Mexican Media Brands
Subaru Cuts First-Half Profit Forecast by 45%
Subaru Inc. says the cost of domestic recalls will slash its first-half operating profit in April-September to 61 billion yen ($544 million), down 45% from its previous guidance.
#economics
Share
Subaru Inc. says the cost of domestic recalls will slash its first-half operating profit in April-September to 61 billion yen ($544 million), down 45% from its previous guidance.
The new figure is 71% below the 212 billion yen in operating profits Subaru generated in April-September 2017. The company blames the cost of recalling 395,000 vehicles in Japan to re-do government-required safety inspections. Subaru admitted a year ago that for 30 years it used uncertified employees to perform the tests.
Subaru says it now expects revenue in its fiscal first half will total 1.5 trillion yen ($13.2 billion). The new figure is 2% greater than its previous guidance but 8% below its sales in the same period last year.
RELATED CONTENT
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.
-
Tariffs on Autos: “No One Wins”
While talk of tariffs may make the president sound tough and which gives the talking heads on cable something to talk about, the impact of the potential 25 percent tariffs on vehicles imported to the U.S. could have some fairly significant consequences.
-
Enterprise Edges into Self-Driving Car Market
U.S. rental car giant Enterprise Holdings Inc. is the latest company to venture into the world of self-driving vehicles.