Fuji Heavy Industries, the Subaru’s corporate parent, had a 400% increase in operating profit due to strong U.S. sales for that brand. North American sales for Subaru in its largest market were up 30% to 116,000 unites in the quarter just ended. Fuji’s operating profits were 69.64 billion yen ($739.6 million), up from 17.33 billion yen ($184.05 million) last year, a record for quarterly profits for that company.
Global revenue was up 28% to 546.9 billion yen ($5.81 billion), also a quarterly record. Sales outside of Japan were also a record, with 150,000 units sold, up 11%. Global sales were up 15% to 191,000 units.
Yasuyuki Yoshinaga, Subaru’s president, had hoped to make China a third manufacturing base after Japan and the United States. After the Chinese government turned down Subaru’s application to build cars locally there, Subaru has concentrated on North America, where it expect full-year sales to grow 8% to 420,000 units. Global sales are projected to grow at a smaller rate, 4%, to just over three quarters of a million vehicles.