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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 says Japan car output halted due to defective part

TOKYO — Subaru Corp said its sole car factory in Japan accounting for roughly 60 percent of global production had halted output a week ago after it discovered a defect in a component procured from a supplier. The Asahi newspaper first reported the suspension at the Gunma plant on Wednesday, saying the defect was found in the power steering component. A spokesman for Subaru says the problem affecting Crosstreks and Foresters was discovered early. None of the affected vehicles had reached consumers, and won't until they've been repaired. Perhaps 10,000 cars, maybe fewer, were intended for the U.S. market. Subaru, which exports the majority of its domestically made cars, could not say when production would resume. Production at Subaru's plant in Indiana was unaffected.Related Video: Plants/Manufacturing Subaru

2019 Subaru Ascent Drivers' Notes Review | Subaru redux

The 2019 Subaru Ascent is the follow-up to the odd and slow-selling Subaru Tribeca. From 2005 to 2014, Subaru sold just 76,774 Tribecas in the U.S. at a time when the company's sales as a whole were on a climb. As we put it in our first drive review, the Ascent can be considered a sort of mulligan. The new model comes out hot and heavy against strong three row competitors like the Honda Pilot, Toyota Highlander, Mazda CX-9 and American offerings like the Chevy Traverse and the Ford Explorer. Our tester is the top-shelf Touring trim. Standard features on the Ascent include Subaru's EyeSight driver assist technology, adaptive cruise control with lane keep assist, keyless entry, three-zone climate control and a turbocharged 2.4-liter flat-four mated to a CVT. Power, like nearly every Subaru, is sent to all-four wheels. For $45,670, the Ascent Touring nets you features like leather trim, power-adjustable front seating, a panoramic moonroof, LED lighting, a power opening rear gate and an upgraded audio system with an 8-inch touchscreen infotainment system. Editor-in-Chief Greg Migliore: I found myself liking the Subaru Ascent much more than I expected. The turbo four and light steering made it surprisingly engaging to drive. I enjoyed how this one was trimmed out, and the cabin managed to be both woodsy and elegant. It also offered an excellent view of my surroundings, which is not a given for a beefy SUV. Style-wise, I don't love it. I think it looks better in pictures than in person. It seemed a little overwrought in my driveway. If you need a people hauler, and specifically, you need three rows, this one is worth a look. If you don't need three rows, I'd go with an Outback or Forester. That being said, this is the vehicle Subaru absolutely needs in order to have a more complete presence in the U.S. market. It's highly competitive with the VW Atlas, and it should add some solid incremental sales to Subaru's volume. Consumer Editor Jeremy Korzeniewski: I've logged more time in the Subaru Ascent than any other staffer here at Autoblog, having attending the automaker's initial drive event a few months ago and then signing a different one out to schlep my family on a couple of long drives in and around Seattle, Wash. Sometimes it takes a good, long drive to really figure out a car's merits and demerits. Other times, though, initial impressions are confirmed.