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Toyota to boost its Subaru stake to more than 20%

TOKYO — Toyota Motor Corp plans to raise its stake in Subaru Corp to more than 20% from around 17% now, a deal that would also see the smaller firm invest in Japan's top automaker, two people with direct knowledge of the matter said on Friday. The deal is due to be approved at a Toyota board meeting on Friday, the people said, declining to be identified because the information has not been made public. The investment would come a month after Toyota and another smaller Japanese automaker, Suzuki, said they would take small equity stakes in each other. Such tie-ups highlight how automakers are scrambling to chase scale, manage costs and boost development. Traditional car makers, especially smaller ones like Subaru and Suzuki, are struggling to meet the fast pace of change in an industry being transformed by the rise of electric vehicles, ride hailing and autonomous driving. Toyota's investment is likely to cost more than 70 billion yen ($650 million) based on Subaru's stock market value, said the Nikkei business daily, which first reported the news. Subaru is likely to reciprocate with a stake in Toyota that would roughly equal the value of Toyota's additional investment, one of the people told Reuters. The companies have long worked together on projects such as the Toyota 86 and Subaru BRZ twins. At one time, Subaru built Toyota Camrys in its Indiana plant. Representatives for both Toyota and Subaru said the news was not something that had been announced by their companies. "The plan appears to be to ultimately make Subaru a fully owned subsidiary, to help create a 'mega Toyota.' This is the first step towards that," said Takeshi Miyao, managing director of Carnorama, a consultancy. "It's all about building scale." Subaru is particularly strong in sport-utility vehicles (SUV) and all-wheel-drive technology. The two automakers in June said they planned to jointly develop an electric sport-utility vehicle on a platform produced together, to split costs. Car markers around the world have been joining forces to slash development and manufacturing costs of new technology. Ford Motor Co and Volkswagen AG have said they will spend billions of dollars to jointly develop electric and self-driving vehicles. Toyota seems to be particularly keen to build scale now by investing in smaller, domestic automakers, rather than forging cross-border tie-ups like some of its rivals.

Subaru planning to use Evoltis name on battery-electric crossover

Two years ago, Subaru Japan applied to trademark the name "Evoltis" in the U.S. At the time, it was thought the name would accompany the brand's new plug-in hybrid or some component of the hybrid system. Instead, the PHEV we got returned the Crosstrek Hybrid name to active use, after Subaru retired the first non-plug-in Crosstrek Hybrid in 2016. Whither the Evoltis, then? According to CarBuzz, citing "reports from Japan," Subaru will apply the moniker to a coming battery-electric crossover it is developing with Toyota. The automaker previewed the concept version of the crossover in January of this year during a technical meeting in Japan, built atop a flexible platform to accommodate multiple production vehicles from both brands. Subaru's known for exciting concepts that get stripped to comparative blandness for production. Perhaps tired of the ensuing vitriol, reports say Subaru's inverting the process this time, the production model promising to be more radical than the concept. That won't be difficult, seeing the concept looked like an appliance from a low-budget sci-fi movie, and if not for the Pleiades badge on the front fascia most enthusiasts probably would have thought the concept was a Toyota. Underneath the eventual sheetmetal, rumors figure electric motors turning both axles will combine to produce about 280 horsepower, supplied by a battery stout enough for a range of more than 300 miles — note, that could be a Japanese-cycle figure for range. The concept sat next to a cutaway of a boxer engine, so it's possible there'll be a number of powertrains on offer. Additional tech could include the next generation of Subaru's EyeSight driver assistants, and cameras providing a 360-degree view around the crossover. The debut's been mentioned for October 2021, which would be the same month as the next Tokyo Motor Show. Market launch won't happen until nearly 2025. From left field comes news of another Evoltis, however. TopGear magazine and other outlets from the Philippines write that our Ascent is headed to the island nation in the third quarter of this year. Instead of taking that name to Southeast Asia, it will get the name Evoltis — that's what Glenn Tan, the deputy chairman and managing director of Subaru's Philippines distributor Tan Chong International, told journalists at this year's Singapore Motor Show.

Carmakers ask Trump to revisit fuel efficiency rules

Car companies operating in the US are required to meet stringent fuel efficiency standards (a fleet average of 54.5MPG) through 2025, but they're hoping to loosen things now that President Trump is in town. Leaders from Fiat Chrysler, Ford, GM, Honda, Hyundai, Nissan, Toyota and VW have sent a letter to Trump asking him to rethink the Obama administration's choice to lock in efficiency guidelines for the next several years. The car makers want to revisit the midterm review for the 2025 commitment in hopes of loosening the demands. They claim that the tougher requirements raise costs, don't match public buying habits and will supposedly put "as many a million" jobs up in the air. The Trump administration hasn't specifically responded to the letter, although Environmental Protection Agency nominee Scott Pruitt had said he would return to the Obama-era decision. The automakers' argument doesn't entirely hold up. While the EPA did estimate that the US would fall short of efficiency goals due to a shift toward SUVs and trucks, the job claims are questionable. Why would making more fuel efficient vehicles necessarily cost jobs instead of pushing companies to do better? As it is, even a successful attempt to loosen guidelines may only have a limited effect. All of the brands mentioned here are pushing for greater mainstream adoption of electric vehicles within the next few years -- they may meet the Obama administration's expectations just by shifting more drivers away from gas power. This article by Jon Fingas originally appeared on Engadget, your guide to this connected life. Related Video: News Source: ReutersImage Credit: Daniel Acker/Bloomberg via Getty Images Government/Legal Green Chrysler Fiat GM Honda Hyundai Nissan Toyota Volkswagen Fuel Efficiency CAFE standards Trump