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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.

Ford F-150 could be affected by tornado-damaged supplier in S.C.

The disruption caused by a tornado that severely damaged a South Carolina auto-parts plant and killed a contract security guard last week could be felt by more automakers than just Ford and affect more than just its best-selling F-Series pickup, which is due for an update. And there’s still no estimate for when operations might resume at the plant. The Detroit Free Press reports that the BorgWarner plant in Seneca, near Greenville, makes transfer cases for F-150 and Super Duty pickups, the Ford Explorer and Expedition, Transit cargo vans, and Lincoln Navigator and Aviator SUVs. ItÂ’s also a supplier for the Ram 1500 and Toyota Tundra trucks. Transfer cases shift power from the transmission to the front and rear axles in four-wheel-drive vehicles. BorgWarner says it still has no update for when it might partially or fully resume operations. The tornado that ripped through the area in the western part of the state on April 13 tore the roof, walls and signage off the factory and killed a 77-year-old contract worker when the security building he was sheltering in collapsed. Only four or five others were inside the plant, which has been idled because of the coronavirus outbreak, when the tornado struck. In an SEC filing on Friday, Ford said it has sent employees to the site to help BorgWarner and assess the damage to FordÂ’s tooling. “Initial assessments indicate that the Ford tooling was not materially damaged in this incident,” Ford said in the filing. “We do not have sufficient information to estimate when the facility will be back on-line or whether or the extent to which this incident will impact our plans to resume production of four-wheel drive and all-wheel drive vehicles.” A Fiat Chrysler spokeswoman also told the Freep the company was working with BorgWarner on recovery plans. A Toyota spokesman told Autoblog that "we are collaborating with BorgWarner to help restore production for transfer cases for Tundra assembly. We are confident that theyÂ’ll fully recover over time." Like other automakers, Ford shut down production at its U.S. plants last month as a precaution against the coronavirus pandemic. But Ford hasnÂ’t yet said when it plans to reopen its factories. FCA is targeting May 4 to resume production. Models like the F-150 and Lincoln Navigator are major sources of profit for Ford, which estimated it lost $2 billion in the first quarter.

Tech of the Year special, plus we drive the hydrogen Mirai and more | Autoblog Podcast #809

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor James Riswick and Road Test Editor Zac Palmer. They kick the discussion off by talking about what they've been driving as of late, including the Toyota Mirai, Dodge Hornet, Alfa Romeo Tonale and a trio of subcompact SUVs. After that, they dive into a discussion about the 2023 Autoblog Technology of the Year award winner, which is Mercedes-Benz's Dolby Atmos Spatial Audio. Once they wrap up that segment, we get to hear the crew's latest Cybertruck takes from before the big reveal. Finally, the show wraps up with a fun Spend My Money segment. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #809 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown What we're driving 2023 Toyota Mirai 2023 Dodge Hornet 2024 Alfa Romeo Tonale 2024 Chevy Trax 2024 Kia Seltos 2024 Mazda CX-30 Turbo Technology of the Year winner and breakdown News Cybertruck preview Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: Green Podcasts Alfa Romeo Chevrolet Dodge Kia Mazda Mercedes-Benz Toyota Technology Infotainment Technology of the Year Crossover SUV Electric Luxury Performance Sedan Podcasts