Przemeq Posted March 18, 2008 Share Posted March 18, 2008 Według Bloomberga kondycja FHI od kilku lat stale się pogarsza, akcje FHI od dwóch lat lecą na łeb na szyję, spadają sprzedaż (szybciej, niż konkurencji) i zyskowność. Co gorsze, ograniczane są wydatki na R&D (są np. o 32% niższe w relacji do przychodów ze sprzedaży niż w Hondzie), a chyba nikomu nie trzeba tłumaczyć, że to podcinanie gałęzi na której się siedzi... Jako główną przyczynę tłumaczy się niszowość marki subaru, a co za tym idzie niezdolność rozłożenia kosztów na wolumen produkcji, czego efektem są b. niskie marże. Merger z Toyotą miał to zmienić (nota bene ku mojemu niezadowoleniu), ale i to się nie udało. Do klientów przestaje też docierać przekaz o magii subarowskiego AWD, bo teraz mają to wszystkie marki. Niestety filmy takie, jak ten: docierają tylko do bardzo wąskiej grupy odbiorców... :roll: Co najciekawsze, od marki subaru odwrócili się nawet geje i lesbijki - tradycyjny target tej marki . http://www.bloomberg.com/apps/news?pid= ... sportation March 13 (Bloomberg) -- Fuji Heavy Industries Ltd., the maker of Subaru cars, has dropped 29 percent since Toyota Motor Corp. became its biggest investor in 2005. The companies' failure to take Subaru beyond niche-brand status may extend the slide. While Toyota is using a Fuji Heavy factory in Lafayette, Indiana, to build Camry sedans, joint development of new models, including a possible sports car, is still under discussion. That's a setback for Tokyo-based Fuji Heavy, which is struggling to refresh its lineup after a 16 percent cut in research spending over four years. Operating profit will slump 17 percent this fiscal year, Fuji Heavy forecasts. The company's 3.2 percent operating margin is the lowest among Japanese competitors after Mitsubishi Motors Corp. One reason is an engine design that's twice as expensive to build as conventional versions and is shared, among carmakers, only by Porsche SE. ``Their margins are terrible, and with their low volumes, they're at a huge disadvantage,'' said Edwin Merner, who oversees $2 billion as president of Atlantis Investment Research Corp. in Tokyo and doesn't own the shares. ``They may end up becoming just a subcontractor for Toyota.'' With global auto output totaling 585,028 last year, or 7 percent of Toyota's, Fuji Heavy lacks the scale to spread costs among more vehicles. The company's shares may be little changed for the next 12 months at 410 yen, estimates Tatsuo Yoshida, a senior analyst at UBS Securities Japan Ltd. They're already down 20 percent in 2008, making a third straight annual decline likely. Fuji Heavy shares fell 5 yen, or 1.2 percent, to close at 417 yen on the Tokyo Stock Exchange. `No Light' ``I see no light at the end of the tunnel,'' Yoshida said in an interview, citing rising raw-materials costs and a widening quality gap. Subaru was the only Asian passenger car brand to post a drop in U.S. sales last year. Yoshida is among five analysts in a Bloomberg survey who rate the shares as a ``sell.'' Ten say hold; one says buy. Toyota City-based Toyota, which owns 8.7 percent of Fuji Heavy, has had better luck with truckmaker Hino Motors Ltd., whose sales have been bolstered by demand from emerging markets. The stock has climbed 50 percent since Japan's largest automaker increased its holding to a majority stake in 2001. Fuji Heavy forecasts operating profit will drop to 40 billion yen ($388 million) this fiscal year. It will fall 2.5 percent more in the 12 months ending March 2009 as the Japanese currency strengthens against the dollar, Yoshida predicts. The figure was as high as 91 billion yen in 2000. Research and Development Cutbacks in research and development spending, now 32 percent less than Honda Motor Co.'s as a percentage of sales, limit the automaker's ability to attract more customers with new products. ``Fuji Heavy is in the unfortunate position of being stuck in this vicious cycle,'' said Tatsuya Mizuno, Tokyo-based director at Fitch Ratings. Vehicle development and production was part of Toyota's reason for buying the Fuji Heavy stake from General Motors Corp. in 2005. The companies are exploring collaboration on new models. That could help the smaller partner boost output and lower costs. ``We are currently carrying out active discussion with Fuji Heavy Industries regarding consigned research and development of a Toyota-brand vehicle,'' said Toyota spokesman Paul Nolasco. After a 3.3 percent decline in global sales in 2007, Fuji Heavy is targeting overseas markets to help raise Subaru's tally 8 percent this year. That may not be easy. U.S. Goal The company is aiming for a 7 percent gain in the U.S. -- where Subaru sales fell 6.7 percent in 2007 -- and where this year's industrywide total may drop to the lowest in a decade. Fuji Heavy is counting on models such as a redesigned Subaru Forester sport-utility vehicle and Impreza WRX STI hatchback. In Japan, sales fell 7.9 percent last year as the auto market posted a fourth straight decline. Subaru is also struggling to hang on to niche markets it cultivated. After courting drivers in snowy climates by pioneering four-wheel-drive in passenger cars in the 1970s, Subaru now battles similarly equipped models such as Nissan Motor Co.'s Rogue and Honda's CR-V compact SUVs. Lesbian Fans The carmaker is also facing more competition for gay and lesbian drivers in the U.S., a segment Subaru pursued by hiring former tennis champion Martina Navratilova, a lesbian, as a spokeswoman in 2000. Other carmakers including Ford Motor Co. and Bayerische Motoren Werke AG have stepped up advertising in gay media. ``Subaru's stronghold on the top spot in brand awareness in our community is slipping,'' said Joe LaMuraglia, founder of Gaywheels.com. Even the so-called boxer engine, with pistons arranged horizontally, instead of standing up or in a V-shape, may not be worth the extra production cost. The engine is also used in BMW motorcycles. Subaru says the boxer provides a smoother, steadier ride that attracts well-educated drivers. Twenty percent of U.S. Impreza buyers hold Ph.D. degrees, the company says. While Toyota may be able to use the engines to enhance its offerings, Fuji Heavy remains locked in shrinking niches because consumers are unwilling to pay extra for the technology, according to UBS's Yoshida. ``The sad fact is that most consumers can't tell the difference,'' he said. Link to comment Share on other sites More sharing options...
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