Fuji Heavy Industries(Subaru)launches production of the Saab 9-2X at its Gunma Plant

Tokyo, Japan, Mar. 15, 2004 - (JCN Newswire) - Fuji Heavy Industries
Ltd. , a Japanese auto manufacturer known for
Subaru, has begun rolling out the Saab 9-2X, a model intended for the
North American market it jointly developed with Swedish automaker Saab
Automobile AB (Saab), a wholly owned subsidiary of General Motors Corp.
, at its Gunma Yajima Plant, and held a line-off ceremony for
the first mass production at 4:00 p.m. on March 12.

The Saab 9-2X has been co-developed by FHI and Saab under the framework
of GM alliance. Based upon FHI's AWD (all-wheel drive) platform with
excellent driving dynamics, the new 5-door hatchback features Saab's
styling and design.

It premiered in Los Angeles in December of last year, while being
exhibited at the North American International Auto Show at Detroit in
January this year, which significantly drew visitors' attention.

Saab will market the 9-2X positioned as an entry model of the product
range, targeting primarily those in the young age bracket in North
America, starting July this year.

"The Saab 9-2X is the fruits of collaboration between FHI and Saab, both
of which focus on making cars with fun-to-drive. It makes a lot of sense
to combine our strengths in creating a Saab that can be brought to
market quickly," Saab Chairman and CEO Peter Augustsson said.

"It is such a great pleasure for us to have been able to launch the
production of our jointly developed vehicle of GM alliance. For those
who choose the Saab 9-2X, we will continue to work hard to keep
delivering excellent quality cars," FHI President and CEO Kyoji Takenaka
said.

FHI and GM have been strategic alliance partners since December 1999 and
have collaborations underway in many fields such as engineering,
purchasing, and product development, etc.


About Fuji Heavy Industries, Ltd.

Fuji Heavy Industries Ltd. (FHI) is one of Japan's leading industrial
manufacturers, best known for distributing automobiles under the Subaru
brand. The Company has a long history of technological expertise dating
back to its days as an aircraft manufacturer. FHI is recognized
internationally for its all-wheel drive (AWD) and horizontally-opposed
engine technologies as well as its sophisticated, small-size
continuously variable transmission (CVT).
FHI's corporate philosophy is to achieve a perfect balance between
society and its own individuality as a manufacturer. Throughout the
fields of automotive engineering, aerospace, industrial products,
ecology and transport systems, and bus manufacturing and prefabricated
housing, the Company strives to promote full-scale global environmental
preservation through the development of distinctive products under
stringent safety standards.For further information, please visit the
Fuji Heavy Industries, Ltd. home page at: www.fhi.co.jp/
<http://www.fhi.co.jp/>