Two months into his term as the new CEO of Subaru, Atsushi Osaki is making some admirable changes that could soon benefit US consumers and our planet’s ecosystem. The Japanese automaker looks to ride a wave of massive annual profits into a new transition of bolstered EV production that includes at least four all-electric Subaru models.
After years and years of stubbornness and minimal effort to expand EV production, Subaru appears to have pulled its head out of the sand and joins the race to try and catch nearly all its competitors that began their sprint years ago.
In early January, fellow Japanese automaker, Toyota, announced a changing of guard at the CEO position, finally recognizing the world’s shift to electric vehicles (although it still counts hybrids jumping, one by one, over a farm fence when it goes to sleep at night).
Nevertheless, Subaru Corporation, which has had strong collaborations with Toyota, took a similar route, appointing its former director and EVP of manufacturing, Atsushi Osaki, to president and CEO this past March.
Under its former chief, Subaru said it would not build EVs in the US because it can’t compete with McDonalds’ $20 starting wage. That appears to still be the case under the Osaki era, but that doesn’t mean new Subaru EVs won’t hit the US market. According to comments from the new CEO this week, we can expect to see four all-electric crossovers by 2026.
Subaru to build 400,000 EVs per year by 2028
Lots of news coming out of Subaru HQ this week. Today, the company shared its financial results for its 2023 fiscal year end on March 31. The company is reporting a near tripling of operating profits compared to a year prior, led by steady sales in Subaru’s key market – the US.
Following today’s report, Subaru CEO Atsushi Osaki laid out the Japanese automaker’s electrification plans going forward, and they’re encouraging. Osaki explained that Subaru will add an additional dedicated EV assembly line to it Oizumi plant in Japan in 2027, adding annual production capacity for another 200,000 vehicles.
Oizumi will compliment a separate EV line at the automaker’s nearby Yajima plant that will also deliver 200,000 EVs a year from around 2026. Combined, Subaru expects to be cranking out as many as 400,000 EVs in Japan per year by 2028.
Even before EV production has completely ramped up overseas, Subaru is planning to be building and delivering new, all-electric models to US consumers. According to Osaki, all four of the EVs that are expected to roll out before the end of 2026 should reach the US market.
The new CEO did also confirm that those models will be built entirely in Japan to start, so hopes of garnering any federal tax incentives stateside have already been shot down. Instead, Subaru hopes its EVs can entice US consumers based on lease incentives… Well that and brand loyalty alone. Per outgoing Subaru CEO Tomomi Nakamura:
I wonder if American consumers choose their cars solely based on tax breaks. Our US customers are quality customers. We have a higher ratio of customers buying Subarus with cash, and we also have low loan and lease rates. We also keep our incentives at low levels. We will try not to rely only on the subsidy program.
Looking ahead, Subaru says it plans to source the batteries to support its EV transition with the help of partner Toyota. The automaker now aims to have at least 40% of its global sales come from BEVs by the end of the decade and intends to offer an entirely electric lineup by the “early 2030s.”
Finally, guys.
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The cooling towers of the Three Mile Island nuclear power plant in Middletown, Pennsylvania, Oct. 30, 2024.
Danielle DeVries | CNBC
Power companies that are most exposed to the tech sector’s data center boom plunged early Monday, as the debut of China’s DeepSeek open source AI laboratory led investors to question how much energy artificial intelligence applications will actually consume.
Constellation, Vistra and GE Vernova have led the S&P 500 this year as investors speculated that AI data centers will boost demand for enormous amounts of electricity.
But DeepSeek has developed a model that it claims is cheaper and more efficient than U.S competitors, raising doubts about the vast sums of money the tech sector is pouring in to data centers.
The tech companies have anticipated needing so much electricity to supply data centers that they have increasingly looked to nuclear power as a source of reliable, carbon-free energy.
Constellation, for example, has signed a power agreement with Microsoft to restart the Three Mile Island nuclear plant outside Harrisburg, Pennsylvania. Talen is powering an Amazon data center with electricity from the nearby Susquehanna nuclear plant.
Vistra has not inked a data center deal yet, though investors see promise in its nuclear and natural gas assets. GE Vernova has soared this year as the market believes its gas and electric grid businesses will benefit from AI demand.
This is a developing story. Please check back for updates.
Executives from TravelCenters America (TA) and BP were joined by local elected officials at a ribbon cutting for the two companies’ first DC fast charging hub on I-95 in Jacksonville, Florida – the first of several such EV charging stations to come online.
Frequent road-trippers are no doubt familiar with TA’s red, white, and blue logo and probably think of the sites as safe, convenient stops in otherwise unfamiliar surroundings. The company hopes those positive associations will carry over as its customers continue to switch from gas to electric at a record pace in 2025 and beyond.
“Today marks a significant milestone in our journey to bring new forms of energy to our customers as we support their changing mobility needs, while leveraging the best of bp and TA,” explains Debi Boffa, CEO of TravelCenters of America. Boffa, however, was quick to – but TA is quick to point out that TA isn’ no’t leaving its ICE customers behind. “While this is significant, to our loyal customers and guests, rest assured TA will continue to provide the same safe and reliable fueling options it has offered for over 50 years, regardless of the type of fuel.”
The charging hub along the I-95 offers 12 DC fast charging ports offering up to 400kW of power for lickety-quick charging. While they’re at the TA, EV drivers can visit restrooms, shop at TA’s convenience store, or eat at fast food chains like Popeyes and Subway. Other TA centers offer wifi and pet-friendly amenities as well – making them ideal partners for BP as the two companies builds out their charging networks.
“As we expand our EV charging network in the US, I am thrilled to unveil our first of many hubs at TA locations,” offers Sujay Sharma, CEO of BP Pulse Americas. “These sites are strategically located across key highway corridors that provide our customers with en route charging when and where they need it most, while offering convenient amenities, like restaurants and restrooms.”
The new e2500-THL and TS electric Ultra Buggies from Toro offer construction and demo crews a carrying capacity of 2500 lbs. (on the TS model), six-and-a-half foot dump height (on the THL), nearly 13 cubic ft. of capacity, and hours of quiet, fume-free operation.
For their open-mindedness, those crews will be rewarded with machines powered by 7 kWh’s worth of Toro HyperCell lithium-ion battery. That’s good enough for up to eight hours of continuous operation, according to Toro – enough for two typical working shifts.
And, thanks to the Toro Ultra Buggies’ narrow, 31.5″ width, they can easily navigate man doors on inside jobs, as well, making them ideal for indoor demolition and construction jobs. A zero-turn radius and auto-return dump mechanism that ensures the tub automatically returns to the proper resting position make things easy for the operator, too.
Toro says that each of its small (for Toro) e2500 Ultra Buggy units can replace as many as five wheelbarrows on a given job site. Pricing is expected to start at about $32,000.