本田技研 (HMC) 2025 Q3 法說會逐字稿

Thank you very much for sparing your time to join us here today. We now like to begin Honda Motor Company Limited FY 2025, third-quarter financial results briefing. Allow me first to introduce the executives in attendance. The Director, Executive Vice President, and Representative Executive Officer, Shinji Aoyama.

非常感謝您今天能抽出時間來參加我們的會議。我們現在開始本田汽車有限公司2025財年第三季財務業績簡報。首先，我向大家介紹出席本次會議的領導班子。董事、執行副總裁兼代表執行董事青山真二。

How do you do?

你好嗎？

And Director, Managing Executive Director, and CFO, Eiji Fujimura.

以及董事、常務執行董事兼財務長 Eiji Fujimura。

Thank you very much.

非常感謝。

Now first, Mrs. Aoyama will overview the FY25 third quarter financial results and FY25 full year consolidated forecasts followed by Mr. Fujimura's explanation on the details. Mr. Aoyama, the floor is yours.

現在，首先，青山女士將概述 2025 財年第三季的財務業績和 2025 財年全年合併預測，然後由藤村先生對細節進行解釋。青山先生，請您發言。

Thank you for your continued support for Honda's business activities. Thank you very much and let me explain the financial results for the FY 2025 third quarter. First, let me highlight the key points. The FY 2025 third quarter a cumulative operating profit was JPY1,139.9 billion with an operating profit margin of 7.0%. In motorcycle business, sales volume remained strong globally, and third quarter cumulative total was 15.5 million units.

感謝您一直以來對本田事業活動的支持。非常感謝，讓我解釋一下2025財年第三季的財務表現。首先，讓我強調一下重點。2025財年第三季累計營業利潤為11,399億日圓，營業利益率為7.0%。摩托車業務方面，全球銷售量維持強勁，第三季累計銷售量達1550萬輛。

In automobile business, consolidated unit sales volume decreased by 297,000 units year-on-year despite solid sales in North America due to drop in Asia, mainly China. Operating cash flow after R&D adjustment representing funding for future investments remained at the same level year-on-year at JPY1,945 billion. The FY25 consolidated financial forecasts are unchanged. Operating profit JPY1,420 billion. Profit for the year JPY950 billion.

汽車業務方面，儘管北美市場銷量強勁，但受中國地區為主的亞洲市場銷量下滑影響，綜合銷量較去年同期下降29.7萬輛。研發調整後的營運現金流代表未來投資的資金，與去年同期相比維持在同一水平，為1.945兆日圓。FY25 合併財務預測維持不變。營業利潤14,200億日圓。全年利潤9500億日圓。

Motorcycle unit sales has been revised upward to a record high due to strong global sales. Automobile operations, mainly due to decline in Japan, is revised downward to 3.75 million units. However, due to rise in motorcycle sales and exchange rate, operating profit and profit for the year forecasts remain unchanged.

由於全球銷售強勁，摩托車銷售已被上調至歷史新高。汽車業務營收下調至 375 萬輛，主要因日本業務下滑。但由於摩托車銷量上升及匯率影響，營業利益及全年利潤預測維持不變。

A resolution was made on December 23, 2024, to repurchase JPY1.1 trillion worth of company shares. JPY184.9 billion has been acquired as of January 31, 2025. We will work to complete repurchase of JPY1.1 trillion in shares.

2024年12月23日決議回購價值1.1兆日圓的公司股票。截至2025年1月31日已收購1,849億日圓。我們將努力完成1.1兆日圓的股票回購。

Next, the situation in the major markets. Regarding motorcycle operations due to strong demand in India and Brazil combined with economic recovery in Vietnam. Sales exceeded the same period last year. Automobile business saw an increase in Japan and the United States, but due to the severe market environment in China, total sales dropped year on year.

接下來是主要市場的情況。摩托車業務方面，由於印度和巴西的需求強勁，加上越南的經濟復甦。銷量超過了去年同期。汽車業務在日本、美國取得成長，但受中國市場環境嚴峻影響，總銷量較去年同期下降。

In Japan, sales volume in the third quarter was lower than the same period last year due to fierce competition amongst the others. The cumulative consolidated financial results for FY25 third quarter is as follows. Operating profit increased by JPY63.5 billion year-on-year, totaling JPY1,139.9 billion. Equity method investment profit decreased by JPY94.5 billion, a loss of JPY27.2 billion. Profit for the period attributable to owners of the parent company was JPY805.2 billion, down JPY64.3 billion.

在日本，由於競爭激烈，第三季銷售量低於去年同期。FY25第三季的累計合併財務結果如下。營業利潤年增635億日元，總計11,399億日圓。權益法投資利潤減少945億日元，虧損272億日圓。歸屬於母公司股東的當期獲利為8,052億日圓，減少643億日圓。

Consulted financial forecasts for the fiscal year ending March 2025. We maintain our previous forecast for both operating profit at JPY1,420 billion and current profit attributable to owner of the parent company JPY950 billion. Exchange rate assumption is JPY152 against the dollar for the fourth quarter and full year.

查閱了截至 2025 年 3 月的財政年度的財務預測。我們維持先前預測，營業利潤為1.420兆日圓，目前歸屬於母公司所有者的利潤為9,500億日圓。第四季和全年的匯率假設為日圓兌美元152。

The forecast for the annual dividend remains at JPY68, unchanged from the previous announcement. Additionally, a resolution was made on December 23, 2024, to repurchase JPY1.1 trillion worth of company shares. As of January 31, 2025, JPY184.9 billion has been acquired. Cumulative FY 2025 total of acquired shares is JPY472 billion.

年度股利預測仍為68日圓，與先前的公告相同。此外，也於2024年12月23日作出決議，回購價值1.1兆日圓的公司股票。截至2025年1月31日，已收購1,849億日圓。2025財年累計收購股份總額為4,720億日圓。

Mr. Fujimura will present the details of the financial results.

藤村先生將介紹財務結果的詳細資訊。

I'll explain the results of the third quarter.

我將解釋第三季的結果。

Regarding the cumulative unit sales until the third quarter in FY March 2025 of the group. For the motorcycle segment, due to the year-on-year increase mainly in Asia, 15.508 million units sold for automobile segments due to decrease in Asia, mainly China. 2.817 million units sold. And for power product segment due to decrease mainly in Europe, 2.516 million units were sold. Consolidated financial results of the cumulative third quarter were explained already.

關於該集團截至2025年3月財年第三季的累計單位銷售額。摩托車分部由於亞洲地區年增，汽車分部由於中國地區等亞洲地區減少，銷量為 1,550.8 萬輛。銷量281.7萬台。而電源產品部門由於歐洲地區主要出現下滑，銷售量為251.6萬台。第三季累計的合併財務結果已經公佈。

Next, I'll explain factors of ups and downs of a profit before income taxes of cumulative nine months year on year. Operating profit increased by JPY63.5 billion year-on-year because of the following factors. Regarding our sales impact, our profit increased due to the rising sales unit. However, incentives went up, thus the profit was squeezed by JPY104.3 billion.

接下來我來為大家講解一下累計9個月的稅前利潤年比漲跌的因素。營業利潤較上年同期增加了635億日元，主要由於以下因素。就我們的銷售影響而言，由於銷售單位的增加，我們的利潤也增加了。但由於激勵措施上調，利潤被擠壓1,043億日圓。

Regarding price/cost impact thanks to the pricing that commensurate improved the product values, profit increased by JPY376 billion. Regarding expenses due to incremental labor and the subcontractor costs, profit squeezed by JPY54.3 billion. R&D cost increased JPY97.5 billion downward impact on profit and the currency effects squeezed the profit by JPY56.3 billion.

至於價格/成本影響，由於定價相應提高了產品價值，利潤增加了3,760億日圓。由於勞動力增加及分包商成本增加，利潤減少543億日圓。研發成本增加975億日圓，對利潤產生下行影響，匯率影響使利潤減少563億日圓。

Profit before income taxes were down by JPY38.9 billion because of the profit of equity method declined due to a drop of the [EBIT] sales in China and so on, although operating profit itself increased. Regarding the operating profit by segments, JPY501.6 billion for our motorcycle business and JPY402.6 billion for automotive, and JPY244.9 billion for financial service businesses and power products and other businesses made losses of JPY9.3 billion.

營業利潤本身雖然增加了，但因中國地區[EBIT]銷售額下降等原因，權益法下的利潤下降，導致稅前利潤下降389億日元。分部門營業利潤方面，機車業務營業利潤5,016億日元，汽車業務營業利潤4,026億日元，金融服務業務及電力產品及其他業務營業利潤2,449億日元，虧損93億日元。

Next are the cash flows. Free cash flows from the businesses excluding financial services businesses were JPY693.7 billion during the first nine months cumulative of the FY March '25. Net cash at the end of the quarter was at JPY3.7789 trillion. Operating cash flows after R&D adjustment were JPY1.945 trillion.

接下來是現金流。截至2025年3月財年前九個月累計，金融服務業務以外的業務的自由現金流為6,937億日圓。本季末淨現金為3.7789兆日圓。研發調整後的營業現金流為1.945兆日圓。

Next, I'll explain consolidated the business forecast of FY March 2025. Regarding the projection of the Group's unit sales versus the previous forecast, unit sales of the motorcycle will be JPY20.6 million, mainly reflecting the increase in Asia.

接下來，我將解釋2025年3月財政年度的合併業務預測。至於集團單位銷售額與先前預測的預測，摩托車的單位銷售額將達到 2,060 萬日元，主要反映亞洲地區的成長。

And units of automobiles will be 3.75 billion, mainly reflecting the decline in Japan and those power products businesses will stay at 3.66 million, same as the last forecast. I've covered the forecast of the consolidated performance of the FY March 2025. Next, let me explain factors behind the changes in profit before income taxes year-on-year basis.

其中汽車業務為37.5億輛，主要反映日本業務的下滑；動力產品業務則維持在366萬輛，與上次預測持平。我已經介紹了2025年3月財年綜合業績的預測。接下來我來解釋一下稅前利潤較去年同期變動的原因。

Operating profit will be up by JPY38 billion year-on-year. The breakdown of the differences will be regarding the sales impact, although the incremental unit sales will push up the profit, however, the higher incentives and so forth will squeeze the profit by JPY198 billion. Regarding price/cost impact, pricing reflecting a product value improvement and so on will add profits by JPY535 billion.

營業利潤將比去年同期增加380億日圓。差異的細目將針對銷售影響進行分析，雖然增量的單位銷售額將推高利潤，但是，更高的激勵措施等將使利潤縮水1980億日元。至於價格/成本影響，反映產品價值提升等的定價將增加5,350億日圓的利潤。

Expenses will increase by JPY73.5 billion squeezing the profit, and R&D cost will increase by JPY125 billion, squeezing the profit too. And the currency effects will impact negatively on profit by JPY100.5 billion. Although operating profit itself increased, the profit before income taxes will drop by JPY177.3 billion, reflecting a decline in profit of equity method. Because of the reduction in unit sales in China.

費用將增加735億日元，擠壓利潤，研發費用將增加1250億日元，也擠壓利潤。貨幣效應將對利潤造成1005億日圓的負面影響。雖然營業利潤本身增加了，但稅前利潤將減少1,773億日元，反映出權益法利潤的下降。因為中國國內銷量減少。

Next, let me explain the differences in a comparison to the previous forecast. We will keep the same operating profits of the previous guidance of which, the breakdowns will be. Motorcycle sales will increase, however, the unit of automobiles will reduce. Thus, the sales impact will squeeze the profit by JPY27.5 billion. Price/cost will squeeze the profit by JPY15 billion. Expenses will increase by JPY5 billion, reducing the profit, and the currency effects will push up the profit by JPY47.5 billion.

接下來，我來解釋一下與先前的預測相比的差異。我們將維持與先前指引相同的營業利潤，但細目如下。摩托車銷量將會增加，但汽車保有量將會減少。因此，銷售影響將使利潤減少275億日圓。價格/成本將擠壓利潤150億日圓。費用將增加50億日圓，從而減少利潤，而匯率效應將推高利潤475億日圓。

Profit before impact, taxes, before -- income taxes will be expected to be higher by JPY30 billion reflecting yen depreciation causing ForEx gains. Lastly, this is a forecast for capital expenditures, depreciation and our -- and the spending.

由於日圓貶值導致外匯收益，預計稅前利潤（所得稅前）將增加 300 億日圓。最後，這是對資本支出、折舊和支出的預測。

And that concludes my presentations. Thank you very much.

我的演講到此結束。非常感謝。

And thank you for your listening. And now we'd like to proceed to Q&A. As we have pre-informed, we will be taking questions via Zoom.

感謝您的聆聽。現在我們進入問答環節。正如我們預先告知的那樣，我們將透過 Zoom 來回答問題。

Currently we are receiving a number of inquiries regarding our business integration. However, those questions will be addressed when our President holds a news conference from 4:50 PM. So we would like you to refrain from asking questions regarding to our business integration and focus solely on the financial results related questions. We ask for your understanding and cooperation. (Operator Instructions)

目前我們收到許多有關業務整合的詢問。然而，這些問題將在下午 4:50 時我們的總統召開新聞發布會時得到解答。因此，我們希望您不要詢問有關我們的業務整合的問題，而只專注於與財務結果相關的問題。敬請諒解和配合。（操作員指令）

First question. From [Toyo Kezai, Mr. Yokohama] please.

第一個問題。請 [Toyo Kezai，橫濱先生] 致函。

This is Yokohama from Toyo Kezai. Can you hear me now?

這是東洋 Kezai 的橫濱。現在你能聽到我的聲音嗎？

Yes.

是的。

thank you. I have two questions. First, about the full year -- the fourth quarter's plan. The third quarter is about operating profit, JPY410 billion and you deduct the JPY280 billion for the third quarter. So what is the reason for the decline and I'm asking the same question. I think it's related to the expenses. But compared to the past plans, please talk about the risk and opportunities. And so that is my question.

謝謝。我有兩個問題。首先，關於全年——第四季的計劃。第三季是營業利潤，4100億日元，扣除第三季的2800億日圓。那麼下降的原因是什麼呢？我認為這和費用有關。但與過去的計劃相比，請談談風險和機會。這就是我的問題。

And I would like to proceed to the next questions but in the interim announcement, you talked about the EV incentives to quite an extent and I think it was a JPY100 billion increase from the original plan and the third quarter -- after the third quarter as of February right now, North American incentive, how much increase are you seeing?

我想繼續回答下一個問題，但在臨時公告中，您相當程度上談到了電動車激勵措施，我認為這比原計劃增加了 1000 億日元，截至目前，第三季度結束後，北美激勵措施增加了多少？

And are you seeing that the incentive costs are increasing. And I think that the consolidated for automotive is declining. So please explain about the incentives in North America.

您是否發現激勵成本正在增加？我認為汽車產業的綜合競爭力正在下降。請解釋一下北美的激勵措施。

Thank you, Mr. Yokohama. I think you've asked two questions, but first about the fourth quarter plan. And well of the third quarter actual compared to the actual third quarter, we're asking about what about the fourth quarter? That was my understanding of the question here. But basically, speaking that the fourth quarter, well it's the end of our fiscal year and so what increases is especially the R&D area and also SGA.

謝謝您，橫濱先生。我想你問了兩個問題，但第一個問題是關於第四季的計劃。那麼，第三季的實際情況與第三季的實際情況相比，我們想知道第四季的情況如何？這就是我對這個問題的理解。但基本上，說到第四季度，也就是我們財政年度的結束，因此成長的是研發領域以及 SGA。

And because it's the end of the fiscal year, there are a number of things that are paid out and delivered to us and so there's an increase in expenditure. And therefore in the fourth quarter it tends to be the SGA and R&D. They tend to be, well, roughly speaking, one stage higher. Well, it's JPY390 billion or a little less than JPY400 billion for the third quarter operating profit, but most of that is SGA and R&D. So I think that those are the main ones.

而且由於現在是財政年度末，我們需要支付和交付很多東西，因此支出會增加。因此，第四季往往是 SGA 和 R&D。粗略地說，它們往往高出一個階段。第三季的營業利潤是 3,900 億日元，略低於 4,000 億日元，但其中大部分是 SGA 和研發。所以我認為這些是主要的。

What -- North American incentive related items. Well, slightly, the procurement cost is in some cases, in other words, the finance business I'm talking about here, the procurement cost is increasing, but [debt] included, but it's mostly the SGA and R&D that will explain the numbers for the fourth quarter.

什麼－北美激勵相關項目。嗯，稍微有點，採購成本在某些情況下，換句話說，我在這裡談論的金融業務，採購成本在增加，但包括在內，但主要是 SGA 和研發才能解釋第四季度的數字。

Now about North America and the intensives in North America. Well, it has increased slightly now, but the procurement cost is slightly higher, and this is also reflected partially. And in total I think that it's just a marginal increase as a total that is.

現在談論北美和北美的密集課程。嗯，現在是稍微增加了一點，但是採購成本稍微高了一點，這個也部分體現出來了。總的來說，我認為這只是總量上的微小增長。

And because we're talking about North America on the whole and the intensives of North America on the whole but the EV incentives, if you just focus on the EV incentives in the second quarter, in the first half, I said, there will be for a full year an impact of JPY100 billion. And just talking about that part, I do think that the number has slightly declined.

因為我們談論的是整個北美以及整個北美的密集程度，但是如果你只關注第二季、上半年的電動車激勵措施，我說，全年將產生 1000 億日元的影響。就這一部分而言，我確實認為數量略有下降。

In other words, we were able to reduce the incentives, but because of the sales unit volume and also the production, well, these are products being produced at GM, and the production, there is adjustment in the supply. And therefore, the final vis a vis the supply there -- we have tried to reduce the supply and therefore there is the need to make payments or discuss the possibility of making payments for compensation, et cetera.

換句話說，我們能夠減少激勵措施，但由於銷售單位數量和產量，這些都是通用汽車生產的產品，而生產則需要調整供應。因此，最終就供應而言——我們已嘗試減少供應，因此需要付款或討論支付賠償金的可能性等等。

And therefore, in the fourth quarter, these things could turn out to be on the negative side. But right now, we don't have any numbers at hand and therefore they are not reflected right now but there are the possibility of such negative factors in the fourth quarter.

因此，在第四季度，這些情況可能會變成負面結果。但目前我們手頭上還沒有任何數據，因此現在還沒有反映出來，但第四季確實有可能出現這樣的負面因素。

Is there any additional explanation?

還有其他解釋嗎？

Well, yes. About the fourth quarter, well, to begin with. Compared to the original plan, I think you were asking what it looks like right now. But for the full year forecast, the exchange rate, we've changed it to JPY152, but we still have JPY1,420 billion operating profit and it has been covered, offset by the motorcycle, but -- and it has not been fully offset for the automotive.

嗯，是的。首先，先說第四季。與原計劃相比，我想您問的是現在的情況如何。但對於全年預測，匯率，我們已將其改為 152 日元，但我們仍然有 1,4200 億日元的營業利潤，並且已被摩托車業務覆蓋和抵消，但 - 並且尚未完全被汽車業務抵消。

And therefore, for the full year, it in fact [sometimes] it will be negative, but the third quarter, the motorcycle business did offset the automotive business, and there was the weakening of the yen and there was about JPY30 billion compared to the budget add on to -- in the third quarter. So, the full year negative has more been skewed to the fourth quarter and that is the difference between the last time and this time. That is all.

因此，就全年而言，實際上（有時）它會是負數，但第三季度，摩托車業務確實抵消了汽車業務的影響，而且日元貶值，與第三季度的預算增加相比，增加了約 300 億日元。因此，全年的負面效應更偏向第四季度，這就是上次和這次的差異。就這樣。

Thank you.

謝謝。

Next, question. Asahi Shimbun Newspaper [Mr. Nishiyama] please.

接下來，提問。朝日新聞[先生。請幫我一下。

I'm Nishiyama from Asahi Shimbun. Can you hear me?

我是《朝日新聞》的西山。你聽得到我嗎？

Yes, please.

是的，請。

So thank you for the explanation. And I have two questions. First one, earlier, the question was already covering this point, which is automobile business profitability as compared to motorcycles. In a way, motorcycle business is a very good, that is the [factor] behind. However, in order to improve the profitability of the automobile businesses, of course there could be another separate discussion about business integration so on forth, but what is your measures for improving the profitability of the cars.

謝謝你的解釋。我有兩個問題。第一個問題，剛才的問題已經涉及了這一點，也就是汽車業務的獲利能力與摩托車相比。某種程度上來說，摩托車生意非常好，這就是背後的因素。但是為了提高汽車業務的獲利能力，當然可以另外單獨討論業務整合等等，但是您提高汽車獲利能力的措施是什麼？

And then in the last presentation, and that time around there was Trump's administration topics talked about a lot and then tariff for Canada and Mexico is to be risen. Of course it is a frozen for a month, but we don't know when (inaudible) will be coming back again, and what is your measure against that. And once the tariff is in place, what is the impact on your businesses?

在上一次演講中，我們討論了許多川普政府的議題，其中包括提高加拿大和墨西哥的關稅。當然是凍結一個月，但是我們不知道什麼時候（聽不清楚）會再次恢復，你對此有何措施。一旦關稅實施，會對你們的業務產生什麼影響？

Thank you very much, Mr. Nishiyama. So profitability of the automobile businesses. To start with our recent situation, the revenue for this year. Looking at that revenue, of course, that may look a little lower, especially in comparison to the -- that of our motorcycle business. However, in order to give you the precise answer, for instance, battery EV development cost and battery EVs sales volume is not so high in North America and in China.

非常感謝西山先生。汽車業務的獲利能力也是如此。首先介紹一下我們最近的情況，也就是今年的收入。當然，從收入來看，這個數字可能看起來低一些，特別是與我們的摩托車業務相比。但是，為了給你一個準確的答案，例如，北美和中國的電動車開發成本和電動車銷售量並不是那麼高。

However, if battery EV businesses and those investment in the development, well, that is deducted from that. The remainder will be the ICE and hybrid businesses. And for that part alone, actually the situation for that part is not so different from the previous term. The profitability is about 8% for that part.

但是，如果電池電動車業務和那些開發方面的投資，那麼這將從中扣除。其餘將是 ICE 和混合動力業務。僅就這一部分而言，實際上該部分的情況與上一任期並沒有太大不同。該部分的獲利能力約為8%。

Therefore, hybrid and then gasoline-based engine cars have profitability that is far improved from the previous situation. That is a kind of overall picture. And battery EVs, we are preparing for the business of battery EVs now, for instance, GM production, that was the starting point for North America. And then right next fiscal year, we are going to produce and launch the cars that we developed by ourselves in North America and the US.

因此，混合動力汽車以及隨後的汽油引擎汽車的盈利能力較之前有了很大的提高。這是一種整體的圖像。至於電池電動車，我們現在正在為電池電動車業務做準備，例如通用汽車的生產，這是北美的起點。然後下個財年，我們將在北美和美國生產並推出我們自己開發的汽車。

And as of today, I wouldn't say that that will be making a very good business right at the start. However, including the preparation for the next gen cars, we are going to improve the businesses of the upcoming models, and we will spend the development efforts with investment, which will improve the situation furthermore.

而就今天而言，我不會說這在一開始就將成為一門很好的生意。但是，包括下一代汽車的準備在內，我們將改善即將推出的車型的業務，並且會加強開發力度和投資，這將進一步改善這種情況。

And then, profitability of the global businesses. From these middle years '27 onwards, we already explained that in December last year, next generation hybrid, starting around middle year '26 or '27. And the hybrid in those years will be of a much higher profitability and also a commercial values of those will be much better. And with them in place it will improve the profitability of the entire businesses, including ICE cars and hybrid.

然後是全球業務的獲利能力。從 27 年中期開始，我們去年 12 月就已經解釋過，下一代混合動力車將在 26 年或 27 年中期左右開始。而且這些年的混合動力汽車獲利能力會更高，商業價值也會更好。這些措施實施後，包括內燃機汽車和混合動力汽車在內的整個企業的獲利能力將會提高。

And then Trump administration after the March 1, the question is still hypothetical, I should say, however, if I want to try to answer your question squarely. Thank you for your question, of course. So suppose, in March 1, 25% tariff is started, if that comes in place. So the impact on the business, up until March this year, there could be perhaps a JPY20 billion-plus impact that is the assumption as of today. However, it is a super short-term impact, right?

那麼 3 月 1 日之後的川普政府，我應該說，這個問題仍然是假設性的，但是，如果我想嘗試直接回答你的問題。當然，感謝您的提問。假設從 3 月 1 日起開始徵收 25% 的關稅（如果這項規定得以實施）。因此，對業務的影響，截至今年 3 月，可能有超過 200 億日圓的影響，這是截至今天的假設。但是，這是一個超短期的影響，對吧？

Production in Mexico, Canada, we have those productions in there and we will try to bring over those products from those two areas to the US earlier, perhaps you know, February. And that is our actions in the short term. And in terms of the tariff increase, again, in the big picture of course every year the situation is rather different. However, about one-third were -- higher than one-third of the businesses are using the componential product road down from Canada and Mexico.

我們在墨西哥和加拿大進行生產，我們將嘗試將這兩個地區的產品儘早帶入美國，也許在二月。這就是我們的短期行動。至於關稅上調，從整體來看，每年的情況當然是不同的。然而，大約三分之一——超過三分之一的企業使用來自加拿大和墨西哥的零件產品路線。

The remainder of the two quarters, two-thirds are produced in the US, therefore, our second highest local content of the production of the vehicles next to Ford in the United States. And the question is how effective would that policy would become? In fact, it is very difficult to visualize it. So at this moment, what we can do is to do something in the short term, which is about current production based on the current model mix and production in Mexico and Canadian factories.

其餘兩季的汽車有三分之二是在美國生產的，因此，我們的汽車生產的本地化含量在美國位居第二，僅次於福特。問題是這項政策會有多大效果？事實上，將其形象化是非常困難的。所以目前我們能做的就是短期內做一些事情，也就是根據目前的車型組合以及墨西哥和加拿大工廠的生產來進行當前的生產。

We could -- we organize the mix product mix of the productions that were there. This is something we can do short term. But in a midterm perspective, we could, change the allocation of the model mix in a different ways. We are preparing for that too. However, we have a possible actions and the consideration for short term, midterm, long term, so forth, but we don't really give a goal at this moment for any of the actions on the table today.

我們可以－組織那裡生產的混合產品組合。這是我們短期內可以做的事情。但從中期角度來看，我們可以用不同的方式改變模型組合的分配。我們也在為此做準備。然而，我們有可能的行動，並考慮了短期、中期、長期等，但目前我們還沒有為今天提出的任何行動設定真正的目標。

So Fujimura-san, anything to add. please?

那麼藤村先生，還有什麼要補充的嗎？請？

So again, the tariff. So what is the approximate estimate of the impact based on the simple calculation, based on the CBU. Complimentary supplies in the United States, we have the, next to Ford, sort of, local content of the productions, meaning of 60% of the products are produced in the US. We have some import from Japan as well, but 40% of those are supported from -- by the production in Mexico and Canada and of course. Those two countries are also dependent on the US too.

再次強調，關稅。那麼，根據 CBU 進行簡單計算，對影響的近似估計是多少？在美國的免費供應中，我們擁有僅次於福特的本地生產內容，也就是說 60％ 的產品都是在美國生產的。我們也從日本進口了一些，但其中 40% 是由墨西哥和加拿大的生產所支持的。這兩個國家也依賴美國。

And at the moment we're talking about the sales in the US which pertains to the production in Mexico and Canada. Last year, it was about 550,000. And Canada is dependent on the US for 40,000 and Mexico is dependent on 20,000. That adds up to 610,000 units. And of course that depends on the type of models, but suppose cost 30,000 for the cost of those cars.

目前我們談論的是美國銷售，這與墨西哥和加拿大的生產有關。去年，這個數字約為55萬。其中，加拿大有 4 萬名工人依賴美國，墨西哥有 2 萬名工人依賴美國。總計達 61 萬個單位。當然這取決於車型的類型，但假設這些車的成本為 30,000 美元。

And then 25% of the tariff to that amount of the money. That way you can calculate impact on the cars plus you can think about others like steels and aluminum, other miscellaneous materials and so forth. But that could be like a four digits, high end of the four digit figures I suppose.

然後將25%的關稅加到這筆錢上。這樣，您不僅可以計算對汽車的影響，還可以考慮其他因素，例如鋼鐵、鋁、其他雜項材料等等。但那可能像四位數，我想是四位數的高端。

As much as I could expect as an impact. And my colleague Aoyama said about our short, mid, long-term measures, actions, and when should we trigger to start those actions. Of course we have to watch carefully what's going on then I decide when to start with that.

正如我所預料的那樣，產生了影響。我的同事青山介紹了我們的短期、中期和長期措施、行動以及我們應該何時啟動這些行動。當然，我們必須仔細觀察正在發生的事情，然後我決定何時開始。

Thank you.

謝謝。

Yomiuri Shimbun, [Mr. Narahashi] please.

讀賣新聞，[先生。請幫我一下。

Narahashi from Yomiuri Shimbun Newspaper. Thank you. About the motorcycle sales in Thailand is declining again from the last quarter. I think it's due to market conditions. And what impact does this have on your automobile business? That's my first question.

讀賣新聞的奈良橋。謝謝。關於泰國的摩托車銷售從上個季度開始再次下降。我認為這是由於市場條件所致。這對你們的汽車業務有什麼影響？這是我的第一個問題。

And the second question about repurchasing your shares. Well, as of December, yes, there was the talk of the business integration with Nissan. Based on that, well, now that this has been scrapped, what is the reason for continuing to do the repurchase?

第二個問題是關於回購股票。嗯，截至 12 月，確實有關於與日產進行業務整合的討論。那麼，既然已經取消了，還有什麼理由繼續回購呢？

Thank you, Mr. Narahashi. Well, about your first question, the impact on automotive business, right?

謝謝您，楢橋先生。那麼，關於您的第一個問題，對汽車業務有影響嗎？

Yes,

是的，

Okay.

好的。

Yes. What is your outlook of the Thai market and --

是的。您對泰國市場的展望如何？--

Okay, I understand. Motorcycle sales in Thailand this year's numbers compared to last year is quite low, that's for sure. And this apparently is because of the credit, the difficulty in financing. And so that is the cost that is clear. But about the motorcycle sales in Thailand, just looking at that towards the end of last year, well, we have for the low-income bracket, seeing that the income tax was refunded, and the Thai motorcycle sales was better, but still it's quite significantly low year-on-year.

好的，我明白了。可以肯定的是，今年泰國的摩托車銷售量與去年相比相當低。這顯然是由於信貸和融資困難造成的。所以成本是明確的。但關於泰國的摩托車銷售，僅看去年年底的情況，對於低收入人群來說，由於所得稅已退還，泰國的摩托車銷售情況有所好轉，但同比仍然明顯較低。

Now about automobile and related to the financing and difficulty to secure loans, I think this is continuing and therefore the market, both in the motorcycle and automotive market in Thailand, it has been on the decline for the past year or so. So given such circumstances, however, as for motorcycle business, well, the Thai market, we have an 80% market share and therefore we want to maintain this share and wait for the market to recover, should I say.

現在關於汽車以及與融資和獲得貸款的困難相關的問題，我認為這種情況還會持續下去，因此泰國的摩托車和汽車市場在過去一年左右一直處於下滑狀態。因此，鑑於這種情況，就摩托車業務而言，在泰國市場，我們擁有 80％ 的市場份額，因此我們希望保持這一份額並等待市場復甦。

And as for the automotive business. On the macroscopic level, the loan screening is very tough and it's difficult to secure loans. But in addition to that for the automotive business, there are the Chinese OEM, which are introducing EVs, and I think that this has had an impact. But for battery EV, 20% -- within the market, about 20% or so are in the passenger vehicle segment EVs, battery EVs. So it's not increasing but it's rather sluggish, in Thailand, the battery EVs. But we also have been making effort to sell EVs and we want to work harder next fiscal year.

至於汽車業務。宏觀來看，貸款審查非常嚴格，貸款難度很高。但除了汽車業務之外，中國原始設備製造商也在推出電動車，我認為這也產生了影響。但對於電池電動車而言，在市場中，大約 20% 左右屬於乘用車領域的電動車、電池電動車。因此，在泰國，電池電動車沒有成長，而是相當緩慢。但我們也一直在努力銷售電動車，我們希望在下個財政年度更加努力。

About your second question, about the repurchase of our shares and why we're continuing to do so. Well, to begin with, on December 23, we announced that we will start consultation for possible business integration, and at the same time this resolution was made and decided. But while the talks continue, we try to ensure that this will not comprise any insider trading and therefore that is the reason why we had that resolution and made the announcement.

關於您的第二個問題，關於我們回購股票以及為什麼我們繼續這樣做。首先，12月23日，我們宣布將就可能的業務整合展開磋商，同時也做出並決定了這項決議。但在談判繼續進行的同時，我們試圖確保這不會涉及任何內幕交易，這就是我們做出這項決議並發布這項公告的原因。

But it was just a matter of timing. And so I'm talking about the size of the repurchase, and this is the accumulation of the from the past and we want to optimize our equity ratio and, therefore, we believe that the timing of which this was resolved was just at the time when we were starting the business integration talks with Nissan, but the size of the repurchase and the schedule of the buybacks, well, it was high time for us to do it. So it was just a matter of timing. But this was due to the need to optimize and that was some coming from the past. And we will continue to buy back and nothing will change.

但這只是時間問題。所以我說的是回購的規模，這是過去的積累，我們希望優化我們的股權比率，因此，我們認為解決這個問題的時機正是我們開始與日產進行業務整合談判的時候，但回購的規模和回購的時間表，嗯，現在是我們這麼做的時候了。所以這只是時間問題。但這是因為需要優化，並且是過去的一些情況。我們將繼續回購，一切都不會改變。

Mr. Fujimura?

藤村先生？

Well, let me add some numbers here. As of the end of December, net cash, it was JPY3.8 trillion, and so it's about 2.5 months' worth from the beginning of the month, due to the Lehman crisis and others we have experienced. From that experience, 1 month's worth of cash is something that we want to hold normally. So -- but, against that, it was a 1.5 months' worth rather, so, it was 1.5 months worth rather.

好吧，讓我在這裡添加一些數字。截至 12 月底，淨現金為 3.8 兆日元，由於雷曼危機和我們經歷的其他危機，從月初開始，這大約相當於 2.5 個月的淨現金額。從那次經驗來看，我們通常希望持有價值 1 個月的現金。所以 —— 但是，與此相比，它的價值是 1.5 個月，所以，它的價值是 1.5 個月。

And so we want to make appropriate our equity ratio. And so PBR one-fold, that was our target and instead of holding cash at hand, we want to return to our shareholders and therefore we have decided for a buyback of JPY1.1 trillion. And as Mr. Aoyama has explained, this was not because of the business integration talks with Nissan. This JPY1.1 trillion program, once it is completed, we will have a one-month level of cash at hand. So we think that this is the appropriate level.

因此，我們希望合理安排我們的股權比例。因此，市淨率是我們的1倍，這是我們的目標，我們不想持有現金，而是想回報我們的股東，因此我們決定回購1.1兆日圓。正如青山先生所解釋的那樣，這並不是因為與日產的業務整合談判。這個1.1兆日圓的計畫一旦完成，我們將擁有一個月的現金水準。因此我們認為這是適當的水平。

Thank you.

謝謝。

Thank you.

謝謝。

[Nikkei, Nihon Keizai Shimbun, Mr. Noguchi] please.

[日經新聞、日本經濟新聞、先生。請叫我野口勇。

Noguchi from Nikkei. Can you hear me?

日經新聞的野口勇。你聽得到我嗎？

Yes. Thank you.

是的。謝謝。

So motorcycle and automobile businesses going forward, what is the concept or ideas for the operating profit for them? For the time being, EV development and SG&A cost is prioritized, and automobile profitability is not growing, may be suppressed a bit. And also, with the motorcycle businesses we have an electrification going on.

那麼摩托車和汽車業務未來對於營業利潤的概念或思維是怎麼樣的呢？目前，電動車開發和SG&A成本是優先事項，而汽車獲利能力並沒有成長，可能會受到一些抑制。此外，我們正在推進摩托車業務的電氣化。

So how much would that grow given the good marketplace too? However, overall, if you have a mixture of the two businesses, do you think you can grow them together continually going forward? Or would that be suppressed a bit, or are there any opportunities to grow to? So that is the question.

那麼，在市場良好的情況下，成長幅度會有多大？然而，總的來說，如果您將這兩項業務混合在一起，您認為未來它們能夠持續共同發展嗎？或是會被稍微抑制一下，或是還有什麼成長的機會嗎？這就是問題所在。

Thank you, Mr. Noguchi To start with the motorcycle businesses. In fact, it is for the automobile too. The progress of our battery EVs and the progress that was [that] I think the assumption of that speed is one thing that we have to mind about however, it is kind of difficult to anticipate the speed of that at this moment because of the North America policy situation and the things are quite unclear now.

謝謝您，野口先生。事實上，它也適用於汽車。我們的電池電動車的進展以及過去的進展，我認為對這種速度的假設是我們必須考慮的一件事，但是，由於北美的政策情況和現在的情況還不太清楚，目前很難預測這種速度。

However, let's start with the motorcycle businesses. Electrification of the motorcycles is as compared to that of automobiles, we have investment on those for motorcycle and the amount of the investment is not very big as compared to that of automobiles. With that, we are successfully electrifying motorcycles based on the past technologies of the engines and frames and we are working on similarly with the battery EVs. We best combine the technologies as a whole, that way we can have the restricted development cost that was successful.

然而，讓我們先從摩托車業務開始。摩托車的電動化是相對於汽車的電動化來說的，我們在摩托車的電動化方面是有投入的，但是投入的數額相對於汽車來說不是很大。由此，我們在過去引擎和車架技術的基礎上成功地實現了摩托車的電動化，並且我們正在對電池電動車進行類似的研究。我們最好將各項技術作為一個整體來結合起來，這樣我們就可以限製成功的開發成本。

And then as we said with the automobiles, the battery EV cost for the cars is quite a lot, that of motorcycle it is not that much. And looking at the global motorcycle market today, I think we still have the leeway, the growth potential to -- in India, Brazil in a short while. We still have markets there, the Philippines, Pakistan, Bangladesh, for instance. We still have lots of markets that to grow into.

正如我們所說的汽車一樣，汽車的電池電動車成本相當高，而摩托車的電池電動車成本則沒有那麼多。縱觀當今的全球摩托車市場，我認為我們仍有發展空間，短期內印度、巴西等市場也仍有成長潛力。我們在那裡仍有市場，例如菲律賓、巴基斯坦、孟加拉。我們還有很多市場有待發展。

In that regard, even with the ICE engine-based vehicles, we will be able to maintain a high level of the profitability for the motorcycle businesses for quite a while. And for the automobiles, we covered that a bit in the first question, but we have the gasoline-based engines including hybrid which have the 8% profitability today. And with the next generation hybrid that comes in in 2029 or '27 or '28, excuse me, those profitability will be growing into the two digits, above 10%.

從這個角度來看，即使是基於內燃機的汽車，我們也能在相當長的一段時間內維持摩托車業務的高獲利水準。對於汽車，我們在第一個問題中稍微涉及了這一點，但我們有基於汽油的發動機，包括混合動力發動機，目前的盈利率為 8%。隨著 2029 年或 2027 年或 2028 年下一代混合動力汽車的問世，獲利能力將增長到兩位數，超過 10%。

Therefore, so profitability or business of the battery EV, what would the business be like, this situation. And we are going to launch a battery EVs newly going forward. And of course, we will have improvement as compared to the current situation in the United States. However, as I said, currently the visibility is quite poor. For instance, IRA income tax deduction so forth. We thought about LGES battery plants, so forth, would be utilized, with the assumption of $7,500 reduction of the taxes based on the IRA. That was the original assumption.

那麼電池電動車的獲利能力或業務將會是什麼樣的呢，這種情況。並且我們將在未來推出新款電池電動車。當然，與美國目前的情況相比，我們會有所改善。不過，正如我所說，目前的能見度相當差。例如IRA所得稅扣除等等。我們考慮利用 LGES 電池廠等，並假設根據 IRA 減少 7,500 美元的稅收。這是最初的假設。

And now the question is what will become of, eventually in this picture. So we can't really say what's going to happen. Therefore, it is very difficult to tell you the business outlook. But nevertheless, we like to maintain the high level of profitability with the ICE and current gasoline-based vehicles. In the meantime, with the battery-based EVs vehicles, we could be more flexible and be more flexible to react to the any given circumstances as we go.

現在的問題是，這張照片最終會變成什麼樣子。所以我們真的無法說出到底會發生什麼事。因此，很難告訴你業務前景。但儘管如此，我們仍然希望 ICE 和現有的汽油車能夠維持高水準的獲利能力。同時，有了基於電池的電動車，我們可以更靈活地應對行駛過程中的任何情況。

Thank you very much.

非常感謝。

[Mr. Mizutori from Japan Automotive Daily] please

[先生。請收看《日本汽車日報》的 Mizutori 的報導。

Mizutori speaking. Can you hear me?

我是水鳥。你聽得到我嗎？

Yes, thank you. I think you're muted now. We cannot hear you.

是的，謝謝。我認為你現在已經靜音了。我們聽不到您的聲音。

Can you hear me now?

現在你能聽到我的聲音嗎？

Yes, please.

是的，請。

Thank you. The first question about China. So we see that there is a 40% year-on-year decline from April to December, and the E-series and that was, thought to be promising, but there has been a bit longer time required for ensuring the quality. And therefore locally, the HEV market seems to be developing but how are you trying to make a recovery in China? That's my first question.

謝謝。第一個問題關於中國。因此，我們看到 E 系列從 4 月到 12 月同比下降了 40％，這被認為是有希望的，但需要更長的時間來確保品質。因此，在當地，HEV 市場似乎正在發展，但您如何嘗試在中國實現復甦呢？這是我的第一個問題。

And about the number. I want to make some confirmation, the full year. The capital expenditure is JPY70 billion or so less, I think. So is this due to the revisiting of the exchange rate? Is there anything that you postponed in terms of your CapEx?

還有關於數字。我想做一些確認，全年的。我認為資本支出大約少700億日圓。那麼這是由於匯率重新檢視嗎？在資本支出方面，有沒有什麼事情您延後了？

About -- well, (inaudible) first of all, thank you very much for the question. Now, first about the E-series, yes, the quality, well, yes, in the preparation for mass production, I think, that we were a month or two behind schedule, that is for sure. But there wasn't any significant problem. So from March to April, we will be launching. So I think that this is the current plan.

關於－嗯，（聽不清楚）首先，非常感謝您的提問。現在，首先談談 E 系列，是的，質量，嗯，是的，在準備大規模生產時，我認為，我們比計劃晚了一個月或兩個月，這是肯定的。但並沒有什麼重大問題。因此，我們將從三月到四月開始推出。所以我認為這是目前的計劃。

But the MSRP, the final decision has not been made, MSRP, and the current market, including the incentives, the situation is quite tough, and what pricing we should adopt, et cetera. These are things that we're still looking into right now.

但是製造商建議零售價，最終的決定還沒有做出，製造商建議零售價，以及當前的市場，包括激勵措施，情況相當艱難，我們應該採用什麼樣的定價，等等。這些是我們現在仍在研究的事情。

Well, about the competitiveness, whether there is or is not competitiveness, as we are making announcements locally, about the styling, the appearance, the interior, space, design, have all won a high appraisal. So we have a high expectation for our models. But, yes, first, the E-series. Well, as we've been announcing the past, the E7, the E-series EA7, we'll start with that model.

嗯，關於競爭力，不管有沒有競爭力，因為我們是在當地發布的，關於造型、外觀、內飾、空間、設計，都贏得了很高的評價。所以我們對我們的模型有很高的期望。但是，是的，首先是 E 系列。好吧，正如我們過去發布的 E7、E 系列 EA7 一樣，我們將從該型號開始。

And then the sedan GT, will be launched and then after EA7, this -- well, we'll have a 3-row seat, large SUV launched, so we are preparing this model too. So this will be this series. And therefore, with this we want to establish and expand the E-series. That is for the current battery EV plan. Meanwhile, as you know, the NEV ratio in 2024 calendar year, it was more than 46%. Next year, what will happen?

然後將推出轎車 GT，然後在 EA7 之後，我們將推出一款三排座椅大型 SUV，所以我們也在準備這款車型。這就是這個系列。因此，我們希望藉此建立和擴展 E 系列。這是目前的電池電動車計劃。同時，如您所知，2024 日曆年的 NEV 比率將超過 46%。明年又會發生什麼事？

Well, there are different views on this. So -- but still, in that case, we are thinking, 55% or more. So there will be an increase of new energy vehicles. But for the premier hybrid, we want to go ahead with that. We want to use the current Accord and CRV and the sister plug-in hybrid vehicles. And, well, we have an incentive race right now which is quite tough, so it's not selling that much. But other than that, we think of that basically, next fiscal year, no, maybe the year after, as I said, the next generation hybrid will start mass production in China. So it's FY27.

嗯，對此有不同的看法。所以 — — 但在這種情況下，我們仍然認為是 55% 或更多。因此新能源汽車的數量將會成長。但對於首要的混合動力車，我們希望繼續這樣做。我們想使用目前的雅閣 (Accord) 和 CRV 以及姊妹車型插電式混合動力汽車。而且，我們現在有一場激勵賽，難度相當大，所以銷售量不是很好。但除此之外，我們基本上認為，下一個財年，不，也許是後年，正如我所說，下一代混合動力車將在中國開始大規模生產。所以這是 FY27。

Yes, FY27. So at that timing it will start. And we want to sell these models, but the NEV ratio is increasing and therefore -- well, if there's a 10% increase, then the non-NEV vehicles will decline, the market -- because the vehicle market will decline by more than 10%. This is something that we cannot deny. So next fiscal year, depending -- well, looking at our unit sales, well, we have to assume what market changes will take place and put together a business plan.

是的，FY27。所以到那個時候它就會開始。我們想銷售這些車型，但 NEV 的比例正在增加，因此 - 如果增加 10%，那麼非 NEV 汽車的市場就會下滑 - 因為汽車市場將下滑 10% 以上。這是我們無法否認的。因此，下一財年，取決於——嗯，看看我們的單位銷售額，嗯，我們必須假設市場將發生什麼變化並製定商業計劃。

Well, yes, and I think that with the NEV ratio increasing, we want to sell our NEVs, that is, the opportunity that we want to capture. About the second CapEx, so yes, the decline of JPY70 billion it's not really a delay, but instead, it has been postponed slightly.

是的，我認為隨著 NEV 比例的增加，我們想要銷售我們的 NEV，這是我們想要抓住的機會。關於第二筆資本支出，是的，700億日圓的下降並不是真正的延遲，而是稍微延遲了。

Well, what we are planning for the end of the fiscal year will be carried over to the next fiscal year, the beginning of next fiscal year. So that's about the change that we are seeing. The specifics, can I disclose the specifics? Well, the battery EV related investment, Canada related, well, there has been -- not really a delay but we've just changed the timing.

嗯，我們為本財政年度結束時所製定的計畫將會延續到下一個財政年度，也就是下一個財政年度初。這就是我們看到的改變。具體細節，能否透露一下具體情況？嗯，與電池電動車相關的投資，與加拿大相關的投資，嗯，實際上並沒有延遲，但我們只是改變了時間。

Okay, thank you.

好的，謝謝。

Nikkei [Mr. Take] please.

日經新聞[先生請拿。

Hello, (inaudible). Can you hear me?

你好，（聽不清楚）。你聽得到我嗎？

Yes.

是的。

Thank you. Two questions. First one is, the US market automobiles. In the United States, Trump administration has started and upcoming BEV sales. What do you think it -- how it would be. And, well, hybrid demand is good today. But how do you assess the current EV and the hybrid sales situation?

謝謝。兩個問題。第一個是美國市場的汽車。在美國，川普政府已經開始並即將開始銷售BEV。您認為它會怎樣——它會怎樣。目前混合動力汽車的需求良好。但是您如何評價當前電動車和混合動力車的銷售情況？

How would you address current situation. And the other question is Southeast Asian region. Hybrid and plug-in hybrid are well accepted, very popular there I heard. And do you have a plan to be more engaged in the businesses for them. So please share with us your assessment of how you're going to do about your businesses in there.

您將如何解決當前的情況？另一個問題是東南亞地區。我聽說混合動力汽車和插電式混合動力汽車很受歡迎，在那裡非常流行。您是否有計劃更多地參與他們的業務？因此，請與我們分享您對如何在那裡開展業務的評估。

Thank you very much, Take-san for your question. So Trump's administration started eventually. And then as of now, well, the things keep changing minute by minute, but our stance is to stay flexible and be able to be agile in reacting to the situation.

非常感謝 Take 先生的提問。所以川普政府最終開始了。從現在起，情況每分鐘都在變化，但我們的立場是保持靈活性，能夠迅速應對情況。

But as of now, Canada and Mexico and its tariff situation, the current interest point is around that. And aluminum and steel tariff, 25% on those would provide us some impact of course. However, those materials like aluminum or steels, it is not too difficult to find out our solution because we have quite a bit of procurement within the country in the US.

但截至目前，加拿大和墨西哥及其關稅情況，目前的關注點都圍繞著這一點。當然，對鋁和鋼鐵徵收 25% 的關稅會對我們造成一些影響。然而，對於鋁或鋼材等材料，要找到解決方案並不太難，因為我們在美國國內有相當多的採購。

A part of the air supplies could be from Canada, from Japan as well, for aluminum and steel. However, I don't think it is very difficult to address the situation of the tariff for those two materials. But 25% of this [order] CBU from Mexico and Canada, if that's a tariff policy continues for half a year, two, three years for instance, the, it will be a difficult situation. So our action might be different depending on how we would assess the upcoming situations like that.

部分空運供應可能來自加拿大或日本，用於鋁和鋼鐵。不過，我認為解決這兩種材料的關稅問題並不是很困難。但是，其中 25% 的整車採購訂單來自墨西哥和加拿大，如果這項關稅政策持續半年、兩年、三年的話，情況就會變得困難。因此，根據我們如何評估即將發生的情況，我們的行動可能會有所不同。

And as of now, like I said before, $7,500 [tax] how would that be eventually. And also the state of California is having this ZEV regulation. And how would that be changing under Trump administration, the ZEV and the other regulation in California. In fact, from the middle-year '26, we had to incorporate the ZEV requirements and then under this regulation, we need to sell more battery EVs.

而截至目前，就像我之前說的，7,500 美元[稅]最終會是多少。加州也正在實施這項 ZEV 法規。那麼在川普政府、零排放汽車政策以及加州的其他法規下，這種情況將會如何改變？事實上，從 26 年中期開始，我們就必須納入 ZEV 要求，然後根據這項規定，我們需要銷售更多的電池電動車。

However, Given the current situation, it is quite difficult to achieve that requirement for the regulation. And I wouldn't say this is perfectly linked with the Trump's administration intention. However, the ZEV-related regulation will have to change as accordingly perhaps. But as for the hybrid, affordably priced hybrid, can be available with a more variety for the choice of the consumers. That is what's happening today as a fact. And in case of Honda this year, about 400,000 hybrid cars are to be sold in this fiscal year ending March '25.

但從目前的情況來看，實現該法規的要求有一定的難度。我不會說這與川普政府的意圖完全相關。不過，與ZEV相關的法規或許也必須做出相對應的改變。但至於混合動力車，價格實惠的混合動力車可以提供消費者更多選擇。這就是今天正在發生的事實。就本田而言，截至2025年3月的本財年，其混合動力車銷量約為40萬輛。

And next year it will be a little more, maybe a little less than 500,000 units of a hybrid we expect. Therefore, this year we have 25% of hybrid cars out of the -- all types, that is our prospect for this year. And next year, 500,000 units in North America for hybrid.

我們預計明年混合動力車的銷售量會略多一些，或許會略少於 50 萬輛。因此，今年我們的混合動力車佔所有類型汽車的 25%，這是我們今年的前景。明年，北美將生產 50 萬輛混合動力車。

Therefore, in a global context, this year the volume will be a bit less in China, a bit less hybrid over there too, but this year I would say 900,000 hybrid cars for this current year. And next year it will be more than 1 million. That's our assessment as of today. And what is the benefit for Honda? I think that was your first question, I suppose.

因此，從全球角度來看，今年中國的混合動力汽車銷量會少一些，混合動力汽車的銷量也會少一些，但我認為今年的混合動力汽車銷量將達到 90 萬輛。明年，這數字將超過100萬。這是我們今天的評估。這對本田來說有什麼好處呢？我想這是你的第一個問題。

I didn't understand the intent of the question really. But about Southeast Asian countries, the demands for hybrid in Thailand and in Indonesian market, the demands for that is mounting. In Thailand, the hybrid ratio is growing, let's say 30% or so hybrid, I suppose. Indonesia, the competitor is going ahead, and we are a little behind. However, the ratio out of the entire market will be like, of course with the battery EV is a bit growing, 6% in Indonesia, hybrid is about 8%.

我不太明白這個問題的意思。但就東南亞國家而言，泰國和印尼市場對混合動力的需求正在增加。在泰國，混合車的比例正在成長，我猜混合車的比例會是30%左右。印度尼西亞，競爭對手領先，我們稍微落後。然而，整個市場的比例將會是這樣的，當然電池電動車有所成長，印尼為 6%，混合動力車約為 8%。

So out of the entire market, there are still a small percentage, and Honda is a little bit behind as of now, but next year we will be more aggressive launching and selling the hybrid cars in Indonesia.

因此，在整個市場中，這仍然只佔很小的比例，本田目前稍微落後了，但明年我們將更積極地在印尼推出和銷售混合動力汽車。

Thank you. I apologize for the unclear question, but when I talked about benefit, I was saying that we are seeing an increase in demand for HEV, hybrid and therefore I thought that there might be an opportunity for Honda to sell more hybrids. So in that context, well you said that there'll be an increase in the United States of some 100,000 units, so I think that you've answered my question. Thank you.

謝謝。很抱歉問題問得不清楚，但當我談到好處時，我是說我們看到對 HEV、混合動力車的需求正在增加，因此我認為本田可能有機會銷售更多的混合動力車。所以在這種背景下，您說美國將增加約 100,000 台，所以我想您已經回答了我的問題。謝謝。

And one clarification if I may about the North America market. You said the ZEV regulation will become reality, but what is the realistic number. And also, the hybrid ratio for this fiscal year is 25%, I think, But next fiscal year, if it were to increase, what will be the ratio for next fiscal year? Can you add that Explanation, please?

如果可以的話我想澄清一下北美市場。你說ZEV法規將成為現實，但現實的數字是多少。而且，我認為本財年的混合比例是 25%，但是下一財年，如果要增加，那麼下一財年的比例會是多少？您能添加該解釋嗎？

Yes, about the hybrid ratio. Well this year it's about 25%. Next fiscal year, there will be an increase of 100,000 in North America, but I think the ratio will be 35%, a little more maybe, about 35% I guess. And about the ZEV regulation. I was talking about the industry on the whole. I think it will be difficult to achieve that regulation standard, but currently looking at the situation, the regulation itself might become something more realistic. That was what I was trying to say here. So I really don't have any specifics to talk about here. We're just thinking that the regulation might be loosened to a more realistic number.

是的，關於混合比例。今年大概是 25%。下一財年，北美將增加10萬名員工，但我認為比例會是35%，可能多一點，我猜大概是35%。以及有關 ZEV 法規。我談的是整個行業。我認為達到那個監管標準會很困難，但從目前的情況來看，監管本身可能會變得更加現實。這就是我在這裡想要說的話。所以我真的沒有什麼具體內容可以在這裡談。我們只是認為，監管可能會放寬到更現實的數字。

Thank you.

謝謝。

Ms. Take, thank you very much. And it's time for us to end. And with this we would like to end our financial results briefing session. As for the materials, they will be posted on our website. Once again, thank you for your participation.

非常感謝 Take 女士。我們也該結束了。我們的財務業績報告會到此結束。至於資料，將會發佈在我們的網站上。再次感謝您的參與。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中的英文陳述是由現場翻譯說出的。翻譯由贊助此活動的公司提供。