Toyota Banks Best-Ever Quarter

Toyota reported its highest quarterly earnings ever today after profits surged 32% to $4.1 billion due to booming sales and favorable exchange rates for the yen. Revenue rose $54 billion, up 16% compared to the same quarter last year, and the Japanese giant sold 2.16 million cars, an increase of 3.3%, the Detroit Free Press reports.

Two new Toyotas, the Luxury Lexus LS and the Tundra pickup, helped Toyota reach its record earnings and zoom past General Motors as the world's top seller of cars and trucks for the first half of 2007. The company says it plans to net $14 billion by the end of the fiscal year. (More cars stories.)