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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.

Toyota FT-86 Open Concept leaves us feeling flushed

When last we checked in on our topless would-be hero, the Toyota FT-86 convertible had been reportedly placed on "indefinite hold." That was back in early October, not long after Toyota had trotted out the rear-wheel-drive canvasback to Scion dealers as a possible future product carrot if they decided not to turn in their franchises. And yet, we're here at the Tokyo Motor Show, where Toyota has taken the time to at least repaint the FT-86 Open Concept in "Flash Red," if not build a whole other car (the original Geneva showcar was white). It's enough to make our heads spin like a teenager on the verge of a breakup. Will they? Won't they?
At this point, we still don't know any more than you do - the last word we heard out of Toyota was not encouraging, although the story was that the program could still be fast-tracked if management had a change of heart. As the car has never been seen before in Japan, perhaps Toyota is merely extending its domestic audience a courtesy view before it lines this showcar in mothballs, or maybe they're still trying to make a decision on its fate and gauging public reaction on the homefront.
Interestingly, in a new story published today, Automotive News quotes Subaru brand boss Yasuyuki Yoshinaga downplaying the likelihood of a production model, saying flatly "We make the car, so if we don't make it, it can't happen." The executive went on to note, "Our engineering department told me that losing the entire roof requires a complete redesign of the structure. It would need a big change." Given that such a car would probably trade in rather small volumes, that sounds like a significant hurtle.

Subaru moves to trademark the name ... Evoltis

Subaru's advancing to the electrified frontier, and it's reportedly picking a name for its plug-in hybrid. That name is said to be "Evoltis." While Evoltis sounds about as engaging as "Avensis" (Toyota) or "Magentis" (Kia), at least it's not as clunky as "Levorg" (an Aussie Subaru nameplate). Then again, when naming a child you should always try to picture how their name will be used in playground taunts, so we'll leave your to your imaginations on this one. A mention of the Evoltis name appears in the United States Patent and Trademark Office's listings, and the application has been filed as recently as March 26. We don't know yet whether the Evoltis name would stand for the entire vehicle or its hybrid tech — or if it will be actually used at all. Car & Driver reports that Subaru of America didn't comment on the matter when asked. But still, Subaru is said to come up with a PHEV by the end of the year, largely using Toyota's technology from the Prius Prime. We're probably not the only ones to hope for an all-wheel-drive setup, which would best suit Subaru's image and character. Last year, the carmaker said an electrified vehicle should be expected for 2018, but didn't specify whether it would be an EV or a hybrid. Subaru hasn't offered a hybrid in the U.S. since the Crosstrek Hybrid was discontinued in 2016, and it's produced precious few all-electric vehicles in its history. Related Video: