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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.

Subaru recalls 200k vehicles in snowy states to reapply anti-corrosion wax

This past summer, Subaru issued a recall for some 660,000 of its vehicles over a problem stemming from salt from the road corroding brake lines. It was the second such recall the company had issued, and now it's issuing another. Under this latest recall, Subaru is bringing in 198,900 vehicles that were already covered under the previous recall to fix the same issue. This time around, the notice is issued for the 2008-11 Impreza, 2008-14 WRX and STI, and the 2009-13 Forester – specifically those registered (currently or formerly) in 20 states that use salt on their roads: Connecticut, Delaware, Illinois, Indiana, Iowa, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, West Virginia and Wisconsin, plus the District of Columbia. The remedy is the same as last time, coming down to applying a special anti-corrosion wax to prevent corrosion, but needs to be carried out again due to "incomplete repair instructions provided to dealers" last time around, according to the statement below from the National Highway Traffic Safety Administration. RECALL Subject : Brake Line Corrosion at Four-Way Connector Report Receipt Date: DEC 31, 2014 NHTSA Campaign Number: 14V830000 Component(s): SERVICE BRAKES, HYDRAULIC Potential Number of Units Affected: 198,900 Manufacturer: Subaru of America, Inc. SUMMARY: Subaru of America, Inc. (Subaru) is recalling certain model year 2008-2011 Impreza, 2008-2014 WRX and STI, and 2009-2013 Forester vehicles, currently, or formerly, registered in Connecticut, Delaware, Illinois, Indiana, Iowa, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, West Virginia, Wisconsin and the District of Columbia that were remedied under recall 14V-311 prior to December 23, 2014. The brake lines may experience brake line corrosion due to salt water splashing on the brake lines through a gap in the fuel tank protector. CONSEQUENCE: Brake fluid may leak due to the brake line corrosion and may result in longer distances being required to slow or stop the vehicle, increasing the risk of a crash. REMEDY: Subaru will notify owners, and dealers will apply an anti-corrosion wax to the four-way joint connector area of the brake line system, free of charge. The recall is expected to begin on January 26, 2015. Owners may contact Subaru customer service at 1-800-782-2783.

Subaru Impreza shows off 360-degree passing technique

Leave it to a Subaru WRX to find a new way to improve the art of passing. This dash cam vid shows a white WRX pirouetting past our recording car and somehow straightening out before either sliding off the road or slamming into the car ahead. If this were a standard move in rally racing, the WRC would be bigger than NASCAR.
Like most dash cam vids, we don't know where it was shot (Russia's always a good bet) or what the circumstances were (did the driver spin on purpose or was the 360-degree slide accidental?), but the remarkable feat was caught on camera and uploaded to YouTube, preserving it for an Internet eternity. Scroll below to watch the twist yourself, and don't try this at home!