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Subaru profit climbs 48% on strong crossover sales in first quarter

TOKYO — Subaru reported a 48% increase in first-quarter operating profit on Monday as global sales grew, led by demand for the Ascent and Forester SUVs in the United States. The smallest of Japan's major automakers posted an operating income of 92.2 billion yen ($870 million) for April-June, versus 62.1 billion yen a year earlier and an average estimate of 65.6 billion yen from eight analysts polled by Refinitiv. Sales in the United States, by far Subaru's biggest market, rose 20%. It accounts for about 60% of Subaru's overall sales. The maker of Legacy sedans and Forester SUV crossovers maintained its forecast for operating income at 260 billion yen for the year to March 2020, up 45% from a year earlier. The previous fiscal year was marred by a string of recalls, production stoppages and inspection improprieties that cut the automaker's earnings in half. Subaru reiterated its annual forecast for global sales of 1.06 million vehicles. It also left unchanged its assumption that the yen will average 110 against the dollar over the course of the fiscal year, versus 111 last year. A stronger currency eats into profits because cars exported from Japan become more expensive and the value of earnings made overseas decreases.

Subaru confirms it's found a new HQ location in Camden, NJ

Subaru is packing up shop and making a big move, announcing that it will be relocating its Cherry Hill, NJ headquarters. Is the company pulling a Toyota and moving across the country, or perhaps following the example set by Cadillac and relocating to a major metropolis? Nope. The all-wheel-drive aficionados are going just four miles down the road, to Camden, NJ. We suppose that is one way to celebrate all of the company's sales successes. The move hasn't been confirmed through the New Jersey government just yet – it needs to be approved by the New Jersey Economic Development Authority – but if it gets the green light, it will see the company relocate to a new, 250,000-square-foot facility that's twice the size of its current headquarters. The land the company will be developing on is currently owned by Campbell Soup Company. Provided the NJEDA approves the plan, Subaru will work things out with its developers, and is hoping to be up and running at the new facility by 2016 or early 2017. Take a look below for the company's announcement. December 5, 2014 SUBARU OF AMERICA CONFIRMS APPLICATION FOR NEW HQ LOCATION IN CAMDEN, N.J. Cherry Hill, N.J. - Subaru of America, Inc. has confirmed that it has identified the preferred location of its new corporate headquarters as an all-new development in Camden, N.J. The new site is approximately four miles from the company's current location in Cherry Hill, N.J. The confirmation comes as Subaru celebrates six successive annual sales records and the new building is planned to bring on to one campus various functions of the company including Sales, Marketing, Service and Administration that are presently housed across three separate sites in southern New Jersey. The new site is adjacent to the Campbell Gateway District and is currently owned by Campbell Soup Company. Subaru of America will house more than 500 employees and contractors in the new facility that at 250,000 square feet will be double the size of the current HQ building. Subaru of America's application is now subject to New Jersey Economic Development Authority (EDA) approval, followed by negotiations with the developer Brandywine Realty Trust and then a concluding internal cost approval process. Final decision is expected by April 2015 and subject to this approval, Subaru plans to complete the project by fourth quarter, 2016 or early 2017.

Lexus, Mazda and Subaru top Consumer Reports Brand Report Cards

A revised methodology in devising its annual Car Brand Report Cards has seen Consumer Reports award Lexus its top overall ranking for 2013. For the first time ever, the institute broke out individual brands from their larger corporate umbrellas, meaning car makers like Lexus and Scion were judged independently from parent company Toyota. That strategy worked out well for Lexus, as the luxury brand earned a top report card score of 79 for the 2013 model year.
The institute has recommended every one of the Lexus models it has tested to date, and said that the company's products won out thanks to "a foundation of plush and very reliable vehicles."
Meanwhile, Mazda and Subaru tied for the second-highest scoring report cars, with scores of 76. Subaru earned praised for sporting models like the BRZ, which CR testers apparently had a lot of fun driving (naturally), while the Mazda products were lauded for their blend of practicality, sportiness and efficiency. Both of the Japanese brands offered good handling, fuel economy and versatility, said Consumer Reports.