If You Thought Subaru Was Doing Well, It’s Only Getting Started
Many automakers have experienced some great years recently, but few have seen the kind of success that Subaru (FUJHY.PK) has been enjoying. The quirky niche Japanese automaker, part of Fuji Heavy Industries, has seen six consecutive years of sales growth and five years of record sales figures. But the brand isn’t done yet — even while sales numbers are at their best, Subaru is planning on capitalizing on its momentum and wants see its sales increase a further 33 percent by 2020.
To do so, the brand will be adding more production capacity and new models, including a three-row SUV and a plug-in hybrid. North American sales are projected to come in at 600,000 from 478,000 over the next six years, according to Subaru’s sales blueprint, and global sales are projected to exceed 1.1 million units in 2020, up from 825,000 in the last fiscal year.
Subaru’s Lafayette, Indiana, facility will see its production capacities increased from an extended 310,000 units per year to 400,000 after 2017. That coincides neatly with Toyota’s (NYSE:TM) plans to pull production of its new Camry from the facility in 2016, which was announced last week. That will free up room for an additional 100,000 vehicles per year, and the Camry production will be moved to Toyota’s plant in Kentucky.
“We want to be a company that may not be big in size but has distinctive character and high-quality products,” Fuji Heavy president Yasuyuki Yoshinaga said, per Automotive News. “We will enhance the Subaru brand.”