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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.

You can almost make out the shape of the new Subaru Crosstrek

Subaru released a shadowy teaser of the redesigned XV hatchback which will debut in March at the Geneva Motor Show. The car will be called the Crosstrek in the United States. We can't see much from this dark image, but it looks like the sides have more creases and definition than the current model, which has been on sale since 2013 with only minor changes. Subaru showed the XV concept at Geneva last year with wild wheels, sharp headlights, severe side cuts, and prominent off-road-style body cladding. Naturally, we expect a more toned-down version in production trim. Subaru confirmed the new vehicle will offer its Symmetrical All-Wheel-Drive system (we'd be stunned if it didn't). The Crosstrek will also employ Subaru's new Global Platform, which is more rigid and has a lower center of gravity. These modular underpinnings will be used on all of its next-generation models and debuted on the Impreza. The Crosstreck was called the Crosstrek XV in the US market for several years and also offered a hybrid version, which was dropped. Crosstrek sales in the US increased 7.6 percent last year to 95,677 units, placing it third behind the Outback and Forester in Subaru's portfolio. Related Video:

Subaru axes WRX and STI in UK

Auto Express reports Subaru will stop selling the Impreza, WRX and WRX STI in the UK starting next year. A spokesperson with the company said Subaru has been evaluating the Impreza and its performance in the UK for the past year and has finally decided to pull the plug. That means all of the model's performance iterations will also drop off of dealer lots, including the WRX and the STI. The unnamed spokesperson said Subaru UK currently has no plans to to bring more stock of either model once the current supply sells out. That means buyers in the UK have until around early summer 2013 to get their hands on an STI.
The move comes in response to slow demand, which has trickled off in the face of competition that best the machine in terms of refinement, performance and emissions. Moving forward, the automaker says it will focus its sales efforts on models like the XV Crosstrek, Forester and Outback, as well as the company's new BRZ sports coupe.