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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 recalling 11,200 Scion iQ models over faulty passenger sensors

Toyota has announced a voluntary recall of 11,200 Scion iQ models from the 2012 and 2013 model years. According to the manufacturer, the problem with these pint-sized hatchbacks concerns the front passenger Occupant Classification System (OCS) weight sensor cables.
The OCS sensors in the front passenger seat control the operation of things like the airbags and seatbelt pre-tensioner. In these affected models, the cables for these sensors located in the seat track can become damaged as the passenger seat slides forward and backward. And if the cables are damaged, the airbags and seatbelt pre-tensioner may not function properly.
No injuries or crashes have been reported in conjunction with this issue.

Scion reveals SEMA concepts, Tuner Challenge finalists

Scion has become something of a tuner favorite, so it's only fitting that Toyota's youth-oriented brand have an array of show cars ready for SEMA each year. And this year will be no exception.
Scion itself is bringing five cars to SEMA this year, and as you might expect, they're mostly based on the FR-S. There's a black one done in partnership with DJ Steve Aoki with an onboard mixing station, another (in white and black) done with Bulletproof Automotive with a 500-horsepower engine and fresh bodywork, a grey one done up with GReddy with a 750-horsepower turbocharged engine and, the slickest of the group, the Style J concept (pictured above) with matte grey bodywork, a Scirocco-style nose and a full leather interior. There's also a stretched xB done up by Cartel Customs and laden with tech.
Aside from Scion's own show cars, the automaker has also released the details on three entries for its Tuner Challenge: one each from the East Coast, Pacific Northwest and Southern California. Scion gave each builder a stock tC, 90 days and $15,000 to build their concepts that will be judged by an expert panel at the SEMA show, with the winner taking home a $10,000 prize.