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Autoblog Minute: VW Q3 financial woes, 2015 Tokyo Motor Show

Consumer Reports pulls its Tesla recommendation, the U.S. Copyright Office offers a ruling affecting car owners, VW gets hit hard with third-quarter losses, and lots of exciting news from Tokyo. Autoblog senior editor Greg Migliore reports on this edition of Autoblog Minute Weekly Recap. Show full video transcript text [00:00:00] Consumer Reports pulls its Tesla recommendation, the U.S. copyright office offers a ruling that affects car owners and gear heads, VW gets hit hard with third-quarter losses, and lots of exciting news from Tokyo. I'm senior editor Greg Migliore and this is your Autoblog Minute Weekly Recap. After a week away testing vehicles for Autoblog's Tech of the Year award, we're back in the office to recap the week in automotive news. [00:00:30] One of the things you might have missed was Consumer Reports pulling its recommendation of Tesla's Model S sedan. The blemish for Tesla comes after a tally of reviews from customer surveys. The most common problem areas for the Model S as cited by survey takers included: the drivetrain, power equipment, charging equipment, body and sunroof squeaks, rattles, and leaks. So lots of stuff. Though they could not ignore a score of "worse-than-average", Consumer Reports still [00:01:00] highlighted the fact that the Model S was "the best performing car" they've ever tested. Telsa CEO Elon Musk took to social media to defend his sedans saying: "Consumer Reports reliability survey includes a lot of early production cars. Already addressed in new cars." And, "Tesla gets top rating of any company in service. Most important, CR says 97% of owners expect their next car to be a Tesla (the acid test)." In Financial news, Volkswagen took a hit and reported an operating loss of [00:01:30] $3.84 billion. This is the first such loss for VW in 15 years. Toyota reclaimed the crown as the world's largest automaker as well. It's important that it's not all doom and gloom for VW though in Q3. Sales revenues were up and the company's automotive division boasts $30 billion dollars in liquid assets. It's a sizable war chest that will no doubt come in handy, as the company has yet to feel the full brunt of the diesel emissions scandal. Good news for gear heads. The US copyright office [00:02:00] ruled in favor of mechanics and car owners by granting an exception to existing copyright law. The law was originally meant to prevent software pirating and bootlegging of Hollywood movies.

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 fights sticker shock with financing deal on $65,000 WRX STI S209

Subaru's American division has come a long way since it peddled the tiny 360 during the late 1960s. The limited-edition, $65,000 WRX STI S209 unveiled during the 2019 Detroit Auto Show is its most expensive car yet, so the company is taking steps to make it a little bit more accessible. The Japanese firm sent its American dealers a bulletin announcing the S209 is eligible for 3.49% APR for up to 63 months, according to CarsDirect. The publication noted that rate amounts to monthly payments of $1,131 over 63 months, which adds up to $71,231. Buyers are still forking over more than $6,000 to the bank, but they're saving about $4,700 compared to a 6% loan. That's a substantial amount of money to drop on a WRX STI; it's priced in Audi TT RS territory. For the money, enthusiasts get one of the rarest street-legal cars Subaru has ever produced. After driving it, we called it the fastest, sharpest-handling, and most sophisticated WRX ever to grace our shores. It's powered by a 2.5-liter flat-four engine turbocharged to 341 horsepower and 330 pound-feet of torque, generous increases of 31 and 40, respectively, over the regular WRX STI. We'll let you decide whether exclusivity and power are worth a roughly $22,000 premium. If you want an S209 in your driveway, act fast because production is strictly limited to 209 examples, and odds are the entire batch will be spoken for sooner rather than later. Keep in mind dealers will be tempted to slap a markup on the car due to its rarity, so you might need to spend more — in some cases, a lot more — than the number listed on the window sticker. Featured Gallery 2020 Subaru WRX STI S209 View 41 Photos Auto News Subaru Car Buying