grim reaper has trailed the Scion xB for three years, and in 2015, he swings his scythe. Scion VP Doug Murtha told WardsAuto last week that as of the end of this year, the xB will be gone. It will have lived just one year longer than the Scion xD, which was updated for the 2014 model year and at one point had been expected to live until the end of this year. As we've known for a while, the new Scion iM will replace the once-icon xB. Or perhaps that's 'supersede' the once-icon, since even company brass knows that the iM, which is Europe's Toyota Auris five-door hatchback, isn't a replacement for the unapologetic box that was the xB. The xB was one of the cubic trio – along with the first of its kind here, the Honda Element, and the aptly named Nissan Cube – all of which had a hard time figuring out a second act. The Kia Soul is the last of the proud geometric figures, and six years into its run here it is doing better than ever, 2014 being a record year for the model. The xB was well into its decline after the same amount of time on the market. Cars Direct says that if you want an xB then you shouldn't wait, and, "It might be a good idea to make a move soon." On the other hand, CD advises that "if you're looking for a better deal," then it's the Kia Soul you want. Insert that chestnut here about the mighty, and the falling. Related Video: