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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.

Subaru and Honda set all-time single-month U.S. sales records in August

While the U.S. and Japan continue to hash out the details for a new trade deal, American customers showed just how much they love Japanese automobiles. Both Honda America and Subaru of America exceeded expectations in August and set all-time sales records for units moved in a single month. The booming business was led, in part, by the Honda CR-V and Subaru Crosstrek, both of which posted their best sales months ever.  For Subaru, August 2019 marked the best sales month in company history and a claimed 93 straight months of yearly, month-over-month growth. Subaru sold 70,039 vehicles, which beats the December 2018 record of 64,541 vehicles. Top sellers were the Outback (17,110), the Forester (17,076), and the Crosstrek (15,860). The Ascent notably saw a 72.8 percent increase in sales compared to August 2018 with 7,319 sold.  Honda America, which includes Honda and Acura, sold 173,993 total vehicles, 158,804 of which were Hondas. That's up from 147,903 total sales in August 2018. Honda achieved these numbers with strong sales across its lineup, despite the less consumer interest in sedans in general. In August 2019, Honda sold 44,235 CR-Vs (the most ever in a single month) 14,381 Pilots, 10,190 Odysseys, 34,808 Civics, and 30,558 Accords. Acura's SUVs continue to be the company's best-sellers with 5,976 MDXs sold and 5,459 RDXs moved.  By the Numbers Earnings/Financials Honda Subaru Car Buying Crossover Sedan sales subaru crosstrek

Subaru turns a WRX STI into a bobsled and (barely) makes it work

When asked how confident he felt of a successful full run down the St. Moritz-Celerina Olympic Bobrun in his specially prepared Subaru WRX STI, professional rally and stunt driver Mark Higgins responded, "50/50." In reality, he was probably being generous. It wasn't supposed to be so death-defying. In fact, Subaru's original plan was to have Higgins make several runs down the icy slope, some with journalists in the passenger seat. We were among those who traveled all the way to Switzerland for the chance to experience an automotive bobsled ride. One look at the run's famous Horseshoe Corner was all it took for us to second-guess that idea. Well, that and our pesky sense of self preservation. Higgins, though, is one of those rare humans to have been born without that fear-of-death gene. Not only is the Manx driver a professional stuntman – his resume includes sequences for Daniel Craig's James Bond – he also won the British Rally Championship three times and is the four-wheeled record holder at the famed Isle of Man Snaefell Mountain Course. So, when Higgins says some sort of vehicular stunt has only half a chance at success, well, let's just say that most mortals would say something more akin to "a snowball's chance in hell." On the topic of snow and balls, it's worth noting that the timing of Subaru's bobsled run wasn't set by choice. The Olympic Bobrun hosts regular events every winter through late February or early March. Since the track at St. Moritz is the only run in the world without an artificial cooling system, warm weather means no sledding. Combine those two facts and you end up with a very narrow window in which Subaru could go about making the modified track and a WRX STI actually fit together. Enter the boffins at Prodrive. The British engineering firm first started modifying vehicles for racing in 1984. By 1990, Prodrive was focused on turning turbocharged Imprezas into championship winners for the likes of Colin McRae, Richard Burns, and Petter Solberg. So it comes as little surprise that Subaru turned back to Prodrive to figure out how to modify a 2015 WRX STI in a way that would make it survive the pounding it would sustain on a bob run. For the record, this isn't just any 2015 WRX STI. It's actually the same car Higgins used in 2014 to set a lap record at the Isle of Man.