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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, Honda, Mazda and Nissan recall 3.4 million vehicles for faulty airbags

Most vehicle recalls that take place these days are a result of some problem that happens during the manufacturing process by the automaker, but as we see here, parts suppliers can also factor in to problematic safety issues. Automotive News is reporting that a total of 3.4 million vehicles produced by Japanese automakers between 2000 and 2004 are being recalled globally due to faulty airbags produced by an outside supplier, Takata Corp.
According to the report, vehicles from Toyota, Honda, Nissan and Mazda are being recalled because of passenger front airbags that do not inflate properly. Globally, Toyota is said to be recalling around 1.73 million cars including 510,000 in the US composed of Toyota Corolla, Matrix, Sequoia and Tundra as well as the Lexus SC430 for the 2001 through 2003 model years; this is the second time this year the 2003 Corolla and Matrix have been recalled for an airbag problem. Honda is recalling 1.14 million models, Nissan another 480,000 and Mazda 45,463. The article says that Takata supplied faulty airbags to non-Japanese automakers, but it did not specify which ones.
Honda and Toyota have released information on their own websites about the recall, while Nissan and Mazda have not yet commented. Read official press releases from Honda and Toyota, below, and look for updates as we have word from the others.

TMG's super Lexus LS Sports 650 gets track tested

The people at Toyota Motorsport GmbH have been responsible for the Japanese automaker's motorsports efforts since the 1970s, but since Toyota pulled out of Formula One after the 2009 season, the tuning shop has been developing a super sedan based on the Lexus LS called the Sports 650. Details on TMG's first road car have been scarce, but XCAR was recently invited to drive the 641-horsepower Lexus on track.
Here's what we know: the Sports 650 has enough power to sprint to 60 miles per hour in under four seconds, tops out at 199 mph, weighs over two tons and utilizes LFA brakes. Oh, and its twin-turbo V8 bellows like an AMG V8. That last part isn't surprising when considering TMG could become Toyota's in-house tuning arm - like AMG is to Mercedes-Benz. As for the bespoke body kit, fender flares and stacked exhaust pipes? They fit the car well and even remind us a bit of Lexus' other high-performance sedan, the IS F. Currently there are no plans for the Sports 650 to be made into a production car, but we doubt TMG is devoting this much effort developing the LS into a road-rocket for nothing.
Check out XCAR's video below to see the AMG-fighter wrung out on track, and then ponder what could be if TMG were let loose to fiddle with other cars in Lexus' lineup. Now that's something we could get used to!