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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 LF-CC gets green light, Evoque rival under consideration

While wandering the floor at this week's LA Auto Show, we had a bit of an epiphany at the Lexus stand. The traditionally stodgy Toyota premium outlet is really starting to come into its own in terms of exciting design. And not just with production models like the excellent new GS sedan. At the front of the display, a triangular formation of plinths was a feast for the eyes - the head was formed by the LFA Nurburgring Package supercar, flanked on either side by the company's outré LF-LC and LF-CC concept cars.
So consider it welcome news on our end that the LF-CC concept shown above has apparently been given the production green light, with a projected arrival by 2015. So says Autocar, which quotes an unnamed source at Lexus willing to confirm that a senior engineer has been tasked with the project. The British publication suggests that the production version of the 2012 Paris Motor Show star will probably be built in both coupe and convertible formats and ride atop the automaker's new modular rear-wheel drive architecture. Power is expected to be an evolution of the GS 350h's hybrid drivetrain.
In other news, that same shadowy source at Lexus has reportedly confirmed that the Japanese luxury brand is "seriously studying" offering a small SUV in the mold of the stylish Range Rover Evoque from Land Rover, though no further details are given. Lexus' own RX crossover range has long been a massive hit for the brand, leaving many industry analysts scratching their heads as to why the automaker hasn't already expanded its crossover offerings to include both larger and smaller formats.

2014 Lexus IS gets TRD bits

Toyota Racing Development (TRD) in Japan has designed cosmetic and performance bits that give the 2014 Lexus IS a front-to-back workover. Different from the F-Sport parts we expect from Lexus here, the full body kit runs 437,700 yen ($4,285 US) and starts with air deflectors at the lower edges of the front bumper, through to side skirts, a decklid spoiler and a rear bumper with a diffuser and quad exhaust tips.
For 288,750 yen ($2,830) you can sharpen responses with new shocks, springs, dampers, sway bar and bracing. The priciest individual component is the set of 19-inch wheels, four of them going for 527,625 yen (5,170 US). There's no word on US importation or pricing yet, but done up all in black like the IS above, we wouldn't mind seeing it here.