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Toyota to boost its Subaru stake to more than 20%

TOKYO — Toyota Motor Corp plans to raise its stake in Subaru Corp to more than 20% from around 17% now, a deal that would also see the smaller firm invest in Japan's top automaker, two people with direct knowledge of the matter said on Friday. The deal is due to be approved at a Toyota board meeting on Friday, the people said, declining to be identified because the information has not been made public. The investment would come a month after Toyota and another smaller Japanese automaker, Suzuki, said they would take small equity stakes in each other. Such tie-ups highlight how automakers are scrambling to chase scale, manage costs and boost development. Traditional car makers, especially smaller ones like Subaru and Suzuki, are struggling to meet the fast pace of change in an industry being transformed by the rise of electric vehicles, ride hailing and autonomous driving. Toyota's investment is likely to cost more than 70 billion yen ($650 million) based on Subaru's stock market value, said the Nikkei business daily, which first reported the news. Subaru is likely to reciprocate with a stake in Toyota that would roughly equal the value of Toyota's additional investment, one of the people told Reuters. The companies have long worked together on projects such as the Toyota 86 and Subaru BRZ twins. At one time, Subaru built Toyota Camrys in its Indiana plant. Representatives for both Toyota and Subaru said the news was not something that had been announced by their companies. "The plan appears to be to ultimately make Subaru a fully owned subsidiary, to help create a 'mega Toyota.' This is the first step towards that," said Takeshi Miyao, managing director of Carnorama, a consultancy. "It's all about building scale." Subaru is particularly strong in sport-utility vehicles (SUV) and all-wheel-drive technology. The two automakers in June said they planned to jointly develop an electric sport-utility vehicle on a platform produced together, to split costs. Car markers around the world have been joining forces to slash development and manufacturing costs of new technology. Ford Motor Co and Volkswagen AG have said they will spend billions of dollars to jointly develop electric and self-driving vehicles. Toyota seems to be particularly keen to build scale now by investing in smaller, domestic automakers, rather than forging cross-border tie-ups like some of its rivals.

Automotive April Fools' joke roundup [w/videos]

Happy April, everyone. And we all know what this first day of the month means: April Fools' Day. Today is a national holiday for pranksters with the Internet acting as a serious enabler, and it's always fun to see what kind of vivid imaginations exist out there in the automotive world. The abundance of fake news gets a little old as the day rolls on, but we did manage to get in a few chuckles thanks to a handful of major automakers and automotive news outlets that got into the pranking spirit this year
Some of our favorites this year includes Subaru showing what happens when you combine a bunch of rumors, a Corvette some may have already thought was a joke or Honda providing some in-car innovation circa the late 1980s. Honestly, we're still waiting for official confirmation from Mitsubishi that the recently introduced 2014 Mirage is an elaborate April Fools' joke using a failed design intended for the 1995 Geo Metro. We dug up as much "official" OEM foolishness we could find, as well as some of our other favorites, and posted them all below.

2019 Subaru Crosstrek Hybrid First Drive Review | Finally, a Subie with a plug - updated

SANTA BARBARA, Calif. — Subarus are pretty good to drive — capable, comfortable, generally affordable, interesting — and with one exception, they all offer all-wheel drive. And they're a relatively green company. The active, outdoorsy and often socially conscious drivers appreciate things like Subaru's commitment to diverting waste from landfills. But there's a fact that's been nagging many of us who love to hug dogs, trees and the occasional Subaru: there's no electric option. Subaru, an automaker small enough to get by with an efficient fleet of conventional gas vehicles, has been able to do without building a compliance car. Still, an increasing number of Americans want to be able to plug in their vehicles. For loyal Subaru fans, brand love and eco-consciousness have increasingly difficult to reconcile. That changes now, and not because of any specific regulation, but because Subaru sees the demand. By the end of this year, Subaru will be selling its first plug-in vehicle, the 2019 Crosstrek Hybrid. While Subaru has sold a Crosstrek that was a conventional hybrid before, the new 2019 Crosstrek Hybrid is Subaru's first plug-in hybrid. Sales of the previous hybrid weren't great, though, since it was expensive. Customers didn't choose to pay a premium for a few mere extra miles per gallon. Subaru hopes the extra fuel efficiency of the plug-in will increase the appeal. Even so, like Chrysler did with the Pacifica Hybrid, Subaru opted not to put "plug-in" in the name for 2019. Despite an arguable opportunity missed to set the record straight with a new and more descriptive name, there's no mistaking this thing is a PHEV. There are "Plug-In Hybrid" badges on both front fenders and the tailgate, and the door covering the SAE charging receptacle – at the rear of the driver's side, on the opposite side of the gas fuel door – is stamped with the words "PLUG-IN" writ large. While this thing looks every bit a Subaru, even if you pop the hood to take a look at the 2.0-liter boxer engine up front, the 2019 Crosstrek Hybrid borrows its PHEV technology from Toyota – more fruit of the partnership that bore the Scion FR-S and the BRZ. It has the same 8.8-kWh lithium-ion battery pack as the Prius Prime, but in the bigger, heavier Subaru it's only good for a modest 17 miles of all-electric range. If that figure is a little disappointing to you, you're not alone. We had hoped to see at least 20 miles of EV range in this thing.