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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.

Half of Chinese car buyers won't shop Japanese over hard feelings

The hard feelings between China and Japan is no real secret. Besides modern-day disputes, the two countries have had a long-running enmity that dates back to well before the atrocities of World War II. All things considered, then, it shouldn't be a shock that half of Chinese car buyers wouldn't consider a Japanese car. This survey, conducted by Bernstein Research, found that 51 percent of 40,000 Chinese consumers wouldn't even consider a Japanese car – which, again, isn't really surprising, when you consider stories like this. According to Bernstein, the most troubling thing is the location of these sentiments – smaller, growing cities where the population is going to need sets of wheels. We imagine it wouldn't be as big of an issue in traffic-clogged Shanghai or Beijing, but these small cities are going to become a major focus for automakers. "Nationalistic feelings are an impediment. [Japanese] premium brands will struggle," analyst Max Warburton wrote in a research note, according to The Wall Street Journal. Things will improve for Japanese makes, although China will remain a challenge, with Warburton writing, "the one thing that comes out most clearly is that most Chinese really want a German car. While we expect Japanese brands to continue to recover market share this year, ultimately the market will belong to the Germans." There are a few other insights from the study. According to WSJ, Japanese brands are viewed better than Korean brands, and they're seen as more comfortable than the offerings from Germany or the US, despite the fact that everyone in China apparently wants a German car. This is a tough position for the Japanese makes to be in, as there's really not a lot they can do to win favor with Chinese buyers. It will be interesting to see how this plays out, particularly as the importance of the PRC continues to increase year after year. News Source: The Wall Street Journal - sub. req.Image Credit: Kazuhiro Nogi / AFP / Getty Images Honda Mazda Nissan Toyota Car Buying

Recharge Wrap-up: Q50 Hybrid video, Iran's biodiesel weed

A new video from Infiniti showcases the Q50 Hybrid's kinetic energy recovery technology, borrowed from Formula One. The video details what is going on inside both the Q50 Hybrid and the racecar when it gathers energy to store for later use, offering better performance than an internal combustion engine alone. In the Q50 Hybrid, that electric energy helps the car accelerate from 0-60 in 4.9 seconds. The video also serves to highlight the relationship between racing innovation and performance and efficiency improvements in production vehicles. See the video above. The 2015 Toyota Prius C has been named a Top Safety Pick by the Insurance Institute for Highway Safety (IIHS). The compact hybrid, updated for the 2015 model year, has been upgraded from a "poor" to "acceptable" rating in the small overlap crash test, placing it on the Top Safety Pick list. Beginning in the 2016 model year, cars will have to score a "good" rating on the test to make the list, which means further improvements will be necessary if Toyota wants the Prius C to maintain its safety status with the IIHS. Read more at Green Car Reports. A couple in Tennessee have been found guilty of scamming the state in a fake biodiesel scheme. John and Lisa Brichetto's Northington Energy LLC received a state loan to produce biodiesel in 2011, but the facility never started production and was later foreclosed upon. In addition to the $142,215 the Brichettos defrauded from Tennessee, the state also invested in utilities and roads, while the US Department of Agriculture also paid for site improvements. Read more from the Times Free Press. Researchers in Iran have developed a way to make biodiesel from a weed. Scientists at the Islamic Azad University have created two liters of biomass for biofuel from flixweed. Flixweed, also called herb-Sophia and tansy mustard, is a non-edible weed that grows in various climates with little to no effort. It was found to contain 22 percent oil and fatty acids, and the biomass contains oxygenated chemical components. "This issue is important because the atomic oxygen in the fuel of a car directly cuts exhaust and the dangerous carbon monoxide and cancerous particles suspended in air," says Mehdi Alami, a chemistry graduate working on the project. Read more at Press TV.