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Subaru to team with Toyota on 3 new EV crossovers through 2026; net income soars

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pSubaru says it will lean on Toyota for next three all-electric crossovers and shift production of the best-selling Forester, including a new hybrid version, to the U.S. Meanwhile, annual net income nearly doubled to 385.1 billion yen (US $2.55 billion).

TOKYO — Subaru Corp. plans to team with Toyota Motor Corp. on three new all-electric crossovers it has planned through 2026 as the small-sized Japanese player tries to minimize its risk in an electric-vehicle market that is cooling off but still requires massive investment in new technology.

“I have not said that we would do BEV production at our own plant in the U.S.,” Osaki said. “As the market changes considerably, we will proceed while studying the situation carefully.” “While we have steered toward EVs, we find it important to sell internal combustion products at the same time,” Osaki said. “So, we already have plans to expand our hybrid product lineup.”

Osaki said all four EVs in in the first wave, including the Solterra, will be jointly developed and produced with Toyota, which has a 20-per-cent stake in the smaller Japanese player.Of the three upcoming EVs, Subaru will manufacture one at its Yajima plant in Japan for joint supply to both companies.

Today, Subaru piggybacks on partner Toyota for R&D and development of its own EV and hybrid vehicles. But Subaru has said it wants to shift to developing its own EVs. Sales in the U.S., the company’s biggest and most important market, advanced 17 per cent to 695,000 vehicles. Shipments to Europe added 4,000 vehicles to 27,000.

 

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