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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 C-HR Concept looks sharp at LA Auto Show

The Scion C-HR concept was shown off as a Toyota concept last year at the Paris Motor Show, and we've been told it will show up at next year's Geneva Motor Show in production form. In the transition from a Toyota to a US-focused Scion, though, it's been saddled with a regrettable piece of marketing-speak: the press release says the C-HR concept was designed for "yuccies." That's an acronym describing 'young, urban creatives,' and it should go away. The C-HR is at the LA Auto Show, however, a visually fascinating concept that we're looking forward to seeing in production form; it could be good, or it could be meh. The C-HR stands for "Compact size and High Ride height," partly an effect of 21-inch wheels, and Scion says it will combine "supreme functionality" and "sporty performance" under that "polarizing" skin. We don't know much more than that about it now, save that its purpose is to be "a fantastic urban driving car." The press release below has lots of adjectives to help you imagine what that means; apparently, if you like cutting boards with grid lines and "earthy, modern terrariums," this will be for you. Related Video: Scion's Next Icon: World Debut of C-HR Concept Car at Los Angeles Auto Show TORRANCE, Calif., Nov. 18, 2015 – When the designers for the Scion C-HR concept began their research, they were told by young urban creative customers, "Polarizing is ok. Boring is not." That sentiment was evident today as the Scion C-HR concept had its World Debut at the Los Angeles Auto Show. With an iconic design that also incorporates functionality and sporty performance, the Scion C-HR concept is much like Scion's customer in that it strives to stand out from the crowd. "Scion is known for doing things differently, and maybe even being a little weird," said Scion Vice President Andrew Gilleland. "This C-HR concept embraces that idea and wears it like a badge of honor. We couldn't be more excited to add the production version to our line-up." The C-HR concept is named for its Compact size and High Ride height. With five doors and a hatch for supreme functionality, it's the perfect vehicle for "yuccies," the young urban creatives who inspired the design. These customers put an emphasis on great design and wanted something distinctive, sophisticated, passionate and clean. They viewed most SUVs as too boring and wanted something for their urban lifestyle that sparked emotion.

Toyota tops Kelley Blue Book's Resale Value Awards

Kelley Blue Book announced its annual Best Resale Value Award winners, and we weren't too surprised to see the list dominated by Japanese automakers - mainly Toyota and Honda. KBB hands out the awards based on the projected residual value of mostly all 2013 model year vehicles, and Toyota skated home with a number of awards including 10 of the 22 overall categories and having five of its products in the top 10 for models with best resale value. KBB's Best Resale Value Awards were announced in the same week as the ALG Residual Value Awards, and there were many similarities between both lists, especially when it came to Toyota.
To come up with its winners, KBB measures depreciation over the first five years of ownership, and looks for the cars it expects to hold its value the best after this time; on average, the report says the 2013 model year vehicles will lose 61.8 percent of its value in five years. Of the 22 categories, 15 slots were filled by Toyota, Honda and Nissan products, while the Camaro and Porsche (Cayenne and Panamera) each took home a pair of awards. If Toyota has anything to be upset about in this list of cars, it's that categories for Hybrid/Alternative Energy Car and Electric Vehicle went to the Ford Fusion and Chevrolet Volt, respectively.
The overall top 10 models for the best resale value in 2013 are, in alphabetical order: