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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.

Japan is the only country to get this WRX S4 tS

Before the Impreza switches to a new platform, Subaru is wringing more limited editions out of the old one. The most recent, the Subaru WRX S4 tS, is a Japan-only special that is based off of the WRX S4 model released a few years ago. Underneath the hood, the WRX S4 tS gets the same modified 2.0-liter turbocharged flat-four from the WRX S4 that generates 296 horsepower and 295 pound-feet of torque. The modified engine produces 28 horsepower and 37 pound-feet of torque more than the standard WRX, and is only five horsepower off the turbocharged 2.5-liter Boxer engine in the WRX STI, while making more torque. The handling has been improved thanks to a similar setup to the one on the WRX STI S207, another Japan-only model released last year, that features adjustable DampMatic II front suspension from Bilstein, along with other goodies. The exterior gets 19-inch BBS forged aluminum wheels, red pinstripes on the front grille and rear bumper, and a large front spoiler. On the inside, the WRX S4 tS benefits from Recaro bucket seats and a luminescent speedometer. The sedan is also equipped with Subaru's advanced safety features in the form of EyeSight. Japanese enthusiasts can also choose a more hardcore option with the NBR Challenge Package that commemorates the automaker's victories in the SP3T class of the Nurbrugring 24 Hours in 2015 and 2016. The sportier model gets 19-inch wheels from BBS, a carbon-fiber rear wing, special badging, and a suede-lined steering wheel on the inside. We reached out to Subaru to see if the vehicle would be sold in the US, but the spokesperson refused to comment. With the WRX S4 and the S207 being Japan-only models, we doubt the new limited edition WRX S4 tS would be offered outside of Japan. Related Video:

Toyota, Subaru developing RAV4-sized electric crossover and platform for more EVs

TOKYO — Toyota and Subaru announced they will jointly develop a battery-electric crossover on a platform developed for multiple production vehicles. The first crossover built on the platform will be a C-segment vehicle, which will be a small vehicle similar in size to a Toyota RAV4 or Subaru Forester. It will also be sold by both brands with altered styling and badging. The small crossover will only be the first vehicle to use the platform, though, as it's being developed for use in medium-small C-segment sedans and both D-segment larger sedans and crossovers. So we could see electric cars similar to the Corolla and Impreza, Camry and Legacy, and even the Highlander and Ascent on this platform in the future. Not surprisingly, this first electric crossover will have all-wheel drive, and the companies said that Subaru would provide all-wheel drive expertise with Toyota adding its electric powertrain knowledge. It's a safe bet that all of the future Subarus on the platform will have all-wheel drive, but it will be interesting to see if Toyota offers two-wheel- and all-wheel-drive iterations of its vehicles. The move to share technology underlines the conundrum facing Toyota and other global automakers, which are competing to develop new vehicle technologies including all-battery electric cars and self-driving cars, which require massive investment. "Subaru and Toyota believe that it is necessary to pursue a business model that goes beyond convention, crossing over industrial boundaries," the automakers said. Toyota is looking to partnerships with rival automakers and tech firms to reduce its capital outlay for developing these new technologies. In April, it announced it would supply other automakers with its hybrid technology, an area it has led since it pioneered the Prius in 1997. It also recently released the 2020 Toyota Supra, which shares a majority of its powertrain and chassis, among other things, with the 2020 BMW Z4. Toyota also provided hybrid development assistance to Subaru on the Crosstrek plug-in hybrid. Subaru, although experiencing massive, continual sales success, particularly in crossover and all-wheel-drive obsessed America, is still a small car company in the grand scheme of things. As such it's struggling to independently invest in and develop lower-emission vehicles and on-demand transportation services widely seen as necessary to survive technological upheaval in the global auto industry.