The name Alcyone refers to the brightest star in the Pleiades star cluster, on which the Subaru logo is based.
The Subaru Alcyone SVX first made its debut at the 28th Tokyo Auto Show in 1989, as a concept car.
Legendary Italian Automobile designer Giorgetto Giugiaro of ItalDesign designed the slippery, sleek bodywork, incorporating design themes from many of his design concepts, such as the Ford Maya and the Oldsmobile Inca. Subaru decided to put the concept vehicle into production and retain its most distinguishing design element, the unconventional window-within-a-window. Subaru called this an "aircraft-inspired glass-to-glass canopy." The decision to release this car for production would give the public the first opportunity to drive a "concept car" as originally conceived.
Subaru introduced the SVX in the United States in July 1991 (as a 1992 model), following up the U.S. debut with a Japanese market introduction in September of that same year. The model was designed and marketed as the replacement for their aging, envelope pushing Alcyone XT and Alcyone XT6 coupes.
The Manufacturer's Suggested Retail Price (MSRP) for the base model 1992 SVX-LS was $24,445, with the top of the line model with touring package, the LS-L, listing at $28,000. This was $8,000-$11,000 higher that any previous Subaru. By the end of its production run in 1997, the price had risen to $36,740 for the top-of-the-line LSi.
Despite its high price, and the fact that it had made its U.S debut during an economic recession, sales in the United States were good; 5,280 cars for 1992 and 3,859 cars in 1993, although it was reported that Subaru intended to sell 10,000 SVXs each year. However, demand for the SVX dropped significantly before falling to just 640 units in 1997, at which point Subaru discontinued production.
Total sales of the SVX numbered 14,257 in the United States and a total of about 25,000 worldwide. 2,478 SVXs were sold in Europe (with 854 headed directly to Germany). Roughly 7,000 of all SVXs sold were right-hand drive models. Included in this number were the 249 vehicles sold in Australia, at a cost between approx. Au$73,000 to Au$83,000