本田技研 (HMC) 2024 Q2 法說會逐字稿

Thank you very much for taking time out of your busy schedule to attend our briefing today. We would now like to start Honda Motor Co. Ltd.'s financial results briefing for second quarter of fiscal year 2024.

非常感謝您在百忙之中抽空參加我們今天的發表會。我們現在開始本田汽車有限公司 2024 財年第二季的財務業績簡報。

First of all, allow me to introduce the attendees today: Mr. Shinji Aoyama, Director, Executive Vice President and Representative Executive Officer and Chief Operating Officer.

首先，請容許我介紹一下今天的與會者：董事、執行副總裁兼代表執行長兼營運長青山真司先生。

Good to see you, everyone.

很高興見到你們，大家。

And Mr. Eiji Fujimura, Executive Officer, Chief Financial Officer.

還有執行長兼財務長 Eiji Fujimura 先生。

Good afternoon, everyone.

大家下午好。

Mr. Aoyama will first present an overview of the financial results of first half of financial year 2024 and full year forecast, then Mr. Fujiwara will present the details for the results and the forecast. Over to you.

青山先生將首先概述 2024 財年上半年的財務表現和全年預測，然後藤原先生將介紹業績和預測的詳細資訊。交給你了。

Thank you very much for your usual understanding on Honda's business activities. I will explain the financial results of the second quarter of our FY 2024 and this full year forecast.

非常感謝您平時對本田事業活動的體諒。我將解釋 2024 財年第二季的財務表現和全年預測。

Let me touch upon the highlights of the results. Regarding the cumulative results of the -- until second quarter FY 2024, we had high profits in motorcycle businesses, in addition to the significant improvements of our profitability in automotive businesses where production volume had recovered mainly in North America and delivered competitive products to customers.

讓我談談結果的亮點。就累積業績而言，截至2024財年第二季度，我們在摩托車業務方面實現了高利潤，此外，我們在汽車業務方面的盈利能力也顯著提高，其中汽車業務的產量主要在北美恢復，並向客戶提供了有競爭力的產品。

The operating profit increased by JPY 243.1 billion to JPY 696.5 billion, and operating profit margin was 7.2%. Free cash flow of the operating companies, excluding that of the financial businesses, reached JPY 732.9 billion, well exceeding the level last year-on-year.

營業利益增加2,431億日圓至6,965億日元，營業利益率為7.2%。除去金融業務外，營運公司的自由現金流達7,329億日圓，遠超去年同期水準。

In terms of the business forecast of the FY 2024, although tough market environment exists in China and Asia, we will up-revise the previous forecast of sales revenue, operating profit and the profit for the period, reflecting additional strength in the profitable structures as well as the foreign currency impact.

就2024財年的業務預測而言，儘管中國和亞洲市場環境嚴峻，但我們將上調先前對銷售收入、營業利潤和期內利潤的預測，反映出獲利結構的額外優勢：以及外匯的影響。

For shareholders' returns, we plan to increase the dividend by JPY 24 from the highest-ever dividend of the JPY 150 until the share split to JPY 174. We announced share buybacks at the financial press conference on May 11, 2023. And the amount of the share buybacks as of October 31 was at JPY 163.5 billion, for the upper limit of JPY 200 billion.

為了股東回報，我們計劃將股息從有史以來最高股息150日元增加24日元，直至股份分割至174日元。我們在2023年5月11日的財務新聞發布會上宣布了股票回購。以及金額截至10月31日，股票回購金額為1,635億日元，上限為2,000億日圓。

Let me explain about the automobile business in the main markets. In the United States, demands are solid. Semiconductors have been secured and productions have recovered. Thus, with the highly competitive new models that were launched last year, the result marked significantly higher year-on-year.

讓我解釋一下主要市場的汽車業務。在美國，需求是堅實的。半導體已得到保障，生產也已恢復。因此，隨著去年推出的競爭激烈的新車型，業績比去年同期明顯提高。

In China, because of the impact by expanding the new energy vehicle market and intensifying price competition, the results ended below last year.

在中國，受新能源汽車市場擴大和價格競爭加劇的影響，業績低於去年。

In terms of the sales outlook for the FY 2024, we anticipate incremental unit sales in Japan. Nevertheless, tough market environment in China will continue for some time now, so we would like to down-revise the previous forecast. However, overall, we will achieve higher results year-on-year.

就 2024 財年的銷售前景而言，我們預計日本的銷售量將會增加。儘管如此，中國嚴峻的市場環境仍將持續一段時間，因此我們下調先前的預測。但總體而言，我們將取得同比更高的成績。

Speaking of our actions for electrification, we announced the launch of the new EVs: Acura ZDX and Honda Prologue early 2024. In North America, we agreed with BMW and Ford to establish a new company, ChargeScape, in order to provide energy services that will contribute to stable power grid network by utilizing EVs. In Japan, we concluded a memorandum of understanding with Mitsubishi Corporation in order to explore commercialization of energy management businesses.

談到我們的電氣化行動，我們宣布將於 2024 年初推出新款電動車：謳歌 ZDX 和本田 Prologue。在北美，我們與寶馬和福特同意成立一家新公司 ChargeScape，以提供能源服務，利用電動車為穩定的電網做出貢獻。在日本，我們與三菱商事簽署了諒解備忘錄，探索能源管理業務的商業化。

Next, let me talk about the motorcycle businesses. In the first half of the fiscal year, overall motorcycle business performed higher year-on-year due to incremental unit sales, thanks to the solid demand in Indonesia and Europe. During 3 months of second quarter, we had more unit sales due to solid demand in Indonesia and Brazil. However, overall businesses fell short at the same time last year because of the unit sales decline due to economic slowdown and so on in Vietnam and China.

接下來我就來談談摩托車業務。本財年上半年，由於印尼和歐洲的強勁需求，摩托車銷售增加，整體摩托車業務較去年同期表現較高。在第二季的 3 個月中，由於印尼和巴西的強勁需求，我們的銷量有所增加。然而，由於越南和中國經濟放緩等導致單位銷售下降，去年同期整體業務出現下滑。

Regarding sales expectations for FY 2024, reflecting decline in Vietnam and China, we will down-revise the previous forecast. On the whole, the business will be at the equivalent level year-on-year.

關於 2024 財年的銷售預期，反映出越南和中國的下滑，我們將下調先前的預測。整體來看，業務將與去年同期持平。

Speaking of our actions for electrification. In the JAPAN MOBILITY SHOW the other day, we exhibited our SC e: Concept, which involves 2 sets of the Honda mobile power pack e for replacement batteries.

談到我們的電氣化行動。在前幾天的JAPAN MOBILITY SHOW上，我們展出了我們的SC e: Concept，其中包括2組用於更換電池的本田行動電源組e。

Next, this is the outline of the first half of FY 2020. Despite impacts by warranty expenses, thanks to incremental unit sales and the pricing that reflects improved commercial values, the operating profit marked JPY 696.5 billion, up by JPY 243.1 billion year-on-year. Profit attributable to the owner of the parent during the first half, it was JPY 616.3 billion, up by JPY 277.7 billion.

接下來是2020財年上半年的概要。儘管受到保固費用的影響，但由於單位銷售的增加和反映商業價值提高的定價，營業利潤達到6,965億日元，同比增加2,431億日元-年。上半年母公司股東應占利潤為6,163億日圓，增加2,777億日圓。

This is the focus of the consolidated business performance of FY 2024. Despite a tough market environment in China and Asia as well as the increase of warranty expenses that occurred in the first half, reflecting the fortified earnings structure and ForEx impact, we have revised the operating profit expectations to JPY 1.2 trillion, up by JPY 200 billion.

這是 2024 財年綜合業務業績的重點。儘管中國和亞洲的市場環境嚴峻，而且上半年保固費用有所增加，反映出盈利結構的強化和外匯影響，但我們還是修訂了營業利潤預期為1.2萬億日元，調高2,000億日圓。

Profit for the period attributable to the owners of the parent is expected to be JPY 930 billion, up by JPY 130 billion. Foreign currency assumption is set at JPY 140 for $1 in the second half as well as for the full year. Expectations of unit sales and P&L are shown on the slide.

母公司所有者應佔期間利潤預計為 9,300 億日元，增加 1,300 億日元。下半年和全年的外幣假設設定為 1 美元兌換 140 日圓。幻燈片上顯示了銷量和損益的預期。

Interim dividend for FY '24 is expected to be JPY 87 per share. And the dividend for the full year will be JPY 174, up by JPY 24 from the previous forecast of JPY 150. That was based on the criteria before the share splitting.

24 財年中期股利預計為每股 87 日圓。全年股利為174日圓，比先前預測的150日圓增加了24日圓。這是基於股權分拆前的標準。

Next, Mr. Fujimura will explain details of the financial results and forecast.

接下來，藤村先生將詳細解釋財務表現和預測。

Okay, then, allow me to start the explanation. To begin with Honda Group's unit sales for the first half of fiscal year 2024, in motorcycle operations, unit sales grew year-on-year, mainly in Europe, to 9,262,000 units. Automobile sales came to 1,934,000 units, mainly due to growth in North America. And in power products operations, unit sales came to 1,826,000 units, mainly due to the decline in North America.

好吧，那麼，請容許我開始解釋。首先從本田集團2024財年上半年的銷售來看，在摩托車業務中，銷售量較去年同期成長（主要在歐洲），達到9,262,000輛。汽車銷量達到 1,934,000 輛，主要得益於北美地區的成長。而在電力產品業務方面，銷售量達到1,826,000台，主要是因為北美地區的銷售量下降。

Next, I would like to explain the factor analysis of pretax profit for first half year compared to the same period last year. Operating profit grew by JPY 243.1 billion compared to the same period last year. To give you a factor analysis of the operating profit, impact from sales was an increase of JPY 219.2 billion due to unit sales growth in automobiles. Selling price and cost factors was an increase of JPY 205.7 billion due to effect of pricing, in line with the enhanced product value and lower prices of precious metals and other raw materials.

以下我將就上半年稅前利潤與去年同期的因素分析進行說明。營業利潤比去年同期成長2,431億日圓。從營業利潤的因素分析來看，由於汽車銷售的成長，銷售額增加了2,192億日圓。由於定價的影響，銷售價格和成本因素增加了 2,057 億日元，這與產品價值的提高以及貴金屬和其他原材料的價格下降相一致。

Expenses gave us a negative impact of JPY 214.3 billion due to an increase in warranty expenses and other expenditures. R&D expenses led to a profit decline of JPY 30 billion and currency effect resulted in a positive impact of JPY 62.4 billion. Pretax profit led to an increase of JPY 363.4 billion, resulting in -- resulting from the valuation gains of foreign currency denominated bonds and interest received.

由於保固費用和其他支出的增加，費用給我們帶來了 2,143 億日圓的負面影響。研發費用導致利潤下降300億日圓，貨幣效應帶來624億日圓的正面影響。稅前利潤增加 3,634 億日元，源自外幣計價債券的估值收益和收到的利息。

Next, to explain the sales revenues and operating profit by business segment. Operating profit was JPY 253.3 billion for motorcycles, JPY 301.3 billion for automobiles, JPY 137.0 billion for operating profit from financial services, and JPY 4.8 billion for power products business and other operations.

接下來，依業務部門說明銷售收入和營業利益。摩托車營業利潤為2,533億日元，汽車營業利潤為3,013億日元，金融服務營業利潤為1,370億日元，電力產品業務及其他業務營業利潤為48億日元。

Next, I will cover the cash flow situation. Free cash flow of the operating entities, excluding financial operations, for the first half of fiscal year '24 came to JPY 732.9 billion. And the end-of-term balance of net cash at the end of first half came to JPY 3,356.6 billion.

接下來我會介紹一下現金流狀況。 24財年上半財年，營運實體的自由現金流（不包括金融業務）達7,329億日圓。上半年末淨現金餘額為33,566億日圓。

Next, I would like to talk about the forecast for fiscal year 2024. Firstly, speaking of Honda Group's unit sales, compared to the previous forecast, in motorcycle operations, considering the decline mainly in Asia, forecast is for 18,080,000 (sic) [18,800,000] units; in automobiles, 4.1 million units, considering the decline mainly in Asia; and in power products, 3.85 million units, in view of the decline mainly in North America.

接下來，我想談談2024財年的預測。首先，說到本田集團的銷量，與之前的預測相比，在摩托車業務中，考慮到主要在亞洲的下滑，預測為18,080,000（原文如此）[18,800,000 ] 單位;汽車方面，410萬輛，考慮到下降主要在亞洲；而在電源產品方面，則為385萬台，因為下降主要是在北美地區。

Next, I would like to explain the factor analysis of pretax profit compared to the actual results from last year. First, operating profit is forecast at JPY 419.2 billion, up from last year's results. To explain the contributing factors, impact from sales is forecast at positive JPY 371.6 billion due to growth in unit sales of automobiles. Selling price and cost impact is positive JPY 394.0 billion due to effect from our pricing, in line with enhanced product value as well as lower raw material prices.

接下來我想解釋一下稅前利潤與去年實際結果相比的因素分析。首先，營業利潤預計為 4,192 億日元，高於去年的業績。為了解釋其影響因素，由於汽車銷售的成長，預計銷售額的影響將達到 3,716 億日圓。由於我們定價的影響，與產品價值的提高以及原材料價格的下降相一致，銷售價格和成本的影響為 3,940 億日元。

Expenses impact is expected to be negative of JPY 321.4 billion due to warranty-related expenses and increase in selling expenses. R&D expense impact is negative JPY 51.1 billion. And currency effect is forecast at positive JPY 26.0 billion. Pretax profit is forecast at JPY 515.4 billion higher, considering the decline of JPY 42.4 billion in equity in earnings of affiliates due to a decline in automobile unit sales in China and gains of JPY 138.6 billion from higher interest received.

由於保固相關費用和銷售費用增加，預計費用影響將為負 3,214 億日圓。研發費用影響為負 511 億日圓。貨幣效應預計為 260 億日圓。考慮到中國汽車銷量下降導致關聯公司權益收益下降 424 億日元，以及收到的利息增加帶來的收益 1,386 億日元，稅前利潤預計將增加 5,154 億日元。

Next, I will explain the contributing factors in comparison with the previous forecast. Operating profit is forecast at up JPY 200 billion compared to the previous forecast. To give you the breakdown, impact from sales is a negative of JPY 69.0 billion due to unit sales decline. Impact from selling price and cost is a positive of JPY 129.0 billion due to effective pricing, in line with enhanced product value and lower prices of precious metals and other raw materials. Impact from expenses is a negative of JPY 163.0 billion due to increased warranty expenses. Impact from R&D expenses is a positive of JPY 9.0 billion. And currency effect is expected at JPY 294.0 billion.

接下來，我將與先前的預測相比，解釋一下影響因素。營業利潤預計比先前的預測增加 2,000 億日圓。細分來看，由於銷售量下降，銷售額產生了 690 億日圓的負面影響。由於有效定價，銷售價格和成本的影響為 1,290 億日元，這與產品價值的提高以及貴金屬和其他原材料價格的下降相一致。由於保固費用增加，費用影響為 1,630 億日圓。研發費用的正面影響為 90 億日圓。貨幣效應預計為 2,940 億日圓。

For pretax profit, our forecast is up JPY 210.0 billion, considering the decline in equity and earnings of affiliates of JPY 110.0 billion due to decline in automobile unit sales in China and increase of JPY 120.0 billion from higher interest received. Lastly, the forecast for capital expenditures, depreciation and amortization and R&D expenditures for fiscal year '24 is as shown.

對於稅前利潤，我們的預測上調 2100 億日元，考慮到由於中國汽車銷量下降導致關聯公司股本和盈利下降 1100 億日元，以及因收到的利息增加而增加 1200 億日元。最後，24財年的資本支出、折舊和攤提以及研發支出的預測如下所示。

This completes my explanation. Thank you very much for your attention.

我的解釋到此結束。非常感謝您的關注。

Thank you very much for your attention. Now I'd like to take the questions from the floor. And we have already provided the Zoom network for the questions from the media. And because of the interest of time, please limit your questions to 2 questions per 1 person. Thank you for your cooperation. (Operator Instructions)

非常感謝您的關注。現在我想回答大家的提問。我們已經為媒體的提問提供了Zoom網路。並且由於時間關係，請將您的問題限制為每 1 人 2 個問題。謝謝您的合作。 （操作員說明）

The first question, from Yomiuri Shimbun Newspaper, [Mr. Nakamura], please?

第一個問題，來自《讀賣新聞》，[先生]中村]，請問？

[Nakamura] from Yomiuri Newspaper. I have 2 questions. First one is our semiconductor procurement, the situations, please. In Japan, China, North America, in the different regions, what is the status of the semiconductor procurement? And what is the outlook for the future about semiconductor?

[中村]讀賣新聞。我有 2 個問題。第一個是我們的半導體採購，請介紹一下狀況。日本、中國、北美，不同地區的半導體採購狀況如何？半導體的未來前景如何？

Second question is the sales reduction, decline in China. What do you think is the reason for that? And do you have any idea to recover the sales after the third quarter onward, please?

第二個問題是銷量減少，中國市場下滑。您認為原因是什麼？請問您對第三季之後恢復銷售有什麼想法嗎？

Thank you for the question. So let's start with the semiconductor procurement. On the whole, recently, we have made great improvements on that. This fiscal year, specifically in the second half, we have no problems, almost no problems today. In this first half, we had a little bit of the issues remaining. However, as of now, we have no such problems in China, Japan and United States.

感謝你的提問。那麼就讓我們從半導體採購開始吧。總的來說，最近我們在這方面有了很大的改進。本財年，特別是下半年，我們沒有任何問題，今天幾乎沒有問題。在上半場，我們還剩下一些問題。但目前為止，我們在中國、日本和美國還沒有出現這樣的問題。

The differences in the regions, actually, there's none, at all. No regional differences. Last year -- last fiscal year, we started direct conversation with the semiconductor suppliers. And for most of the semiconductors, we have our alternative sources and so on. And thanks to those efforts, we have made good improvements recently.

事實上，地區之間根本沒有差異。無地區差異。去年——上一個財年，我們開始與半導體供應商進行直接對話。對於大多數半導體，我們都有替代來源等等。由於這些努力，我們最近取得了良好的進步。

And then last year-end, we had a priority of our semiconductor procurement in North America so that we can support the production and sales in North America. And that was actually what happened as well.

然後去年年底，我們優先在北美進行半導體採購，這樣我們就可以支援北美的生產和銷售。事實上這也是發生的事情。

And for this fiscal year, in China, market is a little bit slowing down. Our businesses there is slowing a little bit. And we now decide to use the semiconductor parts for the Japanese marketing stand. With that, we can increase the number of the sales volume in Japan.

本財年，在中國，市場略為放緩。我們在那裡的業務略有放緩。我們現在決定將半導體零件用於日本行銷展台。這樣，我們就可以增加日本的銷售量。

And going forward, in this spring, at TSMC, and we had a decision to have a strategic collaboration, and we also have other collaborative relationship with the other semiconductor suppliers. We now have a software-defined trend, and demand for the semiconductors will be higher going forward. So that what we like to do is to be ready to catch up with that.

展望未來，今年春天，在台積電，我們決定進行策略合作，我們也與其他半導體供應商建立了其他合作關係。我們現在有軟體定義的趨勢，未來對半導體的需求將會更高。因此，我們喜歡做的就是準備好趕上這一點。

And second question is sales decline in China. And there are 2 factors behind here. And one is, as you know, tax deduction measures like for NEV, New Energy Vehicles. With that, the NEV sales is expanding in China. And Honda has ICE -- or have hybrid. Those are our multiple lineup there. Because of that, we have some difficult situation. However, though it is only a bit of a decline in the ICE market, it is very specific market of ICE, in fact, like a big category SUV, we're not winning by other companies. We have some struggles there.

第二個問題是中國的銷售下降。這背後有兩個因素。一是如你所知，新能源汽車等減稅措施。隨之而來的是，新能源汽車在中國的銷售量不斷擴大。本田有內燃機——或者有混合動力。這些是我們的多陣容。因此，我們的處境有些困難。不過，雖然只是ICE市場下降了一點，但這是ICE非常特殊的市場，事實上，就像大品類SUV一樣，我們並沒有被其他公司贏過。我們在那裡遇到了一些困難。

But as we are turning to the BEV focus more. And from 2024, we are going to launch 4 models of BEV as soon as we can catch up with the market. Thank you very much.

但隨著我們更多地轉向純電動車。從2024年開始，一旦趕上市場，我們將盡快推出4款純電動車。非常感謝。

Thank you very much, [Mr. Nakamura]. The next question is from [Mr. Noguchi] from NHK, please.

非常感謝您，[先生]中村]。下一個問題是來自[先生]。野口]來自 NHK，有請。

This is [Noguchi] from NHK. For the results, financial results for the first half, I believe they look very good in terms of numbers. So I'd like to ask for your ideas on wage raise. It might be a little bit earlier to ask about this, but I'd like to ask you about your thoughts on raising wages.

我是 NHK 的[野口]。對於業績，上半年的財務業績，我相信從數字來看它們看起來非常好。所以想請教大家對於加薪的想法。雖然現在問這個問題可能有點早，但我想問一下你對加薪的想法。

Okay. About raising our wages, wage hike, we need to, of course, think about this in terms of the global context. But for example, if you look at the States, U.S. market, the UAW issue was there. And then we, ourselves, of course, would like to take appropriate actions.

好的。關於加工資，加工資，我們當然需要從全球的角度來考慮。但舉例來說，如果你看看美國市場，你會發現UAW問題就在那裡。然後我們自己當然也願意採取適當的行動。

If you think about the wages in Japan, last fiscal year -- or sorry, this -- the salary base of the regular wage hike, we did it at the beginning of this fiscal year. But for next fiscal year as well, we would like to take proactive actions considering the government's guideline as well. And then we would like to think proactively towards raising wages possibly.

如果你想想日本的工資，上一財年——或者抱歉，這個——定期工資上漲的工資基礎，我們在本財年年初就這樣做了。但對於下一個財政年度，我們也希望考慮到政府的指導方針，採取積極主動的行動。然後我們會積極考慮提高薪資的可能性。

Anything to add, Mr. Fujimura?

藤村先生，還有什麼要補充的嗎？

Well, as mentioned, if you think about Japan, I believe you must have asked about the situation in Japan. But if you think about the recent inflation that is happening also in Japan, we need to consider that. And also because our business performance has been growing, and then of course, going forward, we will see new business -- well, we'll go through this transformation to electric business, electrification of vehicles. So that will be our second transformation, which is supported by human resources. That's been per CEO's idea.

那麼，正如前面提到的，如果你想到日本，我相信你一定會問過日本的情況。但如果你考慮一下日本最近也發生的通貨膨脹，我們就需要考慮這一點。而且因為我們的業務表現一直在成長，當然，展望未來，我們將看到新的業務——嗯，我們將經歷向電動業務、車輛電氣化的轉型。所以這將是我們的第二次轉型，這是由人力資源所支持的。這是首席執行官的想法。

So for this year, fiscal year's salary raise, and then going forward as well, we would like to have very earnest discussions. We have had earnest discussions between labor and management, and that's why we are here. And then so for -- going forward, we'd like to continue this trend, but still the spring offensive timing is still far ahead. So we will continue our discussion with the union. So we will -- and then we will think about investing into human resources or human assets.

所以對於今年、財政年度的加薪，以及接下來的加薪，我們都希望能進行非常認真的討論。我們勞資之間進行了認真的討論，這就是我們來到這裡的原因。然後，展望未來，我們希望繼續這一趨勢，但春季進攻時機仍然遙遙領先。因此我們將繼續與工會進行討論。所以我們會—然後我們會考慮投資人力資源或人力資產。

Thank you very much, [Mr. Noguchi]. Next question, from Nihon Keizai Shimbun, [Mr. Okinaga], please.

非常感謝您，[先生]野口]。下一個問題，來自日本經濟新聞，[先生。衝永]，請。

Nikkei Shimbun Newspaper, [Okinaga]. I have 2 questions. First one, the up-revision of the forecast group results and recent China is now down-revised instead. And in terms of the sales revenue, for instance, factory restructuring or the other measures and so on. Do you have any idea about that? And second question -- maybe we can start with the question one.

日經新聞，[沖繩]。我有 2 個問題。第一，上調了預測組的結果，最近的中國現在改為下調。還有在銷售收入方面，例如工廠重組或其他措施等等。你對此有什麼想法嗎？第二個問題──也許我們可以從第一個問題開始。

Our first question, in China, we have our production capacity, 1.49 million car production capacity. That is what we have. As we announced before, we have 2 joint venture entities over there. And we have 120,000-unit capacity, BEV-specific production companies, in 2 places. And then that means we will have a 3.4 billion -- JPY 173 billion also. And we have, of course, discussions with the JV companies for the ICE production areas specifically, so that we could try to reduce the fixed cost of that ICE production, speaking of the restructuring plans and so forth for the factories.

我們第一個問題，在中國，我們有我們的生產能力，149萬輛汽車的生產能力。這就是我們所擁有的。正如我們之前宣布的，我們在那裡有兩個合資實體。我們在兩個地方擁有 12 萬輛產能的 BEV 專用生產公司。那麼這意味著我們將擁有 34 億日元，也就是 1,730 億日元。當然，我們也特別與合資公司就ICE生產領域進行了討論，以便我們可以嘗試降低ICE生產的固定成本，談到工廠的重組計畫等。

And also incentives, as of now, ICE hybrid, those are our main business models. And we need to kind of support sales by using incentives. In this forecast we are sharing today, especially in the first half, we are going to support our current level of the incentives to continue to support the current ICE businesses.

還有激勵措施，到目前為止，ICE 混合動力，這些是我們主要的商業模式。我們需要透過激勵措施來支持銷售。在我們今天分享的預測中，特別是在上半年，我們將支援當前水準的激勵措施，以繼續支持目前的 ICE 業務。

And the U.S., the economy is good and its sales rising. However, you have a little bit of a down-revision. And what about -- we have delinquencies of those repayments, loans, what do you expect the economy in the second half onwards, including the yen depreciation.

而美國，經濟狀況良好，銷售額不斷上升。然而，你有一點下調。那麼——我們有拖欠還款、貸款的情況，您對下半年以後的經濟有何預期，包括日圓貶值。

A part of the question will be supported by Fujimura-san. And in terms of the interest rate hike, of course, it's like an incentive kind of thing. American Honda Finance, a company has a business, and American Honda has the business in relation to the incentives. But until now, we have a credit score assessment, and the customers we have, have a good credit assessment to start with. And then because of that, we do not have a big impact as of now.

藤村先生將支持此議題的一部分。當然，就升息而言，這就像一種激勵措施。美國本田金融公司有業務，美國本田有與激勵相關的業務。但到目前為止，我們有信用評分評估，我們擁有的客戶也有良好的信用評估。正因為如此，我們目前還沒有產生很大的影響。

And trading values of the cars, index shows a bit of a downtrend of the prices of the used cars. However, the level is still higher than the conventional used car price level. And bad debts and so on, we have some provisions for that. However, it is not as much as it would impact on the statement of the finance to date. And also the residual values of the used cars, it does not have any impact on the P&L as of now. And maybe my colleague can support a bit.

汽車交易價值指數顯示，二手車價格略有下降。但該水平仍高於常規二手車價格水平。還有壞帳等等，我們對此有一些規定。然而，這對迄今為止的財務報表的影響並不大。還有二手車的殘值，目前對損益表沒有任何影響。也許我的同事可以提供一點支持。

I have nothing to add, numbers maybe. After COVID, in the United States, we have support to the families and so on, subsidies to them. And relative to the delinquencies, the bad debts is actually a historic level that is very low at the moment and delinquency levels a little bit rising today. However, the bad debt rate is also rising a little bit.

我沒什麼好補充的，也許是數字。新冠疫情之後，在美國，我們為家庭等提供支持，為他們提供補貼。相對於拖欠率，壞帳實際上處於歷史水平，目前非常低，而今天的拖欠率略有上升。不過，壞帳率也在小幅上升。

However, still it is 0.5% of the bad debt levels. And in a way, this is the situation where the situation is returning back to the pre-COVID level. And it is a kind of course, low, sort of orientation to us. However, in a way, it is normalization, too.

然而，這仍然是壞帳水準的0.5%。從某種程度上來說，這就是局勢正在回到新冠疫情前的水平。這對我們來說當然是一種低級的取向。然而，在某種程度上，這也是常態化。

During the COVID period, finance businesses, we had a JPY 300 billion or JPY 400 billion. And it was like a reversal of the loss cost or something. However, for that amount, for that part, JPY 250 billion operating profit actually generated from the finance businesses, and 2%, 3% of the credit will be financed. That is the kind of the businesses of finance. But what I can say is that it is being normalized.

在新冠疫情期間，我們的金融業務有3,000億日圓或4,000億日圓。這就像損失成本的逆轉或其他什麼。然而，就這個金額而言，這部分實際上是由金融業務產生的2500億日元營業利潤，以及2%、3%的信貸將被融資。這就是金融業務的類型。但我可以說的是，它正在正常化。

And residual value losses in relation to the used car prices, and we have a setting of the residual price level. And it is still on the positive side. That positive range is a little bit squeezed. However, we are now getting back to the normalization mode. And for the residual value part, it will take a little bit more time to have the total normalization. So we have those plans and we factor in the financial business implication. However, nothing really of a concern.

殘值損失與二手車價格有關，我們有一個殘值水準的設定。而且仍然是正面的一面。這個正值範圍有點被擠壓。然而，我們現在又回到了正常化模式。而對於殘值部分，則需要更多的時間來進行總歸一化。因此，我們制定了這些計劃，並考慮了金融業務的影響。然而，沒有什麼真正值得擔心的。

Thank you very much, [Mr. Okinaga]. The next question is from Toyo Keizai, [Mr. Yokoyama], please.

非常感謝您，[先生]衝永]。下一個問題是東洋經濟財[先生]提出的。橫山]，請。

This is [Yokoyama] from Toyo Keizai. I have 2 questions as well. The first is about the financial results. So if you look at the first half and the second half, it looks like the second half is going to see lower operating profit. So I just want to see how you're viewing your numbers, the performance. So you downward-revise for North America and then China is getting sluggish. So I just want to see how you view this.

這是東洋經濟的[橫山]。我也有 2 個問題。首先是關於財務業績。因此，如果你看看上半年和下半年，下半年的營業利潤似乎會較低。所以我只是想看看你如何看待你的數據和表現。因此，你下調了北美的預測，然後中國的表現變得疲軟。所以我只是想看看你如何看待這個問題。

And about the upward revision, so compared to the previous year, if you exclude the foreign currency effect, I guess your profit is going to get less. So in terms of real, real performance, let me know how you stand.

至於向上修正，所以與前一年相比，如果排除外匯影響，我猜你的利潤會減少。因此，就真實的表現而言，請讓我知道您的立場。

Second question is concerning this DM -- GM, sorry. You said that you will discontinue development of EV together with GM. So I'm just wondering what the kind of impact that would have on the strategy and then any countermeasure you have in your mind.

第二個問題是關於這個 DM 的－GM，抱歉。您說過將與通用汽車一起停止電動車的開發。所以我只是想知道這會對策略產生什麼樣的影響，然後你想到的對策是什麼。

Okay. Thank you for your questions. So about the details of the numbers, Mr. Fujimura would provide some additional information.

好的。謝謝您的提問。因此，關於數字的細節，藤村先生將提供一些額外的資訊。

But if we look at the first half and the second half, I think this probably is happening every year, but second half is slightly -- we tend to look at the second half somewhat conservatively. But at the same time, as a fact, we cannot -- in terms of expenditures, we tend to have a, well, a bit of a bias on the second half, if you compare those 2 halves. That's true.

但如果我們看一下上半年和下半年，我認為這種情況可能每年都會發生，但下半年稍微有點——我們傾向於稍微保守地看待下半年。但同時，事實上，我們不能——就支出而言，如果你比較這兩個半場，我們往往對下半年有點偏見。這是真的。

And then as you commented already, in North America, the downward revision in the North America, because regardless of semiconductors, in the first half, we didn't have a good supply situation in the first half. So maybe that was slightly over 20,000 units, it was a little bit over, and that happened in the first half. And so that's been incorporated into the first half.

然後，正如您已經評論的那樣，在北美，北美的下調是因為無論半導體如何，上半年我們的供應情況都不好。所以可能略多於 20,000 台，有點多了，而且這發生在上半年。所以這已被納入上半場。

And then the sales and -- production and sales in the second half, if you look at the capacity in North America, it's almost at full capacity. So some of the parts shortage we had in the first half at the supplier, we cannot really recover that in the second half. And that's why it looks like that.

然後是銷售和下半年的生產和銷售，如果你看看北美的產能，它幾乎是滿載的。因此，我們上半年供應商的一些零件短缺，我們無法在下半年真正恢復。這就是為什麼它看起來像那樣。

If you asked about the real performance, so you said exclude the currency effect in our explanation, actually. This one compared with the, let's say, comparing with the last year, or the same period last year, the currency effect is very limited. The ones -- the presentation you've seen, I'm sure you've seen it, the currency effect is only JPY 26 billion. So that is against the last year, last period.

如果您詢問實際表現，那麼實際上您說在我們的解釋中排除了貨幣效應。這個跟去年相比,或者說跟去年同期相比,貨幣的影響是非常有限的。那些——你已經看過的演示文稿，我相信你已經看過了，貨幣效應只有260億日元。這是與去年、最後一個時期相比。

And then particularly, if you look at the operating profit, it's a 53.7% increase, a lot of it is coming from automobile sales and -- production and sales expansion. And also, we were able to leave the sluggishness from the shortage of semiconductor. So because of that -- and then, of course, we had some temporary warranty cost. But we have been able to get to almost ROS of 5%. So we were at 4.7%.

特別是，如果你看一下營業利潤，你會發現它成長了 53.7%，其中很大一部分來自汽車銷售以及生產和銷售的擴張。而且，我們能夠擺脫半導體短缺造成的低迷。因此，當然，我們還有一些臨時保固費用。但我們的 ROS 幾乎達到了 5%。所以我們的比例是 4.7%。

So this is only -- we had some just temporary warranty expenses, but we were able to show a good expansion of automobiles now that the shortage of semiconductor has ended. So I guess that's the answer to your first question.

所以這只是——我們有一些臨時保固費用，但既然半導體短缺已經結束，我們就能夠展示汽車的良好擴張。所以我想這就是你第一個問題的答案。

And then in terms of our assessment, so we are trying to get -- aim for 7% or higher ROS on 2026 fiscal year or later. And then this is a 6%, this JPY 1.2 trillion is 6%. But I think we are making progress in line with our plans.

然後就我們的評估而言，我們正在努力實現 2026 財年或以後的 ROS 達到 7% 或更高的目標。然後這是一個6%，這個1.2兆日元是6%。但我認為我們正在按照我們的計劃取得進展。

And about the second question, the terminating the joint development with BEV together with GM, of course, there is impact to the strategy. However, we will launch it from Honda's global BEV, mainly in North America, starting from '26 -- fiscal year '26. We want to maximize the use of this platform. And then -- so I think we can avert any impact from this termination of this joint development.

關於第二個問題，終止與通用汽車共同開發純電動車，當然對策略有影響。然而，我們將從本田的全球 BEV 中推出它，主要是在北美，從 26 年 - 26 財年開始。我們希望最大限度地利用這個平台。然後——所以我認為我們可以避免因終止聯合開發而產生的任何影響。

Any numbers you want to add to this?

您想添加任何數字嗎？

Okay. Okay. So the gap between second half and first half. Before that, I would like to explain to you how the numbers for the first half were put together. As Mr. Aoyama just explained, the volume expanded in automobiles in North America, in particular, that was conspicuous. That was in the range of plus 240,000 units. So I think this unit sales contributed greatly to operating profit.

好的。好的。所以下半場和上半場的差距。在此之前，我想先向大家解釋一下上半場的數據是如何組合在一起的。正如青山先生剛才所解釋的那樣，尤其是北美地區的汽車銷售成長非常明顯。那是在+ 240,000 單位的範圍內。所以我認為這個單位銷售額對營業利潤貢獻很大。

For motorcycles, almost it was 60,000 units. So it was just a bit of increase. However, Vietnam, which is our most highest profit-generating market, even though they were in negative, Brazil, Thailand showed good growth. And then that was -- of course, we used to say that, if we stumble in Vietnam, it hurts a bit. But I think with other markets contributing, it has even out a lot for motorcycles. So that we have been able to earn some good profit in automobile as well. So we got JPY 760 billion, so, 6% -- 7.2% ROS.

摩托車則接近6萬輛。所以只是增加了一點點。然而，越南是我們利潤最高的市場，儘管呈現負成長，巴西、泰國卻表現出良好的成長。當然，我們過去常說，如果我們在越南絆倒，就會有點痛。但我認為，在其他市場的貢獻下，摩托車的銷售也將增加。這樣我們在汽車領域也能賺到一些不錯的利潤。所以我們得到了 7600 億日元，即 6% - 7.2% ROS。

A bit of the disturbance was the warranty expenses for -- we had -- sorry, JPY 56 billion automobiles, and then we had a JPY 56 billion, another one, for automobile, so a total of close to JPY 120 billion for warranty claims. So that was a provision. So we inconvenienced our customers a lot.

有點幹擾的是——我們有——抱歉，560 億日元的汽車的保固費用，然後我們還有 560 億日元的汽車保固費用，所以保固索賠的總金額接近 1200 億日元。所以這是一項規定。所以我們給顧客帶來了很多不便。

But I think if we eliminate this -- I think we should have been able to attain ROS of close to 8% for the first half. And against that first half, I think we should be able to take away JPY 700 billion, we take away from JPY 1.2 trillion. So that will be JPY 500 billion. So the volume will be higher.

但我認為，如果我們消除這一點——我認為我們應該能夠在上半年實現接近 8% 的 ROS。相對於上半年，我認為我們應該可以拿走 7,000 億日元，我們拿走 1.2 兆日元。那麼這將是 5000 億日元。所以音量會比較大。

So even if we consider incentive, it would be a bit of a JPY 120 billion provision. And then the provision for the warranty, that would be -- that doesn't happen with the first half, it was for the second half. So JPY 100 billion. So that would be JPY 220 billion. But as a total, that comes down by JPY 220 billion. So there was a bit of a difference between like JPY 400 billion between first and second half.

因此，即使我們考慮激勵措施，1200億日圓的撥款也只是一點點。然後是保固條款，這不會發生在上半年，而是發生在下半年。所以1000億日元。那麼這將是 2200 億日元。但總體而言，減少了 2,200 億日圓。因此上半年和下半年之間存在著 4,000 億日圓左右的差異。

But if you look at the currency, of course, the yen-dollar rate is the same. But with the other currencies versus the dollar, they are getting better. So we considered that into the second half.

但如果你看貨幣，當然，日圓兌美元的匯率是一樣的。但其他貨幣兌美元的匯率正在改善。所以我們在下半場考慮了這一點。

And then also, this is mentioned separately, but to the Yachiyo Industry, we are doing a TOB -- we'll complete the TOB in second half against the Yachiyo Industry. And then the same thing as Honda Lock last year, we will have a bit of an impairment loss for the second half as a temporary charge. So with the Yachiyo impair loss on the currency, it will be like second half will be lower by JPY 100 billion or so.

還有，這個是單獨提到的，但對於八千代工業來說，我們正在做一個TOB——我們將在下半年對八千代工業完成TOB。與去年本田鎖一樣，我們下半年將有一些減損損失作為臨時費用。因此，隨著八千代的貨幣減損損失，下半年將減少約1000億日圓。

And then so we still have the performance a bit of a difference is JPY 300 billion. This would be -- majority will be the expenses. And also through the supplier, because they have suffered from inflation, so for Japan and in the States, for some of the suppliers, we do provide some -- we are allowing them to raise the cost a little bit to survive through this.

然後我們的表現仍然有一點差異，那就是 3000 億日圓。這將是——大部分將是費用。而且也透過供應商，因為他們遭受了通貨膨脹，所以對於日本和美國的一些供應商來說，我們確實提供了一些——我們允許他們稍微提高成本以渡過難關。

So that was a bit of a, well, disturbing noise. So you might have found it difficult to all put it together. But that's how our situation is.

所以這有點令人不安。所以您可能會發現很難將它們放在一起。但我們的情況就是這樣。

Thank you very much, [Mr. Yokoyama]. Next question, from Asahi Shimbun Newspaper, [Mr. Wakai], please.

非常感謝您，[先生]橫山]。下一個問題，來自《朝日新聞》，[先生。若井]，請。

Mr. Wakai , he has exited from the network. Next person then, from Nikkan Jidosha Shimbun, [Mr. Misatori], please. Automotive Daily Japan.

若井先生，他已退出網路。下一個人，來自日刊自動車新聞，[先生。美佐裡]，請。日本汽車日報。

[Misatori] speaking, Nikkan Jidosha Shimbun. I have 2 questions. First one is numbers to confirm. From April to September, OP waterfall over last year and also forecast for the full year from that time. You have our ups and downs for the operating profits. And the impact by the prices, what is the breakdown about it? And also for the suppliers, you may have price passed on, transfer of those incremental prices. That's the question one.

[Misatori] 說，日刊自動車新聞。我有 2 個問題。第一個是需要確認的數字。從 4 月到 9 月，OP 瀑布超過去年，並預測了從那時起的全年。您有我們的營業利潤的起伏。那麼價格的影響，具體是怎麼樣的呢？對於供應商來說，您可能會傳遞價格，轉移這些增量價格。這就是問題一。

And second one is BEV. We have EV demand being a bit slowed down, and I can see that in Ford and other companies, and they seem to be squeezing a bit on the investment on the equipment. But you say that you're going to be ready to produce 2 million BEVs [or so], in 2030 or so. And I understand you have no change to those plans for the future. But do you have any idea to kind of stop and then decide to slow it down a little bit, for instance, because of those demands, Mr. Aoyama?

第二個是純電動車。我們的電動車需求有點放緩，我可以在福特和其他公司看到這一點，他們似乎在設備投資上有所擠壓。但您說您將準備在 2030 年左右生產 200 萬輛純電動車。我知道您對未來的計劃沒有改變。但是，青山先生，您是否有任何想法停下來，然後決定放慢一點速度，例如，因為這些要求？

So I'd like to start with the second question first. So I have no idea to decelerate our speed of the businesses. However, I wouldn't deny the businesses are slowing or softening. And especially in the U.S. market, the demand is a little bit soft now. And as compared to the past speed, the growth speed is a little bit slowing down. And we really watch carefully the market trend. And that is what we are doing usually, watching out.

那我想先從第二個問題開始。所以我不知道要放慢我們的業務速度。然而，我不會否認業務正在放緩或疲軟。尤其是在美國市場，現在的需求有點疲軟。而且與過去的速度相比，成長的速度有些放緩。我們非常仔細地觀察市場趨勢。這就是我們通常所做的，保持警惕。

And in 2030, 40% of the advanced countries or 2 million BEV, that is our plan. And 2035, 80%. We have no idea to change those plans. And in terms of the speed of the businesses, battery joint venture as well the new factories in North America, we have those years. And of course, the next things in mind as well, to try to form the ecosystem, finally, we'd like to steadily push forward those plans.

到2030年，已開發國家的40%或200萬輛純電動車，這就是我們的計畫。到 2035 年，將達到 80%。我們不知道改變這些計劃。就業務、電池合資企業以及北美新工廠的速度而言，我們有那些年。當然，接下來的事情也是如此，試圖形成生態系統，最後，我們希望穩步推進這些計劃。

And the second question will be addressed by Fujimura-san.

第二個問題將由藤村先生回答。

So our first half operating profits and our previous focus about it. And the JPY 1 trillion for the full year, and we don't disclose the first half, a portion of that. But I just share with you the image of the results and forecast and the JPY 700 billion that was the results.

所以我們上半年的營業利潤和之前的關注點是一樣的。全年為 1 兆日元，我們沒有透露上半年的一部分。但我只是跟大家分享一下結果和預測的形像以及7000億日元的結果。

And as compared to the budget level, in terms of the absolute value level, we have about plus JPY 10 billion level has ended. And then breakdown inside is we have a yen depreciation, now we have JPY 140 instead of 125, and we have JPY 125 billion, in fact, by that. And warranty, we have about JPY 115 billion plus. And excluding everything else, it is almost offsetting everything around here.

與預算水準相比，就絕對值水準而言，大約超過100億日圓的水準已經結束。然後內部細分是日元貶值，現在我們有 140 日元而不是 125 日元，事實上，我們有 1250 億日元。還有保修，我們大約有1150億日元以上。而排除其他一切，它幾乎抵消了這裡周圍的一切。

And practically speaking, in the North America, the next number, volume, the suppliers -- some suppliers couldn't catch up with the incremental production of the volume. That is a loss of 20,000, and also slowing down economy in China and Vietnam. We have a negative situation of the unit sales of the motorcycles, for instance. We have those decline of the unit volumes, and therefore -- motorcycles, as I said earlier, we have Japan, Europe, U.S., Brazil, we have the recovery to cover that. And we have about 40 million sales -- 40,000 sales and we have a JPY 50 billion negative.

實際上，在北美，下一個數量、數量、供應商——一些供應商無法趕上該數量的增量生產。這意味著 20,000 人的損失，而且中國和越南的經濟也放緩了。例如，我們的摩托車銷量處於負成長狀態。我們的銷量有所下降，因此，摩托車，正如我之前所說，我們有日本、歐洲、美國、巴西，我們有復甦來彌補這一點。我們的銷量約為 4000 萬輛，即 40,000 輛，但我們有 500 億日元的虧損。

And we had a cost reduction and the price optimization, and raw material prices now getting more stable today. And other expenses are also squeezed too. And all in all, we are absorbing those JPY 50 billion, and that offsets, and plus JPY 10 billion the net -- with the depreciation of yen and so on. That is how that is kind of structured for the first half.

我們降低了成本並優化了價格，原材料價格現在變得更加穩定。其他開支也受到擠壓。總而言之，我們正在吸收這 500 億日元，這可以抵消，再加上 100 億日元的淨額——日元貶值等等。這就是上半場的結構。

Thank you for the questions, [Mr. Misatori]. I'd like to ask [Mr. Kawasaki] from [Jiji Tsushen].

謝謝您的提問，[先生。美佐裡]。我想請教【川崎]出自[時事通神]。

This is [Kawasaki]. I have 2 questions. First one is looking at the different OEMs, many have shown record high. So looking at your sales volume and then operating profit, net profit, if you have any record high, that's what I'd like to know. That's something, that's my first question.

這是【川崎】。我有 2 個問題。第一個是觀察不同的原始設備製造商，許多原始設備製造商都創下了歷史新高。所以看看你們的銷量，然後是營業利潤、淨利潤，是否有任何歷史新高，這就是我想知道的。這是我的第一個問題。

And the other question is in the States, you have the GM Cruise, the autonomous vehicle. I believe in the States, you have some -- well, stopped, suspension of operation. Does that have any impact to your plans to start automated vehicle driving in Japan?

另一個問題是在美國，有通用汽車 Cruise，自動駕駛汽車。我相信在美國，有一些——嗯，停止了，暫停了營運。這對您在日本啟動自動駕駛汽車的計劃有什麼影響嗎？

Okay. For the first question, Mr. Fujimura will answer that one a little bit later. To answer your second question about the States, the Cruise suspension of that. The GM Cruise activity, their activity itself is nothing I can comment on. However, for us to do in Japan, for -- as we announced with the GM Cruise, General Motors and Honda, we're forming a joint venture and then starting commercial operation of taxi from beginning of 2026. But there has been no change to that plan at all so far.

好的。第一個問題，藤村先生稍後會回答。回答你關於美國的第二個問題，即郵輪暫停。 GM Cruise活動，他們的活動本身我無法評論。然而，對於我們在日本要做的事情來說，正如我們與通用汽車、通用汽車和本田宣布的那樣，我們將組建一家合資企業，然後從 2026 年初開始出租車的商業運營。但沒有任何變化到目前為止，該計劃完全沒有實現。

However, having said that, in the States, the situation in the States would need to be monitored closely, and then we need to discuss them closely with Cruise and General Motors as well. But so far, our plan has not changed, well, including all the relation with the relevant authorities as well. That's what we would like to do.

不過話雖如此，在美國，我們需要密切關注美國的情況，然後我們還需要與克魯斯和通用汽車密切討論。但到目前為止，我們的計劃沒有改變，嗯，包括與相關部門的所有關係也沒有改變。這就是我們想做的事。

Okay. So you asked about the record high. So to give you the numbers from our answers from first half, operating profit, pretax profit and net profit, we've -- on all of those, we have shown the highest. And then of the JPY 20 trillion and then JPY 1,200 billion in profit, that's a record high, the same as pretax profit as well. That's for the full year forecast.

好的。所以你問的是創紀錄的高點。因此，為了向您提供我們上半年的答案中的數字，營業利潤、稅前利潤和淨利潤，我們在所有這些方面都顯示了最高的。然後，在20兆日圓和1.2兆日圓的利潤中，這是歷史新高，與稅前利潤相同。這是全年預測。

Thank you, [Mr. Kawasaki]. From the Reuters, please, Mr. Daniel Leussink.

謝謝你，[先生。川崎]。請來自路透社的 Daniel Leussink 先生。

Earlier -- it's kind of related to earlier question, the U.S. Cruise automated driving. Actually, they had to stop the services by the Cruise for some time. Do you think you that really owe the Cruise? And if you need them really, you probably -- you may have an idea for further investment in Cruise, like Cruise, in the difficulty of business management, maybe you can support financially to invest in Cruise, if needed? Do you have such idea in case?

早些時候——這與之前的問題有關，即美國巡航自動駕駛。事實上，他們不得不停止遊輪服務一段時間。你認為你真的欠郵輪嗎？如果你真的需要他們，你可能——你可能有一個想法，要進一步投資 Cruise，就像 Cruise 一樣，在企業管理困難的情況下，也許你可以在經濟上支持投資 Cruise，如果需要的話？萬一你有這樣的想法呢？

So for this question, whether or not we have that idea, as of now, we do not have such a practical specific idea. But of course, if there are changes of the business environment and conditions change and so on, if anything happens to Cruise, who we have a collaboration with, of course, there is room for consideration. We will listen to them. We will make appropriate decision as needed.

那麼對於這個問題，不管我們有沒有這個想法，目前來說，我們還沒有這樣一個實際的具體想法。但當然，如果商業環境改變、條件改變等等，如果我們合作的克魯斯出了什麼事，當然還有考慮的空間。我們會聽取他們的意見。我們將根據需要做出適當的決定。

And as of now, we have -- for your question, of course, about whether or not we have that idea today, I should say no, we don't have any specific idea for the investment as of today.

截至目前，我們——當然，對於你的問題，關於我們今天是否有這個想法，我應該說沒有，截至今天我們對投資沒有任何具體的想法。

Thank you very much for your question. The next question comes from Nikkei Business. [Mr. Iyama], please.

非常感謝您的提問。下一個問題來自《日經商業》。 [先生。井山]，請。

This is related to your earlier question about the low price BEV, together with GM. Why did you reach this decision? If you could tell us the background how you reached this decision, that will be helpful.

這與您之前關於低價純電動車以及通用汽車的問題有關。您為什麼做出這個決定？如果您能告訴我們您是如何做出這項決定的背景，那將會很有幫助。

And another thing is about capital expenditures. I believe you've increased it a little bit. So if you can tell us a little bit more about it.

另一件事是關於資本支出。我相信你已經增加了一點點。那麼您能否告訴我們更多相關資訊。

Okay, thank you. Why we decided to suspend development -- joint development with GM. Well, since we entered into agreement, we have done a lot of different studies. And as a result of that, both parties reached a decision that it will be better for both parties, win-win for both parties, if we don't do this together. That was the same for conclusion that we reached.

好的謝謝。為什麼我們決定暫停開發——與通用汽車共同開發。自從我們達成協議以來，我們做了很多不同的研究。結果，雙方達成了一個決定：如果我們不一起這樣做，這對雙方都更好，對雙方都是雙贏。我們得出的結論也是如此。

So if you asked why, we discussed and discussed. And we decided that looking at the current market and then looking at the potential or our approach to the reasonably priced BEV, we had differences about our -- in our thoughts.

所以如果你問為什麼，我們就討論再討論。我們決定，看看當前的市場，然後看看潛力或我們對價格合理的純電動車的方法，我們的想法存在分歧。

Okay. About the additional capital expenditures. Compared to the previous forecast, we've increased, I guess that's what you're asking about. But this is because we've done some currency conversion. So compared to the last time, we raised it by plus JPY 40 billion, plus. So of course, we used to assume JPY 125 to $1, but now we changed it to JPY 140. So for investment outside of Japan, we converted back into yen. So this -- that's why the substance has not changed. So please, when you look at the chart showing the depreciation and R&D cost and capital expenditure, please look at it that way. Thank you.

好的。關於額外的資本支出。與先前的預測相比，我們有所增加，我想這就是您所問的問題。但這是因為我們做了一些貨幣換算。因此，與上次相比，我們籌集了 400 億日元以上。當然，我們過去假設 125 日圓兌換 1 美元，但現在我們將其更改為 140 日圓。因此，對於日本以外的投資，我們將其轉換回日圓。所以這就是為什麼實質內容沒有改變。因此，當您查看顯示折舊、研發成本和資本支出的圖表時，請這樣看。謝謝。

Next question, Nikkei Asia, [Take-san], please.

下一個問題，日經亞洲，[Take-san]，有請。

[Take] from Nikkei Asia. And I have a question about the motorcycle businesses. One is the sales focus in Asia. You said it is down-revised because of China and Vietnam. And could you elaborate on that, please? What is the -- what is happening in those countries that made you decide to revise your forecast? And according to your document, you have our main 5 markets information at present. If you have any notable situations about the countries too, please share with us, market trend today.

[摘自] 日經亞洲。我有一個關於摩托車業務的問題。一是銷售重點在亞洲。你說因為中國和越南而下調了。能詳細說明一下嗎？這些國家正在發生什麼事情讓您決定修改您的預測？根據您的文件，您目前掌握了我們主要的5個市場資訊。如果您也有關於這些國家的任何值得注意的情況，請與我們分享今天的市場趨勢。

And second question is electrification and there was some exhibit on the MOBILITY show. And in the automobile areas, infrastructure is not really catching up with the electrification needs. And in the motorcycle businesses, in the emerging markets, what is the situation of the electrification there? And to deploy the electric motorcycle, what is your plan?

第二個問題是電氣化，MOBILITY 展會上有一些展覽。而在汽車領域，基礎設施並沒有真正跟上電氣化的需求。而在摩托車產業，在新興市場，那裡的電動化情況如何？對於部署電動摩托車，您有什麼計劃？

So for the question one, in Vietnam, this year, as around the spring time, the macro economy around export businesses soured. Because of that, the market on the whole in Vietnam is shrinking quite sharply. And actually, the situation has hit the bottom already. And maybe in the fourth quarter this fiscal year, we would expect some rebound, recovery. And the market in Vietnam is sort of anticipated in the south of Vietnam where the export business is the main business they rely on. And because of that businesses of export dropped, we have the situation.

所以對於第一個問題，在越南，今年春天前後，圍繞出口企業的宏觀經濟惡化了。正因為如此，越南整個市場正在急劇萎縮。事實上，情況已經觸底。也許在本財年第四季度，我們預計會出現一些反彈和復甦。而越南的市場在某種程度上是在越南南部，出口業務是他們所依賴的主要業務。由於出口業務下降，我們就出現了這種情況。

On China, the ICE vehicles -- ICE motorcycles, excuse me. it is declining more than our expectations and incentives against competitors that is in place, but we couldn't achieve enough our share in the market. Because of that, we down-revised it. But motorcycle businesses, we have the decline of the business in China, Vietnam. However, we have already factored in those decline to have this 11.8 million unit sales of our focus.

在中國，ICE車輛－ICE摩托車，請問。它的下降幅度超出了我們的預期和針對競爭對手的激勵措施，但我們無法在市場上獲得足夠的份額。因此，我們對其進行了向下修改。但是摩托車業務，我們在中國、越南的業務卻有所下降。然而，我們已經將這些下降因素考慮在內，從而將 1,180 萬輛的銷量作為我們的重點。

And then other notable events, trend. Maybe someone else talked about that before, but we have advanced level of countries, Japan, U.S., Europe and Brazil. Together, we are getting more profits there. And motorcycle business is kind of mainly coming from the Asian countries. But now those plus developed countries are getting us good businesses, and that is kind of the particular trend we are aware of.

然後是其他值得注意的事件、趨勢。也許以前有人談到這一點，但我們有先進水準的國家，日本、美國、歐洲和巴西。我們一起在那裡獲得更多利潤。摩托車業務主要來自亞洲國家。但現在這些國家和已開發國家正在為我們帶來良好的業務，這是我們意識到的特殊趨勢。

And for the electrification of the motorcycles, already in China, there is a clear the emerging market of electrified motorcycles in China that's in place. But in the next months to 3 years, India will be more kind of notable motorcycle electrification market. And for the fiscal year 2027 or '28, we are going to try to hit 1 million of those records. And 2030, 3.5 million or above. That is the number of the units we are aiming at to.

對於摩托車的電氣化，中國已經存在一個明顯的電動摩托車新興市場。但在未來幾個月到三年內，印度將成為更引人注目的摩托車電氣化市場。在 2027 或 28 財年，我們將嘗試打破其中 100 萬筆記錄。到2030年，將達到350萬或以上。這就是我們的目標單位數。

And earlier this fiscal year, we now have this new organization focusing on the electrification of power products, motorcycles, so on. And we have dedicated resources there for electrification to deploy those ideas. And then next year, in 2024, we already announced it though, EM1 e:, Mobile Power Pack e:-based mobility type vehicle to be deployed in Indonesia. And Mobile Power Pack e:-based other vehicles will be launched, and we will announce later on about the specific news about that later.

本財年早些時候，我們成立了一個新的組織，專注於電力產品、摩托車等的電氣化。我們在那裡擁有專門的電氣化資源來部署這些想法。明年，也就是 2024 年，我們已經宣布，基於 EM1 e: 的行動電源組 e: 行動車輛將在印尼部署。而基於Mobile Power Pack e:的其他車型也會推出，具體消息我們稍後會公佈。

Thank you very much, [Ms. Take]. Sorry, but due to time limitation, we'd like to make the last -- this next question the last. [Mr. Ikeda] from Sankei Newspaper.

非常感謝你，[女士]拿]。抱歉，由於時間限制，我們想把最後一個問題──下一個問題當作最後一個問題。 [先生。池田]來自產經新聞。

This is [Ikeda] from Sankei Newspaper. I have 2 questions. The first one is about the automobile business. The operating profit ratio, how to read this, how to interpret this. It's 4.7% right now. So that's a big improvement. But is this just simply contributed by the sales volume growth? Or is it because of the vehicle mix that you are selling so that your most profitable models sold best or something like that?

我是產經新聞的[池田]。我有 2 個問題。第一個是關於汽車業務。營業利益率，如何解讀，如何解釋。現在是4.7%。所以這是一個很大的進步。但這只是銷量成長的貢獻嗎？還是因為您銷售的車輛組合使得您最賺錢的車款銷售最好或類似的原因？

And then also for the second half later, the operating profit ratio, if you look at it from the industry standard, I don't think it's sufficient. But for your design and development and car manufacturing and then new models that should be launching into the future, what are your vision -- what is your vision for the profitability of automobiles? That's my first question.

然後下半年以後，營業利潤率，如果從業界標準來看，我認為還不夠。但是對於你們的設計和開發以及汽車製造，以及未來應該推出的新車型，你們的願景是什麼——你們對汽車盈利能力的願景是什麼？這是我的第一個問題。

The second question is, as mentioned already, for the Chinese business, do you have any structural reform? Of course, I guess you would need to do something about your ICE business. But what kind of time line are you thinking of for changing your business? Is that something you're going to start within this fiscal year? Is it that kind of short term? Or is it going to be something for later that you will be spending more time to do something, and then you need to reduce your fixed cost? So maybe some of the fixed equipment might have to be disposed of or you might have to do some adjustments to human resources. Would that have an impact on your business performance? If you could tell me about those ideas to the extent you can, that would be helpful.

第二個問題是，剛才已經提到了，對於中國企業來說，你們有什麼結構性的改革嗎？當然，我想你需要對你的 ICE 業務做點什麼。但您認為改變業務的時間表是怎樣的？您將在本財年開始進行這項工作嗎？是這樣的短期嗎？還是以後你會花更多的時間做某件事，然後你需要減少固定成本？所以也許一些固定設備可能需要處理掉，或者你可能需要對人力資源做一些調整。這會對您的業務績效產生影響嗎？如果您能盡可能地告訴我這些想法，那將會很有幫助。

Okay. Thank you very much for your questions. This 4.7% of the operating ratio, it's not that I'm satisfied. But we had some temporary warranty costs. So if we exclude that, I think we are above 5%, I believe.

好的。非常感謝您的提問。這4.7%的開工率，我並不滿意。但我們有一些臨時保固費用。因此，如果我們排除這一點，我認為我們的比例高於 5%。

And then for 2027, we wanted to bring it to over 7%. And then so we wanted to have it higher than 5% already this fiscal year. So in that sense, I think we are getting to the level -- that we're getting close to the level we're trying to get. Of course, the volumes -- sales service volume contributed, but we have been doing something particularly for the North American market that we wanted to have a lean manufacturing management.

然後到 2027 年，我們希望將其提高到 7% 以上。因此，我們希望本財年的成長率高於 5%。所以從這個意義上說，我認為我們正在達到這樣的水平——我們正在接近我們想要達到的水平。當然，銷售量——銷售服務量做出了貢獻，但我們一直在做一些特別針對北美市場的事情，我們希望擁有精實的製造管理。

So starting from model year '21 Civic, and then Accord and CRV, those midsized vehicles cost structure, that has improved. And then also, we have been able to do a good pricing in line with the product value. So the combination of those 2 led us to this current profit ratio.

因此，從21款思域開始，然後是雅閣和CRV，這些中型車輛的成本結構已經有所改善。然後，我們也能夠根據產品價值進行良好的定價。因此，這兩者的結合使我們得出了目前的利潤率。

And then going forward actually, it's -- if you ask us if we had a very profitable vehicle models, the product mix don't change really. We have a C segment, this CRV and Civic, and then we have D sedan, Accord. That's our best-selling volume cars. So that hasn't changed. However, in each of the models, we have been able to raise our marginal profit ratio. That's the situation. But as you've said, if you look at the -- across the industry, I'm aware that it's nothing really to be proud of.

事實上，如果你問我們是否有非常有利可圖的車型，我們的產品組合併不會真正改變。我們有C級轎車，CRV和思域，然後我們有D轎車，雅閣。這是我們最暢銷的量產車。所以這並沒有改變。然而，在每個模型中，我們都能夠提高邊際利潤率。情況就是這樣。但正如你所說，如果你縱觀整個產業，我知道這並沒有什麼值得驕傲的。

Okay. Next, about the China business structure reform. We would like to start something at an early stage. We are keenly aware of that. However, having said that, we have a joint venture partner. So we need to discuss and then thoroughly, persistently discuss with the joint venture partners to come up with some plans for structural reform.

好的。接下來，關於中國業務結構改革。我們希望儘早開始一些事情。我們敏銳地意識到這一點。不過，話雖如此，我們有一個合資夥伴。所以我們需要和合資夥伴討論，然後深入、持續地討論，拿出一些結構性改革的方案。

I don't have anything I can tell you specifically. Anything you want to add?

我沒有什麼可以具體告訴你的。您還有什麼要補充的嗎？

No, I don't have anything to add here.

不，我這裡沒有什麼要補充的。

Okay. Thank you very much, [Mr. Ikeda].

好的。非常感謝您，[先生]池田].

Okay. So with this, we'd like to complete our financial results briefing session. About the financial results material, those are listed on the website. Thank you very much for your attention today.

好的。因此，我們希望完成我們的財務業績簡報會。關於財務業績資料，這些資料列在網站上。非常感謝您今天的關注。

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

[本筆錄中的英語陳述是由現場通話中的口譯員說出的。]