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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.

Mazda, Mitsubishi, and Subaru expand global Takata recalls by 715k [UPDATE]

UPDATE: Subaru of America spokesperson Michael McHale tells Autoblog that the company is recalling 78,000 Imprezas from the 2004 and 2005 model years in the US. This is a national expansion of the company's previous regional recall for the Impreza. The Takata airbag inflator recall just keeps growing. The latest expansion encompasses 715,000 vehicles from Mazda, Mitsubishi, and Subaru. Many of the affected models are in Japan. The largest expansion from these three automakers comes from Mitsubishi. According to Reuters, the company is adding 100,000 vehicles in Japan and 412,000 outside of the country without identifying any specific regions. Mazda is issuing safety campaigns for 112,000 vehicles in Japan, and some of these include models that the company produces there for Mitsubishi and Nissan, according to Reuters. In statement to Autoblog (embedded below), Mazda said that it is still evaluating the situation in terms of a possible effect on the US. Finally, Subaru is calling in 91,000 Imprezas in Japan. At this time, it isn't clear whether Mitsubishi's or Subaru's expansions affect the United States, but Autoblog has reached out to them for more information. According to research by the National Highway Traffic Safety Administration, exposure to moisture can cause the propellant in these inflators to ignite too quickly and cause these dangerous ruptures. Takata has also been investigating the problem. Related Video: Mazda statement "We are aware of the NHTSA/Takata announcement, and are evaluating the effects of it on Mazda. As soon as we have had a chance to fully evaluate the situation – number of vehicles affected, age of those vehicles, where they're located, etc. – we will be able to share those details."

2019 Subaru Ascent vs. 2018 Mazda CX-9: Driving two class leaders side-by-side

As the de facto replacement for the family sedan, we expect a lot out of modern crossovers. They need to excel at family-hauling duties while delivering reasonable performance and fuel economy. They have to offer all-wheel drive and the latest safety technology. They ought to be ruggedly handsome, and they can't be so prohibitively expensive that the families they are targeting can't afford them. It's a tall order, and some automakers have hit closer to the proverbial bullseye than others. By some stroke of luck, we managed to snag a 2018 Mazda CX-9 Grand Touring as our chariot to take the four-hour drive from Seattle to McMinnville, Ore., where we got our first drive of the 2019 Subaru Ascent. As one of our favorite vehicles in this class, the CX-9 would serve as a good comparison to the Ascent. And, on paper, the similarities are abundant: Both come from automakers with a clear, go-your-own-way approach to vehicle engineering, are powered by turbocharged four-cylinder engines, and offer three rows of seating in a relatively compact package. Put simply, we expect the Ascent and CX-9 to be cross-shopped by a lot of new-car buyers looking for a new family car. What we found is that the CX-9 is the better choice for the buyer who values a sporty driving experience above all else, while the Ascent is probably better for families looking for a healthier dose of practicality. Either option will ably serve the suburban American family they are targeting, but the ways they go about that life of servitude are quite different. It's worth noting that pretty much every automaker in America is selling a vehicle in this class, which means there are a heck of a lot of vehicles from which to choose. For a few other options, check out this spec-sheet comparison here, and for anything else, be sure to visit the handy Autoblog compare tool. With that out of the way, let's break it down a bit more granularly. Styling: View 36 Photos Looks-wise, we prefer the Mazda. A crossover is going to be generally box-shaped, but that doesn't mean it has to be boring. The CX-9's bodywork flows gracefully from nose to tail, with just the right amount of flashiness in the form of headlights that take the form of cat-like eyes, a five-point grille surrounded in chrome, and gently arcing bodyside lines. It all works to form what we think is the most attractive midsize crossover overall. We don't hate the Subaru Ascent's looks, but it's definitely more boring than the CX-9.