Fuji Heavy Ind.: introduces new Impreza in 2011, Compact Sports Car in 2012

Strengthens operations in China and other emerging markets for the next mid-term business plan

2011/07/21

Summary
Consolidated vehicle sales for FY2010 mark a record high at 657,000 units
Financial results for FY2010: Record-high net sales of 1,580.5 billion yen with operating income of 84.1 billion yen
New-generation boxer engine with 10% better fuel efficiency now used on the new Forester
New body types developed in a shorter remodeling cycle
Sales in the U.S. market rise to 264,000 cars in 2010 with new share of 2.3%
A greater emphasis on China and other emerging markets characterizes the upcoming mid-term business plan

Summary

Despite the impact of the Great East Japan Earthquake of March 11, Fuji Heavy Industries' (FHI's) financial results for FY2010 registered the highest records ever in the consolidated vehicle sales (657,000 units), net sales (1,580.5 billion yen), and current net profit (50.3 billion yen).

The record-high results owe to, among others, the strong sales in the U.S. market, defined as the most important market in the company's 2007-2010 mid-term business plan, where 279,000 vehicles were sold including the larger-sized Legacy, Forester and Impreza. The operating income was above the 80 billion yen mark targeted for FY2010 in the mid-term plan.

FHI plans to start a new mid-term plan beginning with FY2011, and will publish the plan as soon as its outlook for FY2011 becomes firm. FHI reportedly will continue product development from a global perspective while, at the same time, the company will promote further sales in emerging markets to reach a global sales target of 800,000 units in FY2015. To achieve that goal, FHI is currently considering increasing its production capacity in Japan or the U.S. and studying the feasibility of joint production with Chery Automobile in China.

In terms of the impact of the great earthquake, FHI's plant operation rate which was about 60-70% in June will rise to 80% after July and normal production will start in October, one month earlier than originally planned (announced in June 14).

Regarding new product planning, FHI developed its next-generation 2000cc/2500cc naturally-aspirated boxer engines (horizontally-opposed engines) in 2010. The new engines are currently used on the Forester that was partially remodeled in October. FHI will launch the new Impreza in the second half of 2011. Regarding mini-car production, FHI ended mini-car production at its Gunma Main Plant in April 2011 and switched to OEM procurement of mini-cars from Daihatsu. FHI is still making mini-sized commercial vehicles, Sambar, but will end that production in early 2012 to start production of compact RWD sports car jointly developed with Toyota.

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