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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.

Heavily updated 2015 Toyota Camry to bow in New York

Looks like the new, "more emotional" Toyota Camry designer Kevin Hunter talked about back in January is going to arrive very soon, with news that Toyota's bread-and-butter sedan will be getting an update in just a few weeks time at the 2014 New York Auto Show.
"On April 16 at the New York International Auto Show, we will make an important announcement about America's best-selling car, the Toyota Camry," said Curt McAllister, Toyota product news manager, in an emailed statement. Considering the high-profile nature of the NYAS - not to mention the competition that will be shown there - it makes sense that Toyota would choose to unveil something as significant as a major refresh at the Javits Center.
We wish we had more to tell you than this, but unfortunately, that's about all we've got to go on at this time. Of course, we'll have much more for you during the lead up to NYAS, including any leaks of the refreshed Camry. Stay tuned.

Toyota and Subaru file patents for performance FR-S and BRZ

People have longed for a more powerful version of the Subaru BRZ, Scion FR-S, and Toyota GT86 since the triplets arrived on the market. So far, neither partner in the deal has launched a model to fully satiate that hunger. However, the Japanese patent office recently approved documents from Toyota for the design of a vehicle that looks just like the Subaru STI Performance Concept (pictured above). According to AutoGuide, the filing also gives Fuji Heavy Industries credit for the design. The STI Performance Concept debuted at this year's New York Auto Show as an early step in STI's attempt to expand its reach here. The BRZ-derived coupe featured a body with a ground-scraping front bumper, tweaked headlights, wider fenders, a massive rear wing, and diffuser with a center-exit exhaust. All of these elements also show up on the patent renderings. The concept was just as exciting under the hood because STI installed a 2.0-liter, turbocharged boxer four-cylinder from its GT300 racer, and upgrades for the chassis, suspension, and brakes came from the Japanese market's BRZ tS. While the coupe made hearts race, the company was clear it didn't necessarily plan to build the model. Patent filings aren't a guarantee for production, and even if this one does arrive in showrooms, it might not come to the US. That's because Subaru and Toyota have a history of creating Japan-exclusive versions like the tS or Style Cb. That being said, spy shots have revealed a camouflaged GT86 testing in Europe, and rumors indicate more power from the engine. Subie's boss has even confirmed the existence of a partnership to create a next-gen model. Related Video: