本田技研 (HMC) 2025 Q4 法說會逐字稿

Thank you for taking time to attend Honda's financial results press conference for the fiscal year ended March 31, 2025.

感謝您抽空參加本田截至2025年3月31日的財政年度財務業績新聞發布會。

First, the executives in attendance. Director, President, and Representative Executive Officer, Toshihiro Mibe.

一是出席會議的高階主管。董事、總裁兼代表執行官，三部敏弘。

Hello. Thank you.

你好。謝謝。

Director, Executive Vice President, and Representative Executive Officer, Noriya Kaihara.

董事、執行副總裁兼代表執行長 Noriya Kaihara。

This is Kaihara. Thank you for joining.

這是 Kaihara。感謝您的加入。

Director, Managing Executive Officer, Eiji Fujimura.

董事、常務執行董事 藤村英二。

This is Fujimura. Thank you.

這是藤村。謝謝。

Mr. Mibe will give a summary of the financial results, followed by Mr. Kaihara's explanation of results of the fiscal year ended March 2025 and 2026 as well as shareholders' return.

米部先生將對財務業績進行總結，隨後海原先生將對截至2025年3月和2026年3月的財政年度的業績以及股東回報進行解釋。

Mibe-san, please.

米貝桑，有請。

Thank you for your continued understanding of Honda's business activities. The financial results for the fiscal year ended or FYE March 2025 and the outlook for FYE March 2026 are as follows.

感謝您一直以來對本田事業活動的體諒。截至2025年3月的財政年度的財務表現以及2026年3月的財政年度展望如下。

First, summary of the financial results. Operating profit for the FYE March '25 was JPY1,213.4 trillion. In the fourth quarter of the same fiscal year, we changed the accounting method for automobile product warranty provisions. This one-time expense excluded operating profit was JPY1,341 trillion.

一、財務業績概述。2025年3月財年的營業利潤為1,213.4兆日圓。在同一財年的第四季度，我們改變了汽車產品保固準備的會計方法。此一次性支出扣除營業利潤後為1,341兆日圓。

Motorcycle business saw strong unit sales globally, achieving record highs in unit sales, operating profit, and operating profit margin. Automobile business saw a decline in unit sales mainly in China and ASEAN and was impacted by increased North American incentives for EVs. However, hybrid EV sales expanded.

摩托車業務全球銷售強勁，銷售、營業利潤和營業利潤率均創歷史新高。汽車業務的銷售主要在中國和東協出現下滑，並受到北美增加電動車激勵措施的影響。然而，混合動力電動車的銷量有所擴大。

Operating cash flow after R&D adjustments, which represents the source of future investment, remained as high as last fiscal year, reaching JPY2,800 trillion. On consolidated financial results for FYE March 2026, the impact of tariff policies is huge combined with frequent revisions, making it difficult to formulate an outlook. However, reflecting the full 12-month impact as well as recovery measures, we have set the minimum levels of operating profit at JPY500 billion and net profit at JPY250 billion. Motorcycle business plans to sell 21.3 million units, an increase year on year.

代表未來投資來源的研發調整後的營業現金流與上財年持平，達到2.8兆日圓。對於2026年3月財年的合併財務業績，關稅政策的影響巨大，加之修訂頻繁，因此很難制定前景。然而，考慮到全年12個月的影響以及復甦措施，我們將營業利潤的最低水準設定為5000億日元，淨利潤的最低水準設定為2500億日元。摩托車業務計劃銷售21.3萬輛，較去年同期成長。

Automobile business, despite significant tariff impact, hybrid EV sales will be boosted mainly in North America. Moving forward, the impact of tariff policies will be carefully assessed, recovery measures enhanced while aiming for increased operating profit.

汽車業務方面，儘管受到關稅的顯著影響，但混合動力電動車的銷量將主要在北美得到提振。未來，我們將認真評估電價政策的影響，加強復甦措施，並努力提高營業利潤。

Regarding shareholder returns, at today's Board of Directors meeting, a dividend policy change was decided. To improve capital efficiency and ensure stable shareholder dividends despite uncertainties, we will switch from the conventional payout ratio to DOE. Annual dividend will increase JPY2 from JPY68 to JPY70 per share. Next, motorcycle and automobile business initiatives that support a stable revenue base. The motorcycle business is world number one in market share with annual sales of over 20 million units. Sharing platforms and powertrains combined with scale of merit of dominant unit sales allows for a low-cost structure that surpasses other companies and thereby realize profit expansion.

關於股東回報，今天的董事會會議決定改變股利政策。為了提高資本效率，並確保在存在不確定性的情況下穩定地向股東派發股息，我們將從傳統的派息率轉向DOE。年度股利將增加2日圓，從每股68日圓增至每股70日圓。其次，摩托車和汽車業務措施支撐了穩定的收入基礎。摩托車業務年銷量超過2000萬輛，市佔率全球第一。透過共享平台和動力系統，加上主導銷售的規模效益，可以形成超越其他公司的低成本結構，從而實現利潤的擴大。

In automobile business, hybrid electric vehicle system costs have been reduced while enhancing marketability. The current model of profitability is 1.5 times the previous model. Unit sales have expanded globally, in particular, North America. In the latter half of this decade, we plan to introduce next-generation HEV models to evolve performance and cost efficiency.

在汽車業務方面，混合動力汽車系統成本不斷降低，市場競爭力不斷增強。目前模式的獲利能力是之前模式的1.5倍。全球範圍內，尤其是北美，單位銷售額不斷擴大。在本世紀下半葉，我們計劃推出下一代 HEV 車型，以提高性能和成本效益。

Next, initiatives for enhancing corporate value. Last fiscal year, at this meeting, I explained our efforts to enhance corporate value in the past, present, and future. Regarding past capital optimization efforts, the prospect is in sight as a result of last December's decision to repurchase JPY1.1 trillion of our shares. Meanwhile, looking at the present and future, the automotive industry environment has changed dramatically, requiring more than ever flexible response.

其次，提升企業價值的措施。上個財年，在這次會議上，我闡述了我們過去、現在和未來為提升企業價值所做的努力。關於過去的資本優化努力，由於去年 12 月決定回購 1.1 兆日圓的股票，前景已經清晰。同時，放眼現在和未來，汽車產業環境已經發生了巨大變化，需要比以往更有彈性的應對。

Regarding automobile profitability, we will secure stable revenue through increased unit sales of hybrid EVs with better profitability, especially in North America, plus solid business foundation of our motorcycle and financial business. Looking ahead, the electric vehicle market growth has slowed down more than expected. We reviewed timing of our comprehensive value change project in Canada and decided to postpone our large-scale investments. Details of the electrification strategy trajectory change will be explained in our business update on May 20. Despite the continuing uncertainty in business environment, Honda will maintain stable management through a resilient business portfolio by flexibly revising strategies according to market conditions, thereby enhancing corporate value.

在汽車盈利能力方面，我們將透過提高盈利能力更強的混合動力電動車的銷量（尤其是在北美）以及摩托車和金融業務的堅實業務基礎來確保穩定的收入。展望未來，電動車市場成長放緩幅度超出預期。我們重新審視了加拿大綜合價值變革計畫的時間表，並決定推遲大規模投資。我們將在 5 月 20 日的業務更新中解釋電氣化策略軌跡變化的詳細資訊。儘管經營環境仍存在不確定性，本田仍將根據市場狀況靈活調整策略，透過有韌性的業務組合維持穩定的經營，進而提升企業價值。

Next, Mr. Kaihara will give details on the financial results.

接下來，Kaihara先生將詳細介紹財務表現。

I will explain the results of the fiscal year ending March 2025, the outlook for FYE March 2026, and shareholder returns. First, regarding the group sales volume for FYE March '25 for motorcycle businesses, 20.572 million units sold mainly due to increase in ASEAN year on year. For automobile businesses, 3.716 million units sold with a decline of volume in ASEAN or mainly in China. And for power product businesses, 3.7 million units sold with a decline mainly in Europe.

我將解釋截至2025年3月的財政年度的表現、2026年3月財政年度的展望以及股東回報。首先，關於2025財年3月摩托車業務的集團銷量，銷量為2,057.2萬輛，主要是由於東協銷量年增。汽車業務方面，銷量371.6萬輛，東協地區銷售下降，主要集中在中國地區。電源產品業務銷售量為370萬台，主要在歐洲下滑。

Next, regarding the consolidated financial results for FYE March '25. Starting from the FYE March 2025, we changed the method of measuring product warranty provisions to allocate for the sales of major automotive production sites so that they are measured comprehensively at the time of the sale. While this will result in a onetime expense for FYE March 2025, it will allow us to limit the impact of product warranty expenses on earnings volatility from the fiscal year -- this fiscal year onward.

接下來，關於25年3月財年的合併財務表現。從2025年3月財政年度開始，我們改變了產品保固準備金的計量方法，將其分配給主要汽車生產基地的銷售，以便在銷售時進行全面計量。雖然這將導致 2025 年 3 月財年的一次性費用，但它將使我們能夠限制產品保固費用對本財年及以後獲利波動的影響。

Such one-time impact has been reflected on the operating profit of the fiscal year, which mapped JPY1,213.4 trillion. That was JPY168.4 billion short of the previous period. Equity in earnings of affiliates was JPY900 million, down by JPY109.8 billion, mainly due to the decline in sales volume in China. Net profit attributable to the owner of the parent decreased by JPY271.3 billion, totaling JPY835.8 billion. As Mr. Mibe explained in the beginning, the results excluding the impact of the change in product warranty estimates in automobile businesses are shown on the right-hand side of the slide.

該一次性影響已反映在本財年的營業利潤上，達到1,213.4兆日圓。這比上一期減少了1684億日元。關聯公司收益中的權益為9億日元，減少1,098億日元，主要由於中國地區銷售下降所致。歸屬於母公司所有者的淨利潤減少2713億日元，總計8358億日元。正如米部先生一開始所解釋的那樣，幻燈片右側顯示的是排除汽車業務中產品保固估算變化的影響的結果。

Next, regarding factors of ups and downs of operating profit for the FYE March 2025 year on year. Operating profit was JPY1.341 trillion, down by JPY40.8 billion year on year before reflecting the impact of the change in product warranty estimates for the automobiles. The factors behind have been JPY233.6 billion decline in profit due to sales impact, increase of JPY525 billion in profit due to price and cost impact, JPY85 billion decline in profit due to miscellaneous expenses, JPY153.5 billion decline in profit due to research and development expenses and JPY93.6 billion decline in profit due to the ForEx impact.

其次，關於2025年3月財年營業利潤較去年同期漲跌的因素。營業利潤為1.341兆日圓，年減408億日圓，未考慮汽車產品保固估算變動的影響。原因包括：因銷售影響導致利潤下降2336億日元；因價格和成本影響導致利潤增加5250億日元；因雜項費用導致利潤下降850億日元；因研發費用導致利潤下降1535億日元；因外匯影響導致利潤下降936億日元。

Regarding the operating profit by business segment, for motorcycle businesses, operating profit was JPY663.4 billion. Automobile businesses, JPY243.8 billion. Financial Services businesses, JPY315.6 billion. And Power Products and Other businesses, JPY9.4 billion operating losses. Regarding the factors of ups and downs for motorcycle business performance, the operating profit marked the record highest of JPY663.4 billion, up by JPY107.2 billion year-on-year.

各業務部門的營業利潤方面，摩托車業務的營業利潤為6,634億日圓。汽車業務，2438億日圓。金融服務業務，3156億日圓。電源產品及其他業務的營業虧損為94億日圓。摩托車業務業績波動因素方面，營業利潤創歷史新高，達6,634億日圓，較上年同期增加1,072億日圓。

With factors behind, particularly of the sales impact, additional JPY48.1 billion was made mainly due to sales volume increase. For price and cost impact, additional JPY175.3 billion was made due to improved product value and effect of pricing in response to the inflationary impact caused by the depreciating currencies in emerging markets, JPY20.1 billion decline in profit due to miscellaneous expenses, JPY21.5 billion decline in profit due to research and development expenses and JPY74.6 billion decline in profit due to foreign currency.

除去銷售影響等因素，銷售額增加主要由於銷售增加而增加了481億日圓。對於物價和成本影響，由於產品價值提升和為應對新興市場貨幣貶值造成的通膨影響而採取的定價措施，額外減少了1,753億日元，由於雜項費用導致利潤下降201億日元，由於研發費用導致利潤下降215億日元，由於外幣導致利潤下降746億日元。

Regarding factors of automobile businesses, operating profit before reflecting the impact of change of the estimates, profit declined by JPY189.1 billion year-on-year, resulting in JPY371.5 billion. Sales impact, profit declined by JPY333.7 billion due to sales volume reduction and the increase of incentives to boost EV sales. For price cost impact, profit increased by JPY336.5 billion due to pricing effect that commensurate with improved product values. Expenses, profit declined by JPY38.2 billion. For research and development expenses, profit declined by JPY127 billion, mainly due to increased resources allocated mainly to EV.

汽車業務方面，未反映估計變更影響的營業利潤年減1,891億日圓，為3,715億日圓。銷售影響，由於銷量減少以及刺激電動車銷售的激勵措施增加，利潤下降了3,337億日圓。對於價格成本影響，由於與產品價值提高相稱的定價效應，利潤增加了3,365億日圓。費用、利潤下降382億日圓。研發費用方面，利潤下降了1,270億日圓，主要原因是分配給電動車的資源增加。

Currency exchanges, profit declined by JPY26.7 billion.

貨幣兌換，利潤下降267億日圓。

Regarding the cash flow situations for FYE March 2025, the free cash flow of the operating companies excluding the Financial Services businesses was JPY665.8 billion. Net cash balance at the end of the period was JPY3,215.7 billion. And finally, operating cash flow post R&D adjustment was JPY2,806.6 billion. And the consolidated earnings forecast for the fiscal year ending March 2026. Regarding the group's sales volume year-on-year, Motorcycle businesses, 21.3 million units are expected, reflecting the increase in ASEAN.

就2025年3月財年的現金流情況而言，除金融服務業務外，營運公司的自由現金流為6,658億日圓。期末淨現金餘額為32,157億日圓。最後，研發調整後的營業現金流為28,066億日圓。以及截至2026年3月的財年綜合獲利預測。集團摩托車業務的銷量年減為2,130萬輛，反映了東協地區的成長。

Automobile businesses, JPY3.62 billion units expected reflecting decrease mainly in ASEAN and the Power Products at 3.67 million units expected reflecting the decrease mainly in North America. Regarding the consolidated earnings outlook for the FYE March '26, operating profit is projected to be JPY500 billion, and the net profit attributable to owner of the parent company is JPY250 billion. ForEx assumption is set at JPY135 for US dollar throughout the year.

汽車業務預計為 36.2 億日元，主要反映東協地區的下降；動力產品預計為 367 萬輛，主要反映北美地區的下降。截至26年3月的財年的合併盈餘預測，預計營業利潤為5,000億日元，歸屬於母公司所有者的淨利為2,500億日圓。全年外匯假設設定為135日圓兌1美元。

Regarding factors behind expecting operating profit year-on-year, the operating profit is expected to be JPY1,402 billion, excluding the impact of exchange rate and tariffs, which is to maintain the same level as previous fiscal year. ForEx impact, JPY452 billion decline in profit is expected anticipating depreciating currencies of the emerging markets to US dollar and the impact of the tariff is still being examined. However, the potential impact to the best of the knowledge as of now incorporated in the forecast. Efforts to mitigate the impact of the tariffs is projected to be JPY200 billion.

對於營業利潤年比預期的影響因素，預計營業利潤為14,020億日元，剔除匯率和關稅的影響，與上一財年持平。對於外匯影響，預計利潤將下降 4520 億日元，因為預計新興市場貨幣兌美元將貶值，而且關稅的影響仍在審查中。不過，據目前所知，潛在影響已納入預測之中。預計減輕關稅影響的措施將達到2,000億日圓。

And to explain the factors behind apple-to-apple comparison year-on-year, due to sales impact, profit will go up by JPY156.1 billion with sales volume increase of motorcycles and automobiles in North America. Regarding price cost impact, profit will be up by JPY250 billion due to price commensurate with improved product values, expenses increased by JPY219.1 billion, reducing profit. Research and development expenses, it will increase by JPY126 billion, decreasing the profit.

而解釋年比變化背後的因素，由於銷售額的影響，隨著北美摩托車和汽車銷售的增加，利潤將增加1561億日圓。至於價格成本影響，由於產品價值提升相應價格上漲，利潤將增加2,500億日元，費用增加2,191億日元，導致利潤減少。研發費用將增加1260億日元，導致利潤減少。

The forecast of the capital investment, depreciation, research and development spending FY26 is in the slide. Regarding shareholder returns, Honda positions returning value back to its shareholders as a top management priority. Starting FYE March '26, we will change our dividend policy and we will introduce DOE as a return indicator. We will strive to pay out aiming for 40% despite the business environment being uncertain, we will realize a more stable and continuous returns. For FYE March '25, the year-end dividend is determined JPY34 per share and annual dividend, JPY68 per share.

投影片中顯示了 26 財年的資本投資、折舊和研發支出的預測。對於股東回報，本田將回報股東價值作為經營管理的首要任務。從 2026 年 3 月財年結束開始，我們將改變股利政策，並引入 DOE 作為回報指標。儘管商業環境不確定，我們仍將努力實現40%的股利目標，以實現更穩定、持續的回報。25年3月財年，年終股利確定為每股34日元，年度股利確定為每股68日圓。

And for FYE March '26, expected dividend is to be JPY70 per share, up by JPY2 from the year before. Regarding the share buyback of JPY1.1 trillion that we made a decision on December 23, '24, we have acquired the equivalent of about JPY589.5 billion worth of the shares as of the April 30, 2025.

截至 2026 年 3 月的財年，預計股利為每股 70 日圓，比前一年增加 2 日圓。關於我們於2024年12月23日決定的1.1兆日圓股票回購計劃，截至2025年4月30日，我們已收購了價值約5,895億日圓的股票。

That concludes 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 listening. And now we would like to proceed to Q&A. (Operator Instructions)

非常感謝您的聆聽。現在我們進入問答環節。（操作員指示）

First question from Nikkei. Okinaga, please.

第一個問題來自日經新聞。請衝永。

This is Okinaga from Nikkei. USMC, about the tariff. But for time being, there were to be an exception, but you have added on JPY650 billion. So what is the reason for this? And what is the breakdown? Can you explain? That's the first question.

我是日經新聞的衝永。美國海軍陸戰隊，關於關稅。但暫時應該有例外，但你又增加了6500億日元。那麼，這究竟是什麼原因呢？故障是什麼？你能解釋一下嗎？這是第一個問題。

And the second question about the postponement in Canada. Can you explain about the reason for that?

第二個問題是關於加拿大的延期。你能解釋一下原因嗎？

Well, first, about the tariff. Yes, we have estimated JPY650 billion, but finished cars and components included, the tariff is very complicated and the calculation that we have done and the basis for this calculation, I think you've seen this, but for the finished cars from Canada to United States, also from Mexico to US and from Japan to the United States, well, there are different tariff conditions that needed to be taken into consideration and the result is shown on the right-hand side. And also about the components, Well, USMCA, if it is within the USMCA, the components are exempt, but there's from Tier 1, Tier 2 to Tier 3 components. And therefore, we need to have the country of origin certification, and this is not fixed yet.

嗯，首先，關於關稅。是的，我們估計是6500億日元，但包括整車和零件在內，關稅非常複雜，我們所做的計算和計算的基礎，我想你已經看到了，但對於從加拿大到美國、從墨西哥到美國、從日本到美國的整車，需要考慮不同的關稅條件，結果顯示在右側。還有關於組件，嗯，USMCA，如果它在 USMCA 範圍內，那麼組件是免稅的，但有從第 1 層、第 2 層到第 3 層的組件。因此，我們需要有原產國認證，而這尚未確定。

So 25% is being included because we have yet to obtain the certificate. So this included is JPY650 billion. And the motorcycle business is written under, there is an impact.

由於我們尚未獲得證書，因此包含 25%。因此其中包括6500億日元。而且摩托車業務被寫入其中，是有影響的。

So it's a JPY30.6 billion impact and Power Products, again, about JPY24.3 billion. So all added, it comes to JPY650 billion. Well, this is the minimum at the bottom. And well, I think the type of impact will continue to change as time goes by, and we have to think about these major changes taking place. Well, in the middle, we talk about the automobile device here in the middle here.

因此，其影響為 306 億日元，而電力產品的影響則約為 243 億日圓。全部加起來就是6500億日圓。嗯，這是最低限度。而且我認為，隨著時間的推移，影響的類型將會不斷改變，我們必須考慮正在發生的這些重大變化。好吧，在中間，我們討論一下這裡的汽車裝置。

And there are parts which are exempt from the tariff, but the amount and volume has not yet to be looked into. So it's included 25%. And this is said to be JPY220 billion. So these are the amounts that we have calculated. But if we scrutinize and come up with the details, there will be a number of components which will be exempt from the tariff.

還有部分免關稅，但具體金額和數量尚未確定。所以它包含了25%。據說這筆金額為2200億日圓。這些就是我們計算出來的金額。但如果我們仔細研究並製定細節，就會發現有許多組件將免徵關稅。

So against JPY500 billion, how much can be added on is something that we have to look into. So this -- the operating profit of JPY500 billion, this is the bottom, the minimum. And so please understand this number to be that way. And how we are going to respond to these tariffs that included, we want to make a recovery from this JPY500 billion.

因此，相對於 5000 億日元，可以增加多少是我們必須研究的問題。所以這個——5000億日元的營業利潤，這是底線，最低限度。所以請理解這個數字是這樣的。我們將如何應對這些關稅，我們希望從這 5,000 億日圓中收回成本。

About the specifics of how we were responding. Well, up until March, Canada, Mexico exports, we want to promote this and build up the inventory in the United States. So we have been taking such measures up to that time. And in the short run, internally, we want to reduce our cost -- thoroughly reduce our costs. And in addition to that, the allocation of the finished products, we want to optimize.

關於我們如何回應的具體細節。嗯，到三月份，加拿大、墨西哥的出口，我們想推動這一點，並在美國建立庫存。因此我們一直在採取這樣的措施。從短期來看，從內部來看，我們希望降低成本──徹底降低成本。除此之外，我們也希望優化成品的分配。

So this has been reported in the newspaper. the Civic 5-door hybrid and what is being produced in Yorii, there are other components. So up until June, September, they're being produced in Japan, but then after will be transferred to Indiana. And HCM, the Canada CR-V for the United States, ELP will be producing instead in the United States. So we are thinking about the production allocation, optimizing the allocation where possible.

所以這件事已經在報紙上報道了。 Civic 5 門混合動力車以及在 Yorii 生產的車型還有其他零件。因此，直到六月、九月，它們都在日本生產，然後轉移到印第安納州。而HCM，將加拿大CR-V銷往美國，ELP將在美國生產。所以我們正在考慮生產分配，盡可能優化分配。

And also for the dealers and suppliers, stakeholders, we are co-creating so as to minimize the impact of tariffs. And about the prices, we have to observe what competitors are doing and think about the revision range and which models for which we will revise our prices. So we want to be careful and carefully observe what is happening. In the midterm, if the tariff measures are to be in place for a long time, and then we will have to increase our production capacity in the United States. We've already begun studies on this.

對於經銷商、供應商和利益相關者，我們正在共同創造機會，以盡量減少關稅的影響。關於價格，我們必須觀察競爭對手的舉動，並考慮修改範圍以及我們將針對哪些型號修改價格。所以我們要小心並仔細觀察正在發生的事情。從中期來看，如果關稅措施要長期實施，那麼我們就必須增加在美國的產能。我們已經開始對此進行研究。

And first, we have to think about the CapEx. Well, in the United States, well, they have a two shift but maybe we can increase to three shift production and also operating over the weekend. There is room to increase the production capacity in the United States, and we are trying to look into what will happen as a result of that.

首先，我們必須考慮資本支出。嗯，在美國，他們有兩班倒，但也許我們可以增加到三班倒生產，並且在周末也營業。美國的生產能力還有進步的空間，我們正在研究由此將會產生什麼結果。

And then after will be the CapEx, capital expenditure. But at any rate, we have to secure workers and to think about the impact on the supply chain because it will be huge. We want to observe what is happening and at the appropriate timing, think what needs to be done. We want to be prudent in such efforts in dealing with tariff measures. About the Canada case, well, last year, on April 25, we have made the announcement and the EV, the 240,000 battery 36 gigawatt per hour and also the POSCO Future and Asahi Kasei, the joint venture.

接下來是資本支出 (CapEx)。但無論如何，我們必須確保工人的安全，並考慮對供應鏈的影響，因為這將是巨大的。我們希望觀察正在發生的事情，並在適當的時候思考需要做什麼。我們希望在處理關稅措施時保持審慎態度。關於加拿大的案例，去年 4 月 25 日，我們宣布了電動車、24 萬個電池、每小時 36 千兆瓦，以及 POSCO Future 和 Asahi Kasei 的合資企業。

So CAD15 billion worth of investment, and it was planned to start operation in 2028. We did make that announcement back then. This was thinking that the EV demand would increase in the future. And we have to think about the upstream resources and the downstream service. And we wanted to enhance our Canada value chain so as to create the electrification business in the future.

因此投資金額為150億加元，計劃於2028年開始營運。我們當時確實宣布了這項消息。這是因為人們認為未來電動車的需求將會增加。我們必須考慮上游資源和下游服務。我們希望增強我們的加拿大價值鏈，以便在未來創造電氣化業務。

But as you know, in North America, the EV market growth is slowing down. And so as of now, we think that we should postpone for at least 22 years. This has been decided. USMCA, we are thinking that this will not change USMCA. If the conditions were to change, at that point in time, we have to revisit this.

但如你所知，在北美，電動車市場成長正在放緩。因此截至目前，我們認為我們應該推遲至少 22 年。此事已決定。USMCA，我們認為這不會改變USMCA。如果情況發生變化，到那時，我們必須重新審視這一點。

As for the specifics, what happens after two years and the starting time of the project, we have to observe what is happening and ultimately make the decision. We are consulting with the Canadian government and Ontario province. And as for this postponement, we have already received their consent.

至於具體情況，兩年後會發生什麼，專案什麼時候開始，我們必須觀察情況的發展，並最終做出決定。我們正在與加拿大政府和安大略省進行磋商。至於這次延期，我們已經得到他們的同意了。

That is all from me. Anything to add?

我要說的就這些。還有什麼要補充的嗎？

Well, yes. We have provided some additional information. And we have included the premises for the tariff calculation estimation. Well, we have looked at others competitors' information that have been disclosed. And I think the condition setting is quite different company by company.

嗯，是的。我們提供了一些額外的資訊。而我們已經包含了關稅計算估算的前提。嗯，我們查看了其他競爭對手已披露的資訊。而且我認為各家公司的條件設定有很大差異。

And so we're wondering how we should be looking at this. And so we've included the summary. Well, the Japanese companies over the past week or so have been announcing different things, including or not including certain factors, GM and Ford, for example, they've disclosed information. And looking at what they're doing, it's a nine-month impact because they closed the books in December, but GM. So they're looking at JPY4,000, billion, JPY5,000 billion nine-month impact.

所以我們想知道我們應該如何看待這個問題。因此我們附上了摘要。嗯，過去一周左右，日本公司一直在宣布不同的事情，包括或不包括某些因素，例如通用汽車和福特，他們已經披露了資訊。看看他們在做什麼，這是一個九個月的影響，因為他們在十二月就結帳了，但是通用汽車。因此，他們正在考慮 4,000 億日元、5,000 億日元的九個月影響。

And so annually, it will come to some JPY500 billion. Of the JPY650 billion, as Mibe has said, we have motorcycle business, excluding it's about JPY500 billion.

這樣每年就會達到約5000億日圓。在這6500億日元中，正如Mibe所說，我們有摩托車業務，除去它大約有5000億日元。

So it's more or less -- so I think they are JPY900 billion, whereas we are JPY500 billion and Ford also, they have a high ratio of US production. And so likewise, if you calculate in terms of 12 months, it's JPY450 billion. So it's close to our number.

所以或多或少——所以我認為他們是 9000 億日元，而我們是 5000 億日元，而且福特也擁有很高的美國生產比例。同樣，如果以 12 個月計算，那就是 4,500 億日圓。所以它接近我們的數字。

And in Japan, calculating the net impact, it's about JPY300 billion, but we are JPY450 billion. So they're saying that ours is high, the impact, but we are high by JPY150 billion. First is because the motorcycle [BP] and also the components tariff impact. As we've explained, well, USMCA, whether we can comply or not on the components level is not clear to us. We have to look into the details.

在日本，計算淨影響約為 3000 億日元，但我們是 4500 億日元。所以他們說我們的衝擊很大，但我們高出了 1500 億日元。首先是因為摩托車[BP]以及零件關稅的影響。正如我們所解釋的，對於 USMCA，我們是否能夠在零件層面遵守尚不清楚。我們必須研究細節。

And therefore, we are conservative in terms of including this. And from Mexico, of the imports from Mexico, there's Prologue, the battery EV from GM. And this is also included. So I think that this is the reason for this difference. So JPY450 billion appears to be quite big.

因此，我們在納入這一點上持保守態度。從墨西哥進口的汽車中，有通用汽車的電動車 Prologue。這也包括在內。所以我認為這就是造成這種差異的原因。因此，4500億日圓看起來相當大。

But I think compared to other OEMs or the media analysts, though there is a slight gap, I think we are more or less thinking about the same image. So we've added a summary of our estimation assumptions for your reference.

但我認為，與其他 OEM 或媒體分析師相比，儘管存在細微的差距，但我認為我們或多或少考慮的是相同的形象。因此，我們新增了估計假設的摘要，供您參考。

So next question, Yomiuri Newspaper, Mr. Narahashi, please.

下一個問題是讀賣新聞社的楢橋先生。

I have two questions. One, as Mr. Fujimura said earlier, competitors estimate or not estimate the impact by the tariff. However, you decided to disclose your estimates in detail. What is your intention by doing that?

我有兩個問題。第一，正如藤村先生剛才所說，競爭對手估計或沒有估計關稅的影響。但是，您決定詳細披露您的估計。你這麼做的目的是什麼？

And second question is about your relationship to Nissan. You had -- they had -- well, those talks were broken up because of business situations, but they have announced to make recovery plans, and it is difficult for them to survive being alone. However, what is the relationship with them going forward? Would that be the collaborative relationship or any business integration talks be back again?

第二個問題是關於您與日產的關係。你有——他們有——好吧，那些談判因為商業情況而中斷，但他們已宣布製定復甦計劃，而且他們很難獨自生存。然而，他們今後的關係又會怎麼樣呢？這是否會是合作關係或任何業務整合談判再次出現？

So let's start with the tariff by Mr. Fujimura and Nissan for myself.

那麼，讓我們先從藤村先生和日產為我制定的關稅開始吧。

So thank you very much for your question. So we decided to disclose our assumption because the ForEx and this is economic environment, many uncertainties in those areas. But despite that, we decided to give you the guideline like this because this is something we should do as a business company. And there are areas which is very, very uncertain. And still, we decided to look into the situation as far as we could assess.

非常感謝您的提問。因此，我們決定揭露我們的假設，因為外匯和經濟環境存在許多不確定性。但儘管如此，我們還是決定給您這樣的指導，因為這是我們作為一家商業公司應該做的事情。有些領域非常非常不確定。儘管如此，我們還是決定盡可能地調查情況。

And of course, the interpretation of the taxation law is difficult to. And we had our own interpretation with the help of the American Honda representative too and estimated impact on the yearly annual business. We decided to assess that and share that with people outside. And even with -- in the company, we could have a better understanding of the potential impact internally in the short term, midterm, long term, we could come up with the kind of mitigation measures.

當然，稅法的解釋是困難的。而我們也在美國本田代表的幫助下做出了自己的解讀，並估算了對年度業務的影響。我們決定對此進行評估並與外界分享。即使在公司內部，我們也可以更了解短期、中期和長期內部的潛在影響，並提出緩解措施。

And then there are things we could do internally as a mitigation or things which can collaborate with the supplier or we could look for the way to speak to the authority, the politics, for instance. And there can be those potential mitigation measures that we could think of and then put them on the table. And then it is a big negative impact really. And that would give negative impressions in a way. to you.

然後，我們可以在內部採取一些措施來緩解問題，或與供應商合作，或尋找與當局、政治等對話的方式。我們可以考慮一些潛在的緩解措施，然後將其擺到桌面上。這確實會產生很大的負面影響。這會在某種程度上給人留下負面印象。給你。

However, this is the worst case scenario, then we can then try to find out what we could do going forward. I'm not sure if I answer your question. However, this is what we have in mind in disclosing such estimate to you.

然而，這是最壞的情況，然後我們可以嘗試找出下一步該做些什麼。我不確定我是否回答了你的問題。然而，我們在向您揭露該估算時正是考慮到這一點。

So JPY500 billion, that's the amount. And in order to make it kind of more reasonably accepted number, we decided to share with you those tables with you to understand better about it. And then with the Nissan, as of the 13th of February, we disclosed to you about our decision not to go forward. And there is no further progress after that. And besides, we had a strategic partnership MOU that was entered in August last year, which include Mitsubishi Automotive, and we continue to work on that to try to maximize the collaboration efforts, anticipating the joint research for the next-generation platforms and the commonized platforms and the environment and circulation, energy resources and so on. And those areas are being assessed as well once again in greater details.

所以金額是5000億日元。為了使它成為更合理接受的數字，我們決定與您分享這些表格，以便您更好地理解它。然後對於日產，截至 2 月 13 日，我們向您披露了我們不再繼續推進的決定。此後再無進展。此外，我們與三菱汽車等公司於去年8月簽署了戰略合作諒解備忘錄，我們將繼續努力，最大程度地加強合作，期待在下一代平台和通用平台以及環境和循環、能源資源等方面進行聯合研究。這些領域也正在再次接受更詳細的評估。

And also today, we are in a very different environments, too, including a tariff situation too. And we are thinking about further collaboration potential in the new environment. And again, the business integration talks will not be on the table for more while going forward. However, we need to try to maximize the benefit out of the collaborative efforts besides -- and we'd like to go on with this strategic partnership so that we can find out a new direction for the growth of the businesses so that we can gain the competitiveness to lead the industry going forward, and we will make a progress in that regard. So that is all for Nissan.

而且今天，我們也處於非常不同的環境，包括關稅狀況。我們正在考慮在新環境中進一步的合作潛力。再次強調，未來將不再討論業務整合談判。然而，我們需要努力從合作中獲取最大利益——我們希望繼續這種策略夥伴關係，以便我們能夠找到業務成長的新方向，從而獲得引領產業前進的競爭力，我們將在這方面取得進展。這就是日產的全部內容。

Asahi Shimbun Newspaper. Nishiyama, please.

朝日新聞。西山，有請。

I'm Nishiyama from Asahi Shimbun Newspaper. I have two questions. The first question, for the next fiscal year, your outlook, well, you've given the explanation. But overall, well, I think the profit is quite going to be dropped or decline. But what is your view on this, Mr. Mibe? And you said that you're going to take various measures to make a recovery. Can you talk about the specifics?

我是《朝日新聞》的西山。我有兩個問題。第一個問題，對於下一個財政年度，您的展望，嗯，您已經給了解釋。但總體而言，我認為利潤將會下降或減少。但是米貝先生，您對此有何看法？您說過，您將採取各種措施來恢復經濟。能講一下具體情況嗎？

And secondly, about the unit sales outlook, Well, I think -- well, the motorcycle was a positive, but there will be a drop in demand due to the Trump tariffs. So what about incentives?

其次，關於單位銷售前景，嗯，我認為——摩托車是一個積極的方面，但由於川普的關稅，需求將會下降。那麼激勵措施又如何呢？

I think that there is a race for incentives. So what are the measures you're going to take? Well, you said that you don't want to add this on to the prices, but still -- well, I think you have to compare yourself to the competitors, but what are your thoughts on this?

我認為這是一場激勵競賽。那麼你們將採取什麼措施？嗯，您說您不想把這個添加到價格中，但是仍然——嗯，我認為您必須將自己與競爭對手進行比較，但您對此有何看法？

About your first question about our outlook. Well, looking at the previous fiscal year, well, I talked about the new provision, the comprehensive warranty provision and also the EV provision with GM. we have about JPY1.1 trillion operating profit. So I think it is more or less online. So the automobile, so there is a drop of 43 million units and including the 21,000 in the United States, we think that we can ensure this much profit.

關於你對我們的展望的第一個問題。嗯，回顧上一財年，我談到了新規定、綜合保固規定以及通用汽車的電動車規定。我們的營業利潤約為1.1兆日圓。所以我認為它或多或少是在線的。汽車銷量下降了 4300 萬輛，包括美國的 21,000 輛，我們認為我們可以確保這麼多的利潤。

And also -- so the motorcycle, JPY660 billion and Power Product JPY310 billion. So we are generating JPY1 trillion profit. For the automobile, it's a little less than JPY400 billion. But for BEV, the gross profit is minus JPY200 billion and R&D is minus JPY400 billion. So BEV is minus JPY600 billion.

此外，摩托車的銷售額為 6,600 億日元，動力產品銷售額為 3,100 億日圓。因此，我們創造了1兆日圓的利潤。對汽車而言，這一數字略低於4000億日圓。但純電動車的毛利為-2000億日圓，研發支出為-4000億日圓。因此BEV為負6000億日圓。

And ICE, including hybrid is about JPY1 trillion profit. So it is such a business. And automobile ICE and motorcycle and financial services, we will earn profit there and continue investment for electrification plus the investors' return. And we have tried to balance this. And this was the case in the previous fiscal year.

而內燃機（包括混合動力）的利潤約為1兆日圓。所以這就是一門生意。而汽車、內燃機、摩托車和金融服務，我們將從中賺取利潤，並繼續對電氣化進行投資，加上投資者的回報。我們已盡力平衡這一點。上一財年的情況也是如此。

And now about the [ 102k ] as I said, we are looking at JPY135 against the dollar. This is quite conservative, but still JPY135. So is about JPY450 billion negative from JPY150 billion. And also, there is the recovery of JPY200 billion. And so net is JPY450 billion.

關於 [ 102k ]，正如我所說，我們正在關注 1 美元兌 135 日元。這相當保守，但仍是135日圓。因此，與 1500 億日元相比，負值約為 4500 億日元。此外，還有2000億日圓的回收。因此淨額為4500億日元。

And all together, well, there are -- this is based on the information that we have locally. But as Mr. Fujimura-san said, the USMCA compliant parts are zero as of now. And we think that there will be less of an impact as a result of this. In the first quarter, I think that we can enhance the precision of our calculation.

總而言之，這是基於我們當地掌握的資訊。但正如藤村先生所說，目前符合USMCA的部分為零。我們認為，由此造成的影響將會較小。第一季度，我認為我們可以提高計算的精度。

And with the recovery measures, we want to try to reduce the impact. So well, it's just if, but the currency and impact, had we not had this, I think it will be more than our previous fiscal year. We do have the capability to generate the same operating profit. So how we exclude and recover from the impact of the tariff policies and to what extent we can do this will determine how much of an improvement we will see for this fiscal year.

我們希望透過採取恢復措施來盡量減少影響。好吧，這只是假設，但如果沒有這種情況，貨幣和影響將比我們上一財年更多。我們確實有能力創造相同的營業利潤。因此，我們如何排除和恢復關稅政策的影響以及我們能在多大程度上做到這一點將決定我們本財年將看到多大的改善。

And about this fiscal year of the JPY500 billion, well, the BEV market is cooled down, and there's a onetime loss possibility accounting-wise, this could become a discussion. So well, we have JPY200 billion factored in for that. So that included the JPY500 billion is thought to be the bottom. And how we can add on to that and improve will be the challenge for our business for this fiscal year.

關於本財年的 5000 億日元，嗯，BEV 市場已經降溫，並且從會計角度來看存在一次性損失的可能性，這可能會成為一個討論。嗯，我們已經為此考慮了 2000 億日元。因此，這其中的 5000 億日元被認為是底線。而我們如何在此基礎上進一步發展和改進，將是我們本財年業務面臨的挑戰。

About the US market and so the impact of the tariff policies demand. Well, as of May 20, we will give you a business update, and we'll report on the details at that time. But the EV market, the growth is slowing down. And we have to shift our plant to a certain extent. So put another way, hybrid, which is our strength.

關於美國市場等關稅政策需求的影響。嗯，從 5 月 20 日起，我們將為您提供業務更新，屆時我們將報告詳細資訊。但電動車市場的成長正在放緩。我們必須在一定程度上轉移我們的工廠。換句話說，混合是我們的優勢。

I think we can increase to quite an extent our production. Hybrid right now does have product competitiveness to quite an extent. Incentive-wise, hybrid was less than $1,000. So that is the level of -- so we want to expand our hybrid so as to -- in North America, including United States, compete. We think that we can compete there.

我認為我們可以大幅提高產量。混合動力目前確實具有相當程度的產品競爭力。從激勵角度來看，混合動力車的價格不到 1,000 美元。這就是我們的水平——因此我們希望擴大我們的混合動力汽車，以便在包括美國在內的北美參與競爭。我們認為我們可以在那裡競爭。

And so from '25 to '30, the automobile business including preparing for BEV, we want to control well and think about the resources to inject so that from the period from 2025 to 2030, it will be a transitional period, which will be very challenging. But we think our automotive business can expand. That is our current thinking.

因此，從2025年到2030年，汽車業務，包括為BEV做準備，我們希望控制好並考慮注入資源，以便從2025年到2030年，這將是一個過渡時期，這將非常具有挑戰性。但我們認為我們的汽車業務可以擴大。這就是我們目前的想法。

That's all from me. Anything else? No? Okay.

我要說的就這些。還要別的嗎？不？好的。

Yes. Well, just to add to the North America explanation. Well, at the end of last fiscal year, the Passport [MSC] LX, we had rather fresh new models in place and it's being well received. So of that plus, as Mr. Mibe has said, the hybrid Accord, Civic, CR-V.

是的。好吧，只是想補充北美的解釋。嗯，在上個財政年度末，我們推出了 Passport [MSC] LX，這款新車型受到了好評。因此，正如 Mibe 先生所說，還有混合動力車 Accord、Civic、CR-V。

Well, these models are still receiving a lot of high appraisal from our customers. And I think we can compete in the marketplace with these models. As of now, North America market on the whole, well, I think just like last fiscal year, we think the market size will be more or less the same, but we have to think about the impact of the tariff policies on the total demand. As Mr. Mibe has said, so we have to adapt flexibly to the changes that take place and support sales. That is all.

嗯，這些模型仍然受到我們客戶的高度評價。我認為我們可以憑藉這些模式在市場上競爭。截至目前，北美市場整體而言，我認為就像上個財年一樣，我們認為市場規模將大致相同，但我們必須考慮關稅政策對總需求的影響。正如米部先生所說，我們必須靈活適應發生的變化並支持銷售。就這樣。

Next question. Toyo Keizai, Mr. Yokoyama, please.

下一個問題。有請東洋經濟先生、橫山先生。

Yokoyama from Toyo Keizai. Can you hear me? Hello. Two questions, please. First one is you talked about -- Mr. Mibe about the years from '25 through 2030 and the tariff impact will continue on not just this year, but next fiscal year. And ROS like 8% -- 10%, right, for the ROS. And apparently this year, you have a one-off onetime transient amount.

來自東洋經濟的橫山。你聽得到我嗎？你好。請問兩個問題。首先，米部先生，您談到了從 2025 年到 2030 年這段時間，關稅的影響不僅會持續到今年，還會持續到下一個財政年度。對於 ROS 來說，ROS 的比例大約是 8% 到 10%。顯然，今年您將獲得一次性臨時金額。

What is the target profitability in mind that you said that investment in Canada is to be suspended, but Mr. Trump is focusing on the tariff. But in the future, there will be the talk about the environment as well. But how much efforts would you like to make for the battery EVs? And would you like to revisit your targets going forward for 2030 or '40 and I'd like you to give us your thoughts for the mid -- long-term span.

您說要暫停對加拿大的投資，但川普先生卻把重點放在關稅上，您考慮的目標獲利能力是什麼？但在未來，我們也會談論環境問題。但是你願意為電動車做出多少努力呢？您是否願意重新審視 2030 年或 2040 年的未來目標？我希望您能談談對中長期目標的看法。

And the second question is about human resources issue in April, Mr. Aoyama, the Executive Vice President, retired due to inappropriate conduct. And Mr. Aoyama had a very broad area to be looking after. And then this year, he has been gone.

第二個問題是關於人力資源問題，四月份，執行副總裁青山先生因行為不當而退休。青山先生需要照顧的領域非常廣泛。但今年，他就過世了。

And how would you like to address the loss of him? And of course, Kaihara-san is here. Inoue-san have been promoted. And how would you like to address the changes of those human resources?

您想如何看待失去他的痛苦？當然，Kaihara 先生也在這裡。井上先生晉升了。您想如何因應這些人力資源的改變？

So Fujimura-san is going to explain the first part and then the rest by myself.

所以藤村先生將先解釋第一部分，然後我再解釋其餘部分。

Thank you very much, Mr. Yokoyama. It is a difficult question in a way because in the business update, we would be able to give you some ideas about it. However, at a high level for the BEV, we are going to delay the resources to invest. And from 2025 to '40 for the carbon neutrality targets, we need to have the battery EVs be prepared in terms of the number of the models or the volume to be appropriate. We will continue to prepare for that.

非常感謝您，橫山先生。從某種程度上來說，這是一個很難的問題，因為在商業更新中，我們可以給你一些關於它的想法。然而，對於BEV的高層來說，我們將推遲資源的投入。而從2025年到2040年，為了實現碳中和的目標，我們需要在電池電動車的車型數量或體積方面做好適當的準備。我們將繼續為此做好準備。

That will be of the level of a certain level of the efforts for the gross margin and R&D efforts and so on. But as for the gross margin up until the 2030, I shouldn't say too much because we anticipate a business update opportunity next round, but we are going to have new technology-based battery EVs, lots of prospective ones.

這將對毛利率和研發力道等產生一定程度的影響。但至於到 2030 年的毛利率，我不應該說太多，因為我們預計下一輪將出現業務更新機會，但我們將推出許多基於新技術的電池電動車，而且有很多有前景的電動車。

And then the question is how much profitable it can be going forward. And then also, we have made investments for the battery factories so far. And there are some negative areas that we could accept as well from that too. But battery EV, how much of profit we can take. That's one thing.

接下來的問題是未來它能帶來多少利潤。而且到目前為止，我們已經對電池工廠進行了投資。但其中也存在著一些我們能夠接受的負面面向。但是電池電動車，我們能獲得多少利潤。這是一回事。

And then as I said earlier, ICE models with the current ForEx of JPY150, the ICE model can get us JPY1 trillion revenue. And the ForEx is going to change. However, we are going to continue and have to reduce, of course, the ICE models going forward. And then besides, I'd like to make the BEVs a bit more competitive with the next-generation models be added. And we'll keep getting profit from ICE whilst doing that efforts.

然後就像我之前說的，以目前 150 日圓的外匯計算，ICE 模型可以為我們帶來 1 兆日圓的收入。外匯市場即將改變。然而，我們將繼續並且當然必須減少未來的 ICE 模型。此外，我希望透過添加下一代車型，讓 BEV 更具競爭力。我們在努力的同時，也將繼續從 ICE 獲取利潤。

And ROIC ideally should be achieved to be greater than the financial cost. 10% ROIC target is no change, and we need to have the 7% to 8% ROCE to achieve that. And then it does not just really for the 2026 and so on. But from 2025 through 2030, we will manage those indicators this way.

而ROIC理想情況下應該實現大於財務成本。10% 的 ROIC 目標沒有變化，我們需要 7% 到 8% 的 ROCE 才能實現這一目標。然後它實際上並不只針對 2026 年等等。但從2025年到2030年，我們將以這種方式管理這些指標。

And then BEV's efforts and EV, FCEV target for 2040. Your question is about our targets for that. And then in terms of administration, there are environment measures and regulations have been kind of retracted with the FCEV 2 and so on. However, though it is not finalized, they probably would revisit them quite substantially. And then the plans we had, especially with regard to the volume would not be the that we would have to persist to going forward.

然後是 BEV 的努力以及 EV、FCEV 的 2040 年目標。您的問題是關於我們的目標。然後在管理方面，隨著 FCEV 2 等的實施，環境措施和法規已經撤銷。然而，儘管尚未最終確定，但他們可能會對其進行相當深入的重新審視。然後，我們的計劃，特別是關於數量的計劃就不再是我們必須堅持執行的計劃了。

However, for carbon neutrality, the BEVs could be the optimal solution to achieve it. That's the starting idea. And Honda have announced 0 Series EVs earlier, and we would like to push forward the plans as we had planned already. Of course, the volume may be a little bit down in terms of the production volume, develop of the models may be a little bit less than we were anticipating, but we need to continue on our efforts launching those products to stay competitive.

然而，對於碳中和而言，電動車可能是實現這一目標的最佳解決方案。這就是最初的想法。本田早些時候已經發布了 0 系列電動車，我們希望按照既定計劃推進這些計劃。當然，產量可能會略有下降，模型的開發可能會比我們預期的少一些，但我們需要繼續努力推出這些產品以保持競爭力。

And those products have to evolve by themselves based on the competitions in the market, we need to allow that. And the BEVs will be, of course, be available from our company continually. We will continue to do that. But in the next five years, the US market would have a slower progress of the EV years.

這些產品必須根據市場競爭自行發展，我們需要允許這樣做。當然，我們公司將持續供應純電動車。我們將繼續這樣做。但未來五年，美國市場電動車的進展將會放緩。

And then from 2030 onwards, maybe we can accelerate our actions for the environment. But still, the final goal still stands that is the carbon neutrality 2050. And then how we get there, what route we get there, we need to assess that once again, but our carbon neutrality target in 2050 must stand then we have to again reassess the situations to be in 2040. And we anticipate people would drive the cars for 10 years. And then in 2040, we need to make the carbon neutrality kind of vehicles available.

從2030年開始，也許我們可以加速保護環境的行動。但最終目標仍是2050年實現碳中和。然後，我們如何實現這一目標，透過什麼途徑實現這一目標，我們需要再次評估，但我們在 2050 年實現碳中和的目標必須實現，然後我們必須再次評估 2040 年的情況。我們預計人們將駕駛這些汽車 10 年。然後在 2040 年，我們需要提供碳中和類型的汽車。

And I wouldn't say that we are revisiting them substantially, but we need to look into the scenario from 2030 to 2040, given the environment in this period. And by 2030, I can say that electrification strategy need to be revisited.

我不會說我們正在實質地重新審視它們，但我們需要根據這段時期的環境來研究 2030 年至 2040 年的情況。到 2030 年，我可以說電氣化策略需要重新檢視。

And as for Mr. Aoyama, he has resigned from his position, and I really feel that we like to extend our apology for troubling people such as customers, suppliers, shareholders, and our colleagues, all the stakeholders. And then Mr. Kaihara is going to cover as the Executive Vice President, and Mr. Inoue is going to be the Head of the Automobile business division, and he is going to look into the operations of that area.

至於青山先生，他已經辭職，我真心覺得我們想為給客戶、供應商、股東、同事以及所有利益相關者帶來麻煩而表示歉意。然後，Kaihara 先生將擔任執行副總裁，而 Inoue 先生將擔任汽車業務部門的負責人，他將負責該領域的營運。

And each business domain is actually supported by the leading persons. And I'm very sure that those human allocation will be good enough to keep going in a good way. Thank you very much.

而各業務領域其實都有領導人的支持。我非常確信這些人力配置足以保證工作順利進行。非常感謝。

Are there any other questions? TV Tokyo, (inaudible) please.

還有其他問題嗎？東京電視台，（聽不清楚）請講。

My name is [Minamisa] and I'm substituting for Mr. [Wi] A question to Mr. Mibe, the President. Well, yesterday, the US-China have decided to reduce significantly tariff. But US and Japan negotiations, what are your expectations, if any, towards those negotiations?

我叫 [Minamisa]，代替 [Wi] 先生，我向總裁 Mibe 先生提問。嗯，昨天，中美決定大幅降低關稅。但是美國和日本的談判，您對這些談判有什麼期待？

Well, about US-Japan negotiations, I mean, still ongoing. On our part, we want to see that there is global free trade because this will be the best for our business. In the case of Honda, we are not exporting from Japan to US in such a large volume. So there is little impact there.

嗯，關於美日談判，我的意思是，仍在進行中。就我們而言，我們希望看到全球自由貿易，因為這對我們的業務最有利。就本田而言，我們並沒有從日本向美國出口如此大量的汽車。因此，那裡的影響很小。

But USMCA, well, we have the policy of to produce where the demand exists. And therefore, based on this policy, we have been doing a global business. But in Mexico, Canada and United States, that is the USMCA based on this agreement, we are looking at this North America as one single market and build a supply chain in North America, including these three countries. And about the US and Japan tariff negotiation, it's not just limited to the United States. USMCA is the basis of our business.

但是，USMCA，我們的政策是，在有需求的地方進行生產。因此，基於這項政策，我們一直在開展全球業務。但在墨西哥、加拿大和美國，也就是基於該協議的USMCA，我們將北美視為單一市場，並在北美建立包括這三個國家的供應鏈。而關於美日關稅談判，並不只限於美國。USMCA 是我們業務的基礎。

And therefore, we want the USMCA to be in place so that we can do business in a free environment, not just Mexico and Canada, but also for the American auto industry, I think this is the best answer, best solution. So for us, we want to see that the free trade environment can be rebuilt, and we want to approach the government and others so that this will be realized. In the past, we've been doing this, but we will continue to work to try to make this happen. That is all.

因此，我們希望 USMCA 能夠到位，以便我們能夠在自由的環境中開展業務，不僅是墨西哥和加拿大，而且對於美國汽車行業也是如此，我認為這是最好的答案、最好的解決方案。因此，對我們來說，我們希望看到自由貿易環境能夠重建，並且我們希望與政府和其他方面合作，以實現這一目標。過去我們一直在這樣做，但我們將繼續努力，爭取實現這一目標。就這樣。

Thank you very much, Mr. Minamisa. And it's time for us to end. With this, we'd like to conclude the financial results press conference. As for the materials that have been presented, please refer to them on our website.

非常感謝您，南紗先生。我們也該結束了。至此，我們想結束本次財務業績記者會。對於已經提交的資料，請參考我們的網站。

Once again, thank you for your participation.

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人員宣讀的。翻譯由贊助此活動的公司提供。