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.
The Solterra, Subaru's first global EV, offers the brand's trademark all-wheel-drive setup. But on the outside, it shares a lot with Toyota.
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.
The brand is banking on its awd off-road cred to set its new Solterra EV apart from Tesla and other rivals as it tiptoes into electric vehicles.
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.
The brand plans to overhaul its product development strategy to boost its growing interest in an EV future.
CEO Tomomi Nakamura predicts rebound to 650,000 sales in 2022, but expects 2021 volume in Japanese automaker's most important market to fall short of 600,000.
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.
Japan's top automaker believes technological breakthroughs, such as hydrogen engines, can give internal combustion a new lease on life — saving jobs as well as the environment.
The company that pioneered the Prius hybrid has drawn criticism for perceived foot-dragging on EVs. But Akio Toyoda wants it known that his company is pursuing carbon neutrality.
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.
A ripple of production suspensions will dent output across the country in July, as Mazda, Subaru, Nissan and Mitsubishi battle the bottleneck.
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.
The Corolla Cross H2 Concept is just one of many advancements in hydrogen combustion that Toyota rolled out at Fuji Speedway. Toyota is about 40 percent of the way toward commercializing its hydrogen combustion technology, a top executive says.
The crossover, on sale in U.S. and globally in mid-2022, will kick off a wave of seven bZ-badged EVs planned by 2025.
In a world gone gaga for EVs, the redesigned coupe is a no-excuses gasoline-burning 400-hp speedster built for a brand struggling to reignite excitement.
While GM and Hyundai reel from EV recalls, the Japanese automaker is pitching the safety and reliability of its own batteries as it joins the global EV battle with the bZ4X crossover.
The automaker is making up for lost time in its newest EV spending plan. But it's still playing it safe on its long-range outlook.
Entering the EV era will require Lexus to not only engineer all-electric cars but reengineer the production process that builds them.
The new RZ crossover propels Lexus into the all-electric age as a driver's EV that focuses on responsive driving dynamics as well as everyday utility.
A product blitz starting this year will transform Mazda's global lineup. It's going with larger and electrified vehicles that it bets will boost U.S. sales to record levels in just four years.