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Fuji Heavy has build the Toyota Camry in Indiana since 2007.
May 9, 2014 - 3:31 am ET
TOKYO (Bloomberg) -- Subaru parent Fuji Heavy Industries Ltd. will stop making the Camry in the U.S. for its largest shareholder, Toyota Motor Corp.
Fuji Heavy will end output of the model at its plant in Lafayette, Indiana, in the second half of 2016, the Tokyo-based company said in a statement today.
Production will shift to Toyota's plant in Georgetown, Kentucky, the Toyota City, Japan-based automaker said in a separate statement.
The two carmakers will continue to collaborate on products and technology, Toyota said.
The Subaru maker plans to enhance its product lineup with a focus on SUVs and said last year it will invest $400 million to boost U.S. capacity by the end of 2016, to 400,000 vehicles from 300,000 this year.
Fuji Heavy aims to raise annual sales to more than 1.1 million vehicles by March 2021, with North America as its "top-priority market," it said in a mid-term strategy plan announced today.
Separately, Fuji Heavy today forecast net income will increase 4.1 percent to 215 billion yen ($2.1 billion) in the year ending March 31, missing the 239.3 billion yen average of 19 analyst estimates compiled by Bloomberg.