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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.

2019 Subaru Crosstrek Hybrid PHEV electric range, according to CARB

Subaru's first plug-in vehicle is coming, and it's coming soon. The end of 2018 is upon us already, and the 2019 Subaru Crosstrek Hybrid is almost ready for primetime. This time around, it has a plug, a feature that is notably absent from the car's nomenclature, a la the Chrysler Pacifica Hybrid. It will also borrow its PHEV technology from Toyota and now, we have California Air Resources Board ( CARB) documents that suggest the Crosstrek Hybrid's all-electric range. According to the document (which can be seen in PDF form here), CARB rates the Crosstrek Hybrid's Urban Dynamometer Driving Schedule electric range at 25.650 miles. For what it's worth, the Toyota Prius Prime with which this Subaru shares powertrain tech, has an EPA-estimated all-electric range of 25 miles and a highway electric range of 21.9 miles. The document also lists an "equivalent" all-electric urban range of 26.273 miles and "equivalent" all-electric highway range of 27.381 miles. ("Equivalent" range calculations come into play when PHEVs use a mix of electric and gas power at the same time.) The Crosstrek, which will use Subaru's own 2.0-liter gasoline engine, doesn't appear to suffer a reduction in electric range compared to the Prius Prime despite its size, elevated ride height or all-wheel-drive system, which raises a lot of questions. The reasons are still unclear, as we don't have a lot of details about the underpinnings of the 2019 Crosstrek Hybrid, and we can't help but be skeptical about those figures. Will it have a bigger battery than the Prime's 8.8-kWh pack? Will the electric motor drive all four wheels, or will it only power one axle under all-electric power? What other mitigating factors could add efficiency and, in effect, range to this Subaru? Are these calculations, in fact, indicative of the yet-to-be-announced official figures? Of course, we'll have to see how the EPA's final estimated driving range shakes out before we draw our official comparisons. We'll know a lot more when the 2019 Crosstrek Hybrid gets its official debut before the end of this year, plug and all. Related Video: News Source: California Air Resources BoardImage Credit: Subaru Green Subaru Fuel Efficiency Crossover Electric Hybrid PHEV

Subaru plans commemorative 50th-anniversary editions of each vehicle in 2018

Subaru will release limited-edition commemorative models of each of its vehicles next year as a way to mark its 50th anniversary in the U.S. on Feb. 15, the company said. Each edition will get a new, common color based on a high-level trim and special badging, with more details to come at the Chicago Auto Show in February. The company famous for its all-wheel-drive vehicles, boxer engines and being popular among the granola set teased plans for its anniversary celebration year back in February, saying it would also make a special donation of "50 cars for 50 years" to benefit an as-yet unnamed national charity. Subaru of America was founded on Feb. 15, 1968 in a small rental unit in Balboa Park, Calif. by American businessmen Malcolm Bricklin and Harvey Lamm as a way to sell Subaru dealer franchises. Soon after, the company relocated to Bala Cynwyd, Pa., and it has remained in the Delaware River valley ever since. It was acquired by Fuji Heavy Industries in 1990. The parent company, now known as Subaru Corp., launched in 1953 and under the core Subaru-named auto business in 1958. Its first vehicle on the U.S. market arrived in 1968 as the 360, a clear competitor to the Volkswagen Beetle that was $300 cheaper and 1,000 pounds lighter. Its sales suffered after Consumer Reports rated it as "unacceptable." Its FF-1 arrived in the U.S. in 1970 and represented the first Japanese car to feature front-wheel-drive and to have a horizontally opposed boxer engine. The company's first all-wheel-drive station wagon came to the U.S. in 1975. Subaru plans to reveal its new three-row Ascent crossover next week at the L.A. Auto Show. Last month it unveiled special JDM model versions of the BRZ and WRX STI at the Tokyo Motor Show. In October the company announced it would cease production of industrial products after 60 years in order to focus on making automobiles. Subaru of America is developing a new headquarters complex in Camden, N.J., which it expects to open early next year.Related Video: Featured Gallery Subaru 50 years of cars View 22 Photos Image Credit: Subaru Subaru Hatchback SUV Wagon Sedan station wagon subaru ascent