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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 teases Viziv Adrenaline Concept crossover for Geneva

The latest installment in Subaru's Viziv line of concept vehicles is set for a reveal at the Geneva Motor Show next month. It's called the Viziv Adrenaline, and it'll add to a pair of electrified "e-Boxer" models on display, possibly the e-Boxer version of the Forester and a Crosstrek plug-in hybrid, which is branded as the XV in Europe. We're limited to this darkened, front three-quarters view for clues about the Viziv Adrenaline. It appears to be a two-door, raised crossover with bulging quarter panels, an interesting undulating belt line and plenty of creases for a rugged look. It also appears to sport futuristic-looking rearview cameras in place of conventional mirrors, and the LED headlights look pretty close to the ones found on last year's Viziv Tourer. Also, two cutouts at the top of the hood may indicate the presence of a combustion engine. Given that this is called the Viziv Adrenaline, are we looking at a performance model? Viziv is Subaru-parlance for "Vision for Innovation," so there are doubtless more details in store for us in Geneva. Last year's Viziv Tourer Concept presaged a production WRX wagon, and the Viziv Performance Concept from 2017 previewed a possible future WRX (don't forget the Viziv Performance STI Concept from last year's Tokyo Auto Salon). While Subaru has given us reasons to be wary about its concepts' ties to future production models in the past, don't forget the Viziv-7 did indeed become the Ascent three-row SUV. The Viziv Adrenaline debut is scheduled for March 5. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

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.