Subaru's outlay shows the all-wheel drive specialist is finally turning its focus to full-electric vehicles after introducing its first serious contender, the Solterra crossover, only this year.
Subaru CEO Tomomi Nakamura said the automaker was also hit by rising raw material costs. The automaker's global sales fell 13 percent to 200,000 in the quarter.
Automaker could have sold more cars in the U.S. but inventory levels were very low, CFO Katsuyuki Mizuma said.
Subaru's output fell 20 percent to 207,000 in the quarter, while deliveries plummeted 35 percent to 173,000 in the same period.
U.S. inventory has dipped to a super-tight five-day supply, and the all-wheel-drive niche brand is adding about 10,000 vehicles a month to a backlog of orders.
Toyota notched all-time high quarterly operating profit in the April-June period, with record fiscal first-quarter results for net income, revenue and global retail sales.
A weakening yen has emerged as a windfall for the country's automakers, helping buoy results just when they need it most amid pinched production and derailed deliveries.
Japan's automakers absorbed the challenges of the fiscal year just ended. Despite worries over rising costs, they see a brighter year ahead.
Japan's automakers are stoking R&D investment to meet mounting demand for a staggering array of technologies. Toyota by far outpaces the pack.
Japanese carmaker financials show how the COVID pandemic and the chip shortage continue to challenge them — despite positive fundamentals.