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Toyota reports huge quarterly profit increase, raises forecast for the year

Toyota isn't just the world's largest automaker - so far its the biggest winner for quarterly profits. With an enormous $5.5 billion take during Q2, Toyota took advantage of the weak Japanese yen and strong US demand to record a 94-percent improvement in profit over the same period from last year. So far, Toyota brought in larger profits than Ford and General Motors combined.
Toyota is showing no signs of slowing down either, as it has bumped up its forecast for full-year global production, going from 9.94 million to 10.12 million vehicles, on the back of a 13-percent drop in the buying power of the Japanese yen versus the US dollar. That strong exchange rate is largely responsible for Toyota's big jump in profits, although it also managed to shift 1.3 million vehicles in the US market this year. Strong Camry sales have also helped. But while Toyota is raking in the cash, it actually saw a small drop in market share, down 0.1 percent to 14.3 percent of the US market.
As is the case with most automakers, Toyota seems flummoxed by Europe, where it recorded less than one percent of its revenue. Still, as Automotive News points out, Toyota only maintains a 4.5-percent market share in Europe and is far less dependent on the continent than other manufacturers. Toyota also struggled at home, much like Honda. With 525,777 units sold, JDM sales were down almost 51,000 units, although Toyota still saw its operating profit jump from $3.5 billion to $4.6 billion.

2013 Pikes Peak Hill Climb, Practice Day 4

The fourth and final practice day of the 91st Pikes Peak International Hill Climb is complete. Tomorrow everyone will make any last-minute adjustments and get their cars, their bits and bobs lined up in the pits for Sunday morning's this-time-it-counts run.
The Unlimited runners took on the top section of the course today, Sébastien Loeb and his big-mouth Peugeot acing the practice test again with a time of 2:11. Rhys Millen's team proved its got the engine issues of two days ago in the Hyundai PM580T sorted out, posting the next-best time at 2:27.16. The reason we had to dip all the way into the hundredths for his time is because he nipped Romain Dumas by just .31 of them, the Frenchman in the Norma M20FC PP running the course in 2:27.47. In fourth came the Frenchman in the monster Mini, Jean-Philippe Dayraut six seconds back at 2:33.
Time Attack competitors, also on the upper section, were led by Paul Dallenbach in the Hyundai Genesis Coupe with a time of 2:36, Porsche pilot Jeff Zwart crossing the line six seconds later at 2:42, fellow Porsche driver David Donner coming in another six seconds back at 2:48. Dallenbach has topped three of the four practice-day sessions, sliding into the second spot behind Donner only on Practice Day 2.

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.