Subaru raises profit outlook on renewed vigor in U.S. auto sales

On Wednesday, Subaru Corp  raised its operating profit outlook by more than $1.05 billion following a more than expected rebounce in U.S. vehicle sale.

Like its peers, Subaru, had to shutter its U.S. plants earlier this year because of the coronavirus which emerged from Wuhan China causing a global COVID-19 pandemic, because of which countries had to go under lockdowns and customers had to stay away from dealerships leading to a drop in production and sales.

Last month, Japan’s 7th biggest automaker had said, it does not expect the U.S. market to rebound to the 17 million vehicle level it had been at before the pandemic for two to three years.

In the three months to September 30 Subaru posted an operating profit of 46.3 billion yen compared with a 2.6 billion yen profit a year ago.

($1 = 105.0900 yen)

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