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Subaru posts 15.7% rise in fill-year operating profit

TOKYO — Subaru on Monday posted a 15.7% rise in annual operating profit in the fiscal year that ended in March as it recovered from a raft of product recalls last year, but warned that sales of its cars would take a hit from the coronavirus outbreak. Profit rose to 210.3 billion yen ($1.96 billion) for the year just ended, from 181.7 billion yen a year earlier under international financial reporting standards. It exceeded a consensus estimate of 204.7 billion yen profit drawn from 17 analysts polled by Refinitiv. Global automakers are struggling to recover from the coronavirus, which has pummeled car sales as shelter-in-place orders in many countries clobbered car demand, while plant workers had been left unable to commute to work. Though Subaru and its rivals have begun to restart vehicle factories, anaemic demand, supply chain disruption and social distancing measures at factories are expected to limit output in the coming months. "We saw a limited impact of the coronavirus on our results for the year just ended," Chief Executive Tomomi Nakamura told a teleconference. "But although we have resumed production this month, we are only operating one shift in Japan, and the pace of U.S. output has slowed significantly ... we see many uncertainties related to the virus." As a result, the maker of the Outback and Forester SUV crossovers declined to give an earnings forecast for the current business year, while it slashed its year-end dividend for the year just ended by 61% to 28 yen per share. Some analysts believe industry-wide global auto sales could slump by a third this year and that any recovery will be slow and patchy as job losses and reduced incomes weigh on consumer spending. Subaru, which earns two-thirds of its vehicle sales from the United States, acknowledged that it may take a hit in the coming months as its biggest market struggles get the coronavirus pandemic under control. The automaker saw a 3% rise in global vehicle sales in the year to March to 1.03 million units, bouncing back from last year, when a defective steering component and measures to improve inspection tests had stopped output for two weeks at its sole assembly plant in Japan. The process to restart its U.S. plants would take time, Subaru said, and it expects to produce only around 5,000 units this month, a fraction of last year's 40,000. The virus would result in a global production hit of around 150,000 units, it added.

Subaru launches production of Ascent crossover in Indiana

Subaru began production Monday of the new Ascent, its much-anticipated three-row crossover, at its plant in Lafayette, Ind. It's set to arrive at dealers in June as a 2019 model and will start at $32,970, including shipping. The Ascent joins the Impreza, Legacy and Outback as vehicles built at the plant. It'll compete with three-row utility vehicles like the Honda Pilot, Toyota Highlander, Chevrolet Traverse and Volkswagen Atlas. (Read our comparison of the Ascent to the former two here.) Subaru built around 364,000 vehicles at the Indiana plant last year and expects the Ascent to nudge that up to around 400,000 vehicles a year. The automaker spent $140 million and added 1,200 jobs at Lafayette to support the Ascent. The company in late 2016 shifted production of the Impreza sedan and hatchback to the factory, its lone manufacturing site outside of Japan, to free up room at its plant in Gunma Prefecture for the hot-selling Crosstrek, which has been singlehandedly lifting Subaru's U.S. sales lately. A Subaru spokesman told Autoblog recently that the company hopes to sell 60,000 Ascents in the first year and had already booked more than 4,000 sold orders on the vehicle from customers who hadn't seen or driven it. The Ascent will come in either seven- or eight-seat configurations, is offered in all-wheel-drive and is based on a modified version of the same Subaru Global Platform that underpins the Impreza. It's powered by an all-new 2.4-liter turbocharged boxer four-cylinder that makes 260 horsepower and 277 pound-feet of torque. It fills a slot formerly occupied by the Tribeca, Subaru's last three-row vehicle, which was discontinued in 2014. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

2014 Subaru Forester XT

Power Doesn't Come Cheap
When Subaru first offered a turbocharged Forester XT model to US customers for the 2004 model year, the shoe-shaped second-gen model fell into a ready-made competitive set of small, V6-powered crossovers and SUVs. The XT might have been more of a raucous shopping-trip companion than, say, a Ford Escape V6, but the basics of the cars offered a clear differentiation from the naturally aspirated, four-cylinder models found just a bit downmarket. Here in 2013, the V6 breed of crossover in this size class is all but extinct, and turbocharged four-cylinders with the power to compete with the XT are not thick on the ground.
In many ways, the comparative analysis gets most interesting when you start looking around for CUVs to match up with the all-boxes-ticked Forester XT Touring that we had as a tester for a recent week. The top of the line Touring trim means that the Forester comes with features like 10-way power seats, leather, navigation, a Harmon Kardon sound system with HD radio, Bluetooth and more. In fact, our Forester also had the only option package available on the XT Touring; one that included keyless access, HID headlights and Subaru's EyeSight system (adaptive cruise, lane departure warning and pre-collision braking).