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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.

Japan may aid carmakers facing U.S. tariff threat

TOKYO — Japan is considering giving carmakers fiscal support including tax breaks to offset the impact from trade frictions with the United States and a sales-tax hike planned for next year, government sources told Reuters on Wednesday. Going into a second round of trade talks with the United States on Sept. 21, Japan is hoping to avert steep tariffs on its car exports and fend off U.S. demands for a bilateral free trade agreement that could put it under pressure to open politically sensitive markets, like agriculture. "If the trade talks pile pressure on Japan's car exports, we would need to consider measures to support the auto industry," a ruling party official said on condition of anonymity because of sensitivity of the matter. The auto industry accounts for about 20 percent of Japan's overall output and around 60-70 percent of the country's trade surplus with the United States, making it vulnerable to U.S. action against Japanese exports. Japan's biggest automakers and components suppliers fear they could take a significant hit if Washington follows through on proposals to hike tariffs on autos and auto parts to 25 percent. Policymakers also worry that an increase in the sales tax from 8 percent to 10 percent planned for October 2019, could cause a slump in sales of big-ticket items such as cars and home. Prime Minister Shinzo Abe has twice postponed the tax hike after the last increase from 5 percent in 2014 dealt a blow to private consumption, which accounts for about 60 percent of the economy. To prevent a pullback in demand after the tax hike, the government may consider large fiscal spending later when it draws up its budget for next year, government sources said. "One option may be to greatly reduce or abolish the automobile purchase tax," one of the government sources said. The government is also considering cuts in the automobile tax and automobile weight tax to help car buyers, the source added. Reporting by Izumi Nakagawa and Tetsushi KajimotoRelated Video: Image Credit: Getty Government/Legal Isuzu Mazda Mitsubishi Nissan Subaru Suzuki Toyota Trump Trump tariffs trade

2019 Subaru Crosstrek Hybrid Drivers' Notes Review | A great, green Subaru with a price

When we had the opportunity to try the 2019 Subaru Crosstrek Hybrid on the rocky, dusty trails above Santa Monica, it had us excited to try it on our crumbling Michigan roads. Luckily, the arrival of Subaru's first plug-in vehicle to the Autoblog office coincided with a powerful snowstorm followed by subzero temperatures, and then some serious freezing rain to cap off our week with it. Perfect Subaru weather. The new Crosstrek Hybrid may share a nameplate with the discontinued conventional hybrid, but this one features a plug-in hybrid powertrain borrowing technology from Toyota. It features two electric motors — one to propel the vehicle, the other acting as a starter/generator. Together with its 2.0-liter, four-cylinder boxer engine, this PHEV gets a combined 148 horsepower, and is actually a full second quicker from 0-60 than the ICE-only Crosstrek. With an 8.8-kWh lithium-ion battery pack, it offers a modest 17 miles of all-electric driving, but an overall range of 480 miles. Editor-in-Chief Greg Migliore: This is a solid execution of the modern hybrid. The price is reasonable. The range (17 miles of EV travel) is usable. Go where you need to go. Charge up. You're good. It's attractive, inside and out. I love the Lagoon Blue Pearl paint. The cabin is comfortable and laid out nicely, and the blue stitching and pleasing leather elements dress things up. As expected, the Crosstrek is solid in the snow and ice. I had no trouble navigating the messy roads when much of the rest of the world was snowed in. The infotainment is smart. It's part of a $2,500 option that also adds the moonroof and heated steering wheel. It's worth it. I already like the Crosstrek. If it were my money, I'd go for hybrid variant. Senior Editor, Green, John Beltz Snyder: A night and a morning in the Crosstrek Hybrid on Michigan roads only confirms what I decided when I drove it in California two months ago: I dig this car. It's quiet, it's economical, it's capable, it's good-looking. There are only two downsides that I see. First is the cargo area behind the rear seats. It's pretty small. The battery pack raises the load floor a few inches above the bumper height. That doesn't seem like a lot, but when you realize how high it already is, taking out those few extra inches means it's not only harder to fit large items back there, it's harder to load and unload them at that height. This content is hosted by a third party. To view it, please update your privacy preferences.