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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.

Lexus LX to get diesel engine?

Australian consumers appear poised to get another diesel-burning luxury SUV in the near future, and word is it's coming from Lexus, of all automakers. Sean Hanley, chief executive of the company's branch in Oz, recently told Aussie website Drive that he's "pretty confident" that the new engine for the LX is getting the green light.
Like in the US, the LX in Australia is currently only offered with a 5.7-liter, gasoline-burning V8. However, sales of the big SUV are presently minuscule Down Under, with Drive reporting just 153 LX570s sold in all of Oz last year. Hanley is negotiating with Japan to get the new diesel in hopes of boosting flagging sales. If his efforts are successful, it would be the first diesel engine offered in a Lexus there. Hanley didn't specify exactly which mill the SUV would get. However, given the LX's close relationship with Toyota Land Cruiser, the diesel 4.5-liter twin-turbo V8 already available in the Toyota in markets outside of North America seems like a natural choice.
Don't expect the variant to be hopping across the Pacific, though. Lexus spokesperson Allison Takahashi tells Autoblog she has heard "nothing" about an oil-burning LX coming to the US. That's not a huge surprise, though, because neither Toyota nor Lexus offer any diesels in their lineups today. Also, Lexus has only sold 1,981 LX570s through June, which only placed it ahead of the LFA supercar in the brand's sales. It's probably just not worth certifying the engine for such a low-volume model.

2014 Lexus GS gets eight-speed auto, other enhancements

The Lexus GS was totally redesigned for the 2013 model year, but Lexus is already tweaking its midsize luxury sedan. While a handful of small changes are being made, the big news for the 2014 model year is that rear-wheel-drive GS350 models will be getting a new eight-speed automatic transmission for improved fuel economy and performance.
Official EPA estimates have yet to be released, but Lexus expects this new transmission to return 19 miles per gallon in the city and 29 mpg on the highway - an improvement of 1 mpg highway. The GS450h still uses a continuously variable transmission, but Lexus says that it has been optimized to mimic the shift points of an eight-speed automatic. The final powertrain change made to the 2014 Lexus GS include tweaks to the GS350's engine intake and exhaust systems, which should help give the sedan a sportier feel.
Inside, Lexus has added Siri Eyes Free inside both the GS350 and GS450h, which allows drivers to use their iPhone's Siri voice assistant simply by pushing a button on the steering wheel. Other changes include a new full-color head-up display, and an available power trunk opener. A new Luxury Package adds LED fog lights, 18-inch "superchrome" wheels on the GS350 and 18-inch graphite-finish wheels on the GS450h. Interesting, the optional Lexus Night View system has been dropped.