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Subaru cuts annual profit outlook on strength of yen, typhoon impact

TOKYO — Subaru lowered its annual profit forecast on expectations of a stronger yen and the impact on production from a typhoon last month, driving its shares down as much as 4.5%. Japan's smallest major automaker, one fifth of which is owned by top-ranked Toyota, cut its forecast for operating profit to 220 billion yen ($2 billion) for the year ending March 2020, from a previous forecast of 260 billion yen. Subaru revised its forecast for the yen to average 107 versus the dollar over the period, from 110 previously. A stronger currency eats into profits because cars exported from Japan become more expensive and the value of earnings made overseas decreases. The United States is Subaru's biggest market, accounting for about 60% of overall sales. Typhoon Hagibis forced Subaru to halt production at its factories in Gumna, north of Tokyo, for more than a week in October due to supply chain disruptions. The stoppage, which lasted until Oct. 25, resulted in lost production of 11,000 vehicles, Chief Executive Officer Tomomi Nakamura told a briefing in Tokyo on Wednesday. Hagibis was the worst typhoon to hit Japan in decades, leaving at least 80 people dead, according to national broadcaster NHK. "We have restarted production, but we couldn't return to full capacity immediately," Nakamura said. "Some of our suppliers' factories were completely submerged." Subaru also said vehicle sales rose nearly 20% in the first half of the fiscal year compared with a year earlier, driven almost entirely by an improvement in the United States amid strong demand for the Forester SUV crossover. Subaru shares were down 1% at 3,102 yen by 0440 GMT, after touching a low of 2,995.5 yen earlier.

Subaru comes out on the right side of history, stands up against Indiana law

Well, I may as just get it out there straight up and let some percentage of you dear readers take your shots in the comments below: I find Indiana's new "religious freedom" law that opens the door to discrimination against gay people to be reprehensible, along with all the other laws across the country that do the same thing but with different wording. So I was thrilled today when Subaru, which has a plant in Lafayette, IN, came out and said it finds the new law pretty awful too. The statement, issued by Michael McHale, the company's director of corporate communications, says that while the company recognizes that each state gets to decide its own laws, the automaker does "not agree with any legislation that allows for discrimination, or any behavior or act that promotes any form of discrimination. Furthermore, we do not allow discrimination in our own operations, including operations in the state of Indiana." Although McHale told Autoblog Subaru is not considering leaving Indiana, the newly passed legislation has prompted others to say they want to take their business elsewhere. The NCAA said Monday it is taking a look at the law and trying to determine if it will be able to continue holding large sporting events in the state, according to ESPN. In a piece in The Washington Post, Apple's Tim Cook warned that these kinds of laws are being passed in dozens of states across the country and they are bad for business. He spotlighted one proposed law in Texas that would strip pension benefits from clerks who issue marriage licenses to gay people, even if the Supreme Court declares gay marriage legal. "Opposing discrimination takes courage," he wrote. "With the lives and dignity of so many people at stake, it's time for all of us to be courageous."

2020 Subaru Legacy XT Drivers' Notes | It's what's inside that counts

The 2020 Subaru Legacy is completely new in all of the places that can’t be seen. Subaru transitioned the redesigned sedan onto its Subaru Global Platform and gave it an entirely new interior, but the drab sheetmetal hardly looks changed from the previous generation. ThereÂ’s a new 2.4-liter turbocharged flat-four thrashing away under the hood, replacing the flat-six as the upgrade engine for the Legacy. The boosted XT version of the sedan is the one that we spent a week driving. In this configuration, the Legacy offers 260 horsepower and 277 pound-feet of torque, routing it through a continuously variable transmission. Subaru claims the trip to 60 mph takes just 6.1 seconds. Of course, all-wheel drive is standard. This feature would have made the Legacy unique in this segment a short time ago, but the Nissan Altima is now available with all-wheel drive, and the Camry will soon be offered with it as well. Our Touring XT was the most expensive Legacy that money can buy at $36,795. Being the highest trim, it presents well inside with tan and black high quality leather all over the place. Subaru is finally starting to put together some great interiors, and it shows. A whole list of luxury and tech features sweeten the deal even more for the Legacy. Additions like the 11.6-inch infotainment system, driver-monitoring system, power sunroof, front view monitor, satin finish mirrors, heated everything and much more all add up to make a surprisingly luxurious Subaru sedan. Senior Editor, Green, John Beltz Snyder: I got to take this home while there was still a lot of snow packed on neighborhood roads, and boy was that a treat. Like the Outback, this Legacy feels great on soft or slippery roads. ItÂ’s fantastically easy to get this to start drifting oh so gently, and then to maintain and control that slide with zero fear of it getting too hairy. Repeatable, manageable, fun. ItÂ’s officially Subaru season. On the cleared (but often pock-marked) roads, the Legacy is a comfortable cruiser without being too soft. It provides a good feel of the road, but is never anywhere close to punishing. Combined with all-wheel drive and slightly artificial-feeling but otherwise precise, easy and confidence-inspiring steering, this is pleasant — and sometimes even fun — to drive regardless of the road conditions. Assistant Editor, Zac Palmer: Subaru stepped up its tech game in the 2020 Legacy with a massive 11.6-inch touchscreen.