Subaru raises profit outlook as U.S. market rebounds more than expected

Subaru Corp <7270.T> raised its operating profit forecast on Wednesday by more than a third to 110 billion yen ($1.05 billion) because U.S. vehicle sales rebounded more than it expected after the coronavirus pandemic hurt demand. Like other automakers, Subaru, which sells two-thirds of its cars in the United States, had to shutter vehicle factories earlier in the year as the coronavirus spread. It is 48% less than it posted in the year that ended March 31 and also less than an average estimate for a 114 billion yen annual profit compiled from 19 analysts polled by Refinitiv.

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