本田技研 (HMC) 2026 Q1 法說會逐字稿

(interpreted) Thank you very much for taking time out of your busy schedule to attend our briefing today. We would now like to start Honda Motor Company Limited's financial results briefing for fiscal first quarter ended June 30, 2025.

（翻譯）非常感謝您百忙之中抽空參加今天的簡報會。現在我們開始介紹本田汽車有限公司截至2025年6月30日的第一財季財務業績。

First of all, allow me to introduce the attendees today. Mr. Eiji Fujimura, Director, Managing Executive Officer, CFO. Good to see you. Mr. Masao Kawaguchi, Operating Executive, Head of Accounting and Finance Unit. Good to see you.

首先，請容許我介紹一下今天與會的各位嘉賓。藤村英二先生，董事、常務執行董事、財務長。很高興見到你。川口正雄先生，營運執行官，會計財務部部長。很高興見到你。

First, Mr. Fujimura will present the financial results of first quarter ended June 30, 2025, and consolidated results forecast for full year to March 2026. Then Mr. Kawaguchi will present the details.

首先，藤村先生將公佈截至 2025 年 6 月 30 日的第一季財務業績，以及截至 2026 年 3 月的全年合併業績預測。然後川口先生將介紹詳細資訊。

Over to you, Mr. Fujimura.

接下來就交給您了，藤村先生。

(interpreted) I thank you very much for your continued support for Honda's activities. I would now like to present to you the financial results for the first fiscal quarter ended June 30, 2025.

（翻譯）非常感謝您一直以來對本田各項活動的支持。現在，我謹向各位呈報截至2025年6月30日的第一個財政季度財務業績。

I'd like to start with a summary. Our operating profit for the fiscal first quarter came to JPY244.1 billion. Motorcycle operations saw sales expansion in Brazil and Vietnam, and we've attained the record high operating profit for a quarter period. In automobile operations, we needed to post impact from tariffs and nonrecurring expenses related to EV, while sales in North America were strong.

我想先做一個總結。我們第一財季的營業利潤為2,441億日圓。摩托車業務在巴西和越南的銷售額有所增長，並且我們實現了季度營業利潤的歷史新高。在汽車業務方面，我們需要計入關稅和與電動車相關的非經常性支出的影響，而北美地區的銷售情況強勁。

The forecast for the full year results to March 2026 has been revised up to operating profit of JPY700 billion and net profit for the year of JPY420 billion. Due to a review of our tariff impacts and changes in exchange rate assumptions, this means JPY200 billion increase versus the previous forecast. An examination of the impact due to tariffs led to a revision of our gross impact to JPY400 billion.

截至 2026 年 3 月的全年業績預測已上調至營業利潤 7,000 億日元，全年淨利 4,200 億日元。由於對關稅影響和匯率假設進行了審查，這意味著與先前的預測相比，將增加 2,000 億日圓。對關稅影響的評估使我們對總影響的估計修正為 4000 億日圓。

And for exchange rate, in view of the recent developments, we are revising our assumption against the US dollar from JPY135 to JPY140. While uncertainty persists surrounding policy changes, including tariffs, we will improve our earnings structure, and we aim to expand our profit further.

至於匯率，鑑於最近的發展，我們將日圓兌美元的假設值從 135 日圓調整為 140 日圓。儘管政策變化（包括關稅）仍有不確定性，但我們將改善獲利結構，並力爭進一步擴大利潤。

Concerning the share buyback, which we announced on -- resolved on December 23, 2024, for the JPY1.1 trillion. As of July 31 of this year, shares worth JPY936.5 billion have been acquired.

關於我們宣布的股票回購計畫——已於 2024 年 12 月 23 日決定，金額為 1.1 兆日圓。截至今年7月31日，已收購價值9,365億日圓的股份。

To give you the consolidated results for the first quarter ended June 2025, our operating profit was JPY244.1 billion, lower by JPY240.5 billion compared to the same period last year. Equity method earnings were JPY4.2 billion, higher by JPY2.7 billion. And the quarter profit attributable to the owner of the parent was JPY196.6 billion, lower by JPY197.9 billion.

為向您提供截至 2025 年 6 月的第一季綜合業績，我們的營業利潤為 2,441 億日元，比去年同期減少了 2,405 億日圓。權益法下的收益為42億日元，比之前增加了27億日元。歸屬於母公司所有者的季度利潤為1966億日元，減少了1979億日元。

Next, I'd like to cover the forecast for the consolidated results for the full year. Again, compared to the previous forecast, our forecast is operating profit of JPY700.0 billion, up by -- sorry, up by JPY200 billion and the profit for the year attributable to the owner of the parent of JPY420.0 billion, up by JPY170 billion. The exchange rate against the US dollar is assumed at JPY140 for the year.

接下來，我想談談全年綜合業績的預測。與先前的預測相比，我們的預測是營業利潤為 7000 億日元，增加了 2000 億日元；歸屬於母公司所有者的年度利潤為 4200 億日元，增加了 1700 億日元。假設全年日圓兌美元匯率為140日圓。

The forecast for the full year dividend for the fiscal year ending in March 2026 is JPY70 per share, unchanged from the previous published forecast. The acquisition of owned shares resolved on December 23, 2024, for the amount of JPY1.1 trillion is explained earlier.

截至 2026 年 3 月的財政年度，全年股息預測為每股 70 日元，與先前公佈的預測相同。先前已解釋過，2024 年 12 月 23 日決議以 1.1 兆日圓收購已持有股份。

Next, Mr. Kawaguchi will present the details of the results.

接下來，川口先生將介紹結果的詳細情況。

(interpreted) Okay. Then I will present the results for the first quarter. To give you the group unit sales during the three months of the first quarter, for motorcycle operations compared to the same quarter last year, with growth mainly in Brazil and other regions, it came to 5.143 million. For Automobile business due to declines mainly in China and other Asian regions, it came to 839,000 units. And for Power Products, though there were declines in North America and Asia, Europe led the growth, the results, the total came to 828,000 units.

（翻譯）好的。接下來我將公佈第一季的業績。為了讓您了解第一季前三個月的集團摩托車銷量，與去年同期相比，主要成長來自巴西和其他地區，銷量達到 514.3 萬輛。由於中國和其他亞洲地區的汽車業務下滑，汽車銷量為 839,000 輛。而對於電源產品來說，儘管北美和亞洲的銷量有所下降，但歐洲引領了成長，最終總銷量達到了 828,000 台。

The consolidated results during the three months of the first quarter are as explained earlier. Next, I'd like to explain the factor analysis of operating profit for the first quarter compared to the same period last year. Operating profit was JPY244.1 billion, down by JPY240.5 billion compared to the same period last year. Factors affecting the operating profit were impact from sales was positive by JPY109.1 billion due to unit sales increase in North America. Selling price and cost factors was an increase of JPY68.5 billion due to effect of pricing revision.

第一季前三個月的綜合業績如前所述。接下來，我想解釋一下第一季營業利潤與去年同期相比的因素分析。營業利潤為2,441億日圓，較去年同期減少2,405億日圓。影響營業利潤的因素包括銷售額的正面影響，由於北美地區的銷售成長，銷售額增加了 1,091 億日圓。由於價格調整的影響，售價和成本因素增加了685億日圓。

Expenses gave us a negative impact of JPY69.4 billion. R&D expenses led to a profit decline of JPY24.5 billion. Currency effect results in a negative impact of JPY86.1 billion. EV-related nonrecurring expenses led to the negative impact of JPY113.4 billion, and the tariffs impact led to a profit decline of JPY124.6 billion. Our trial calculation, excluding the EV-related nonrecurring expenses and the tariff impact comes to operating profit of JPY482.1 billion on par with the same quarter last year.

支出給我們造成了694億日圓的負面影響。研發支出導致利潤下降245億日圓。匯率波動導致861億日圓的負面影響。與電動車相關的非經常性支出導致1,134億日圓的負面影響，而關稅的影響導致利潤下降1,246億日圓。我們試算的結果（不包括與電動車相關的非經常性支出和關稅影響）顯示，營業利潤為 4,821 億日圓，與去年同期持平。

This EV-related nonrecurring expenses include the provision for losses on EVs currently sold in the US and the impact from write-off of development asset of EV models due to the change in our product range. Regarding operating profit per business segments. For Motorcycles, OP was JPY189 billion. Automobiles, JPY29.6 billion of operating losses.

與電動車相關的非經常性支出包括目前在美國銷售的電動車的損失準備金，以及由於產品範圍的變化而對電動車車型開發資產進行註銷的影響。關於各業務部門的營業利潤。摩托車業務的營業額為1890億日圓。汽車業務，營業虧損296億日圓。

Financial Services, JPY85 billion of operating profits, and the Power Products and other businesses, JPY200 million of operating losses. Operating profit of the Motorcycle businesses marked JPY189 billion, up by JPY11.3 billion year-on-year. As for the factors behind the differences, the sales impact was positive by JPY41 billion due to increased sales volume in South America and so on. Pricing cost impact was positive by JPY14.2 billion due to the effect of price revision and so on. Expenses squeezed the profit by JPY12.7 billion.

金融服務業務實現營業利潤 850 億日圓，而電力產品及其他業務則虧損 2 億日圓。摩托車業務的營業利潤為1890億日元，比上年同期增長113億日元。至於造成差異的因素，由於南美等地的銷售成長，銷售額增加了 410 億日元，對銷售額產生了正面影響。受價格調整等因素影響，定價成本影響正142億日圓。支出使利潤減少了127億日圓。

R&D increased the profit by JPY1.3 billion. And currency effect reduced profit by JPY30.6 billion and the tariff effect squeezed profit by JPY1.8 billion. For the Automobile businesses, sales impact was positive by JPY46.4 billion due to increase of the sales volume in North America. Price and cost impact was positive by JPY53.5 billion due to the effect of the price revision and so on. Expenses negative for the profit by JPY43.1 billion.

研發投入使利潤增加了13億日圓。匯率影響導致利潤減少 306 億日元，關稅影響導致利潤減少 18 億日圓。汽車業務方面，由於北美銷售成長，銷售額受到正面影響，增加了464億日圓。受價格調整等因素影響，價格和成本方面受到正面影響，增加了535億日圓。支出使利潤減少了431億日圓。

R&D was negative by JPY26.4 billion and the foreign currency effect also negative by JPY47.3 billion. As I mentioned earlier, excluding onetime EV-related expenses and the tariff impact, the operating profit would have been JPY205.8 billion. Regarding cash flows, free cash flows of the businesses other than Financial Service businesses was JPY294 billion. Net cash balance at the end of the quarter was JPY2,907.9 billion. Operating cash flow after R&D adjustment was JPY583 billion.

研發支出為負 264 億日圓，外匯影響也為負 473 億日圓。正如我之前提到的，如果不計入與電動車相關的一次性支出和關稅影響，營業利潤將達到2058億日圓。關於現金流，除金融服務業務以外的其他業務的自由現金流為2,940億日圓。本季末淨現金餘額為29079億日圓。經研發調整後的營運現金流量為5,830億日圓。

Moving on to the consolidated financial forecast of FY ending March '26. Regarding the forecast of the sales volume of the group, motorcycle unit sales will keep 21.3 million units, reflecting the volume decline in Europe and increase in Brazil and other regions. For automobiles, we will keep the previous forecast of 3.62 million units. And for power products, we will keep the previous forecast of 3.67 million units. Consolidated earnings forecast for FY March 2026 has been already explained.

接下來是截至 2026 年 3 月的財政年度的綜合財務預測。關於集團的銷售量預測，摩托車銷量將維持在 2,130 萬輛，反映出歐洲銷量下降，而巴西和其他地區的銷量上升。對於汽車，我們將維持先前的預測，即 362 萬輛。至於電源產品，我們將維持先前的預測，即 367 萬台。2026年3月財年的綜合獲利預測已在前面解釋。

Next, I will explain the factors behind the changes of operating profit forecast year-on-year. Operating profit is expected to decline by JPY513.4 billion year-on-year because of the factors of sales impact being positive for the profit by JPY106 billion due to incremental volume of the motorcycles and automobiles in North America. Price and cost impact will be positive for profit by JPY350 billion due to effect of the price revisions and so on. Expenses will be negative for the profit by JPY91.5 billion, R&D be negative by JPY126 billion and foreign currency impact to be negative by JPY302 billion and the gross impact of the tariff to be negative by JPY450 billion. I'll explain the changes of the operating profit forecast comparing to the previous guidance.

接下來，我將解釋導致營業利潤預測逐年變動的因素。由於北美摩托車和汽車銷量成長，銷售額對利潤產生正面影響，預計營業利潤將年減 5,134 億日圓，因為銷售額成長將使利潤增加 1,060 億日圓。價格和成本的影響將使利潤增加3500億日元，這是由於價格調整等因素造成的。支出將對利潤造成 915 億日圓的負面影響，研發支出將造成 1,260 億日圓的負面影響，外匯影響將造成 3,020 億日圓的負面影響，關稅總影響將造成 4,500 億日圓的負面影響。我將解釋與先前預期相比，營業利潤預測的變化。

Operating profit is to be up by JPY200 billion from the previous forecast because of the sales impact being negative by JPY50 billion due to onetime expenses related to EVs. Price and cost impact to be negative by JPY100 billion, JPY100 billion as we reviewed recovery of the tariff impact. And foreign currency impact will be positive by JPY150 billion as we changed currency exchange rate JPY240 for dollar. We examined the tariff impact in values, which will be expected to be positive by JPY200 billion. Lastly, expected spending on capital expenditures, depreciation, amortization and R&D expenditures for fiscal year ending March 2026 as shown on the slide.

由於與電動車相關的一次性支出導致銷售額減少 500 億日元，營業利潤將比先前的預測增加 2,000 億日圓。經評估關稅影響的恢復情況，價格和成本影響將為負面 1,000 億日圓。由於我們將美元兌日圓匯率調整為 240 日圓，外匯市場將受到 1,500 億日圓的正面影響。我們從價值角度考察了關稅的影響，預計將帶來 2,000 億日圓的正面影響。最後，幻燈片顯示了截至 2026 年 3 月的財政年度的預期資本支出、折舊、攤提和研發支出。

And that concludes my presentation. Thank you very much for your attention.

我的演講到此結束。非常感謝您的關注。

(interpreted) (Operator Instructions) Mr. Okinaga, Nikkei Newspaper.

（譯） （操作說明）衝永先生，《日經新聞》

(interpreted) This is Okinaga from Nikkei Newspaper. My first question is about the impact from tariffs. So between the US and Japan agreement, the automobile tariffs has been changed from 25% to 15%. So it looks like higher tariff has come down. That means your negative impact to the profit has been fixed now. So what's your take on that?

（譯）這是來自《日經新聞》的沖永。我的第一個問題是關於關稅的影響。因此，根據美國和日本達成的協議，汽車關稅已從 25% 降至 15%。看來高關稅已經下調了。這意味著你對利潤造成的負面影響現在已經得到糾正。你對此有何看法？

And then for Mexico and Canada, well, still the view is not clear. So what is your take on what might happen to the Canada and Mexico? Okay. So that's the second question.

至於墨西哥和加拿大，情況仍然不明朗。那麼，你認為加拿大和墨西哥未來可能會發生什麼事？好的。這是第二個問題。

And then accompanying -- in line with that, for the production, you've expressed transferring production from Japan to Canada. So I guess your take on emphasizing production in the States, that will remain unchanged. So do you -- are you still in the sense -- are you holding the sense of crisis for the Trump's tariff situation? Is that correct to say that your stance does not change?

然後，與此同時——就生產而言，您曾表示將生產從日本轉移到加拿大。所以，我猜你對重視美國生產的看法不會改變。所以，你是否仍然認為──你是否仍然認為──你是否仍然對川普的關稅政策抱持危機感？也就是說，你的立場不會改變，這種說法正確嗎？

(interpreted) Okay. Thank you for the questions. Okay. So both your questions are related to tariffs. So between -- due to the 25% has come down to 15% between the States and Japan.

（翻譯）好的。謝謝大家的提問。好的。所以你的兩個問題都跟關稅有關。因此，由於美國和日本之間的差距從 25% 下降到 15%。

Concerning that point, yes, for us, for our business, the change from 25% to 15% means that is -- should -- it brings us a positive impact and also for -- to the customers and then also, we do have a lot of non-Japanese shareholders. So for our company, of course, this agreement for reducing the tariff is a positive. And then it's just that what has not been established is now clearly identified, which is a good turn of events.

關於這一點，是的，對我們而言，對我們的業務而言，從 25% 到 15% 的變化意味著——應該——它給我們帶來了積極的影響，對客戶也是如此，而且，我們還有很多非日本股東。所以對我們公司來說，這項降低關稅的協議當然是好事。然後，以前未確定的事情現在都明確了，這是一個好轉的跡象。

So I'd like to -- we'd like to pay our respects to all the related parties. And then on the other hand, as your question suggested, for example, if I think about the short-term view, so if there's going to -- what's going to be happening with the retroactive application of the tariff or when it's going to go into effect.

所以，我們想向所有相關各方表示慰問。另一方面，正如你的問題所暗示的那樣，例如，如果我從短期角度考慮，那麼如果關稅要追溯適用，或者何時生效，會發生什麼情況。

So details have not been worked out. So I hope that there will be early decision and then disclosure between the governments, and we have communicated our wish to the Japanese government. And then so it used to be -- what used to be 2.5%, now that's been up to 15%. So as our general stance is that it doesn't affect just Honda, but to other OEMs as well, I think we are trying to do a free trade and competition around the globe. So that has really developed foster the competitiveness of the auto industries in different countries and then which led to providing good quality products to different country markets.

所以細節還沒敲定。所以我希望兩國政府能夠儘早做出決定並公開透明，我們也已將我們的願望傳達給了日本政府。以前是 2.5%，現在已經漲到 15% 了。因此，我們的總體立場是，這不僅影響本田，也影響其他汽車製造商，我認為我們正在努力在全球範圍內實現自由貿易和競爭。因此，這確實促進了不同國家汽車產業的競爭力，進而為不同國家市場提供了優質產品。

And then this must have been contributing to the local communities. And then that stance remains unchanged, and I hope that will continue. However, now that it is a possibility, we need to assume that this will become the new normal. We would need to take that stance. So now that direction, I believe, relates to the second question that you've asked.

那麼，這必然對當地社區有所貢獻。這一立場保持不變，我希望這種立場能夠繼續下去。但是，既然這已成為一種可能性，我們需要假設這將成為新的常態。我們需要採取那種立場。所以，我認為這個方向與你提出的第二個問題有關。

As you know, we have the production in the US, like 60% or 70% are produced in the US. So the local production manufacturing ratio is high to begin with. So our stance is to produce where there is demand. That has been our ongoing approach. I believe Mr.

如您所知，我們的產品在美國有生產，大約 60% 到 70% 的產品是在美國生產的。因此，本地生產製造比例本來就很高。因此，我們的立場是哪裡有需求就在哪裡生產。這始終是我們採取的做法。我相信先生

Mibe mentioned this in the previous briefing. We have a two-shift operation in the States. We might change it to three-shift operation in the states so that the production equipment uptime will be -- might be increased so that we can increase the production volume without spending too much on the capital investment. That's something we'd like to continue to do. And then, of course, our suppliers need to keep up with those changes.

米貝在上一次簡報中提到這一點。我們在美國實行兩班制生產。我們可能會在美國實行三班制生產，這樣生產設備的正常運作時間可能會增加，使我們能夠在不花費太多資本投資的情況下提高產量。這是我們想要繼續做的事情。當然，我們的供應商也需要跟上這些變化。

So we need to engage in discussions with our suppliers to take actions carefully. I guess the key highlights here would be that in the States, hybrid vehicles -- for hybrid vehicles, many of the core parts are coming from Japan. So I believe we call that Sankei -- sorry, the three major components, the motor, battery and ECU, how we can localize the production there will be the critical point. So concerning those, we are holding discussions. This concludes my answer.

因此，我們需要與供應商進行討論，並謹慎採取行動。我想這裡最關鍵的一點是，在美國，混合動力車——混合動力車的許多核心零件都來自日本。所以我認為我們稱之為三經——抱歉，是三個主要部件，電機、電池和ECU，我們如何在當地實現生產將是關鍵所在。關於這些問題，我們正在進行討論。我的回答到此結束。

Thank you.

謝謝。

(interpreted) Mr. Nishizono, NHK.

（譯）西園先生，NHK。

(interpreted) Nishizono speaking. Can you hear me?

（譯）西園說話。你聽得到我嗎？

(interpreted) Yes, please.

（翻譯）好的，謝謝。

(interpreted) So thank you for your presentation today. And one question. So the forecast for this fiscal year regarding the tariff, what is your assumptions for your forecast other than the automotive tariff, there will be other kind of tariffs involved as well? And this time, parts automotive tariff, when are you going to -- with that to start, what is your assumption there? And what's your assumption to come up with those forecasts? That's all.

（翻譯）非常感謝您今天的演講。還有一個問題。那麼，關於本財年的關稅預測，除了汽車關稅之外，您的預測還有哪些假設？是否還會涉及其他類型的關稅？這次，關於汽車零件關稅，你們打算何時開始實施？你們對此有何假設？你做出這些預測的假設是什麼？就這樣。

(interpreted) So details will be provided by my colleague, Mr. Kawaguchi, but at the beginning of the fiscal year, what is our assumptions to be for the tariff and its calculations and so forth. Actually, the appendix of presentation materials includes all those explanations. So please have a look at those materials later on. But basically, CBU and parts and the raw materials and motorcycle power products.

（翻譯）那麼，我的同事川口先生將提供詳細信息，但在財政年度開始時，我們對關稅及其計算等的假設是什麼？實際上，演示材料的附錄包含了所有這些解釋。所以請稍後再查看這些資料。但基本上，就是整車進口、零件、原料和摩托車動力產品。

So we have the assumptions of tariff in values in those categories. And in the first quarter, American Honda had a standard tariff amount for the tariff. Actually, they worked out on the breakdowns, how much for the US part, US portions, what is the [area] for the import and so on.

因此，我們對這些類別中的關稅價值做出了假設。第一季度，美國本田公司繳納的關稅金額為標準關稅額。實際上，他們仔細計算了各項細分，包括美國部分的價格、美國份額、進口區域等等。

So eventually, we changed the gross impact from JPY650 billion to JPY450 billion after those calculation. And what kind of breakdown involved to have those numbers down? And Kawaguchi-san is going to give us the details about it now.

因此，經過這些計算後，最終我們將總影響從 6,500 億日圓改為 4,500 億日圓。為了降低這些數字，需要進行哪些類型的分析？接下來，川口先生將為我們詳細介紹此事。

(interpreted) So thank you for your question. So with regard to the assumptions for the tariff, as Fujimura-san said earlier, the main part is the automotive tariff. That is the main area of the thing. And then for the CBUs, we have plants in Canada and Mexico and those CBU completed vehicles imported from there to the US, there will be the tariff imposed there. So that is the main area plus the assumption of that part has been already explained in the beginning of this fiscal year, we have not changed so much about it.

（翻譯）謝謝你的提問。所以關於關稅的假設，正如藤村先生之前所說，主要部分是汽車關稅。這是問題的關鍵。至於整車進口（CBU），我們在加拿大和墨西哥有工廠，從那裡進口到美國的整車進口將需要繳納關稅。所以，這就是主要領域，而且這部分的假設已經在本財政年度初解釋過了，我們對此並沒有做出太多改變。

However, probably we will change the production allocations slightly. For instance, instead of exporting from other countries to US, we can produce in Indiana instead or the US-made ones were exported to South America. And then instead, we could use and sell those US-made product within the US and we sort of organized the reallocation again. And then in terms of the import of the CBUs, there will be the tariff imposed on them.

不過，我們可能會對生產分配方案稍作調整。例如，與其從其他國家出口到美國，不如在印第安納州生產；或者，美國製造的產品可以出口到南美洲。然後，我們就可以在美國境內使用和銷售這些美國製造的產品，我們又重新組織了一次產品分配。此外，整車進口，還會徵收關稅。

And if the parts and components are manufactured in the US, those will be exempted from the tariff. And then the question is the portion of those kind of the parts. We examined how much of those are in that area. And then actually CBU that we have in the value like that reflects all those exercises. And then parts, raw materials, steel, aluminum and those coppers.

如果零件是在美國製造的，則可免關稅。那麼問題就變成了這些部分所佔的比例。我們調查了該地區有多少這樣的案例。實際上，我們擁有的 CBU 值反映了所有這些練習。然後是零件、原料、鋼鐵、鋁和銅。

And of course, there will be tariff involved, not just US and Japan, the Canada-Mexico involvement, there is not much advancements so far, no progress. However, right from the beginning of the year, the parts imported from Canada and Mexico, that could be in the jurisdiction of MCA, and we joined with suppliers to scrutinize how much will be in the area of the jurisdiction -- excuse me, the MCA. And then we couldn't finish the exercise yet. However, at this moment, at the time of the beginning of the year, we applied 15% for them because we couldn't examine all of them with the supplier.

當然，這其中會涉及到關稅問題，不僅是美國和日本，還有加拿大和墨西哥，但到目前為止，進展甚微，沒有任何進展。然而，從年初開始，從加拿大和墨西哥進口的零件可能屬於MCA的管轄範圍，我們與供應商一起仔細審查有多少零件將屬於該管轄範圍——抱歉，是MCA的管轄範圍。然後我們還沒能完成練習。然而，在年初的時候，我們對它們實施了 15% 的稅率，因為我們無法與供應商一起核實所有情況。

But we are still working together with the suppliers to check one by one those breakdowns of the tariff. And then from Canada, Mexico, the parts from there could be actually under the rule of MCA. So we have been working on how much of them like that. And then, of course, we have parts components imported from other countries other than Mexico and Canada, Tier 3, 4 included. So we need to go down that level of the details in order to have a precise understanding, and we've done a bit of the work so far.

但我們仍在與供應商合作，逐一查關稅的細分情況。然後，來自加拿大、墨西哥的部分實際上可能受 MCA 管轄。所以我們一直在研究有多少人喜歡這樣。當然，我們還有一些從墨西哥和加拿大以外的其他國家進口的零件，包括三級和四級供應商。所以我們需要深入了解細節才能有準確的理解，目前我們已經做了一些工作。

And of course, JPY450 billion gross impact is made and estimated based on such exercise up until now. And we have this tariff between the US, Japan agreement. And then at the moment, we do not know when exactly the automotive tariff would start to apply. But at the moment, our assumption is to start the 15% of the tariff to start from September. That is the assumption for the calculation this time.

當然，根據迄今為止的此類調查，估計總影響為 4500 億日元。還有美日之間的關稅協議。目前，我們還不知道汽車關稅究竟何時開始實施。但目前，我們的假設是從9月開始徵收15%的關稅。這是本次計算所依據的假設。

(interpreted) Mr. Narahashi, Yomiuri Newspaper.

（譯）奈良橋先生，《讀賣新聞》

(interpreted) Okay. This is Narahashi from Yomiuri Newspaper. I have one kind of detailed questions we'd like to check on, and then ask two questions. The automobile operation have an operating loss from May to June. After how many -- since how many years has it been that you got the red losses?

（翻譯）好的。這是《讀賣新聞》的奈良橋。我有一些比較詳細的問題想跟大家確認一下，然後我會問兩個問題。汽車業務在五月至六月期間出現經營虧損。你上次出現虧損是什麼時候？ ——你上次出現虧損是什麼時候？

Now I have two questions. First, about the tariffs. So from -- if you do CBU exports from Mexico or Canada to the states, that's 25%. I thought that a lot of it might be exempted. So the actual amount that Honda would have to bear, how much would it be? So is it going to be lower than the 15%? Or is it going to be greater than that? That's something I'd like to know.

我現在有兩個問題。首先，關於關稅。所以，如果你從墨西哥或加拿大向美國出口整車，那就是 25%。我原以為其中很多都可以豁免。那麼本田實際上需要承擔的金額是多少呢？所以會低於15%嗎？或者它會比這更大？這也是我想知道的。

My second question about the sales -- unit sales for Asia, Europe and Japan, so you've seen decline year-on-year. So I'd like to know about -- more about the detail about the causes. So is it that the sales competition outside the US must be -- could be intensifying because of the tariff impact in the US? So I'd like to know specifically if there's any region where the competition is getting worse.

我的第二個問題是關於銷售的——亞洲、歐洲和日本的銷量，你們是否看到銷量較去年同期下降？所以我想了解更多關於原因的細節。所以，由於美國關稅的影響，美國以外的銷售競爭是否必然會加劇？所以我想知道具體有哪些地區的競爭狀況正在惡化。

(interpreted) Okay. To answer -- so let me look into the first question that you said you wanted to -- a clarification on. Okay. So to answer your first question, the CBU coming in from Mexico and Canada, concerning the parts as well, this also applies but quite a bit of amount will be exempted. I believe Mr. Kawaguchi mentioned it earlier a little bit.

（翻譯）好的。為了回答——那麼讓我先來看看你提出的第一個問題——關於……的澄清。好的。所以回答你的第一個問題，從墨西哥和加拿大進口的整車，以及零件，也適用同樣的規定，但相當一部分零件將被豁免。我記得川口先生之前稍微提到過這一點。

Concerning CBU, are quite -- there is quite of a cost for the States. We have done a closer review and the effective tax amount has been reduced quite a bit. I cannot give you the number right now, but it has gotten a little bit somewhat close -- smaller. And for the parts as well, for those parts coming in from Mexico and Canada, which I've mentioned at the beginning of the term, the USMCA contents will be outside the scope if it's co-applied. So that regulation was out there already.

關於CBU，情況相當複雜──對美國來說成本相當高昂。我們進行了更仔細的審查，實際稅額已經大幅降低。我現在還不能告訴你具體數字，但已經稍微接近——更小了。對於來自墨西哥和加拿大的零件，正如我在本學期開頭提到的，如果美墨加協定共同適用，則該協定的內容將超出其適用範圍。所以，相關的規定早就存在了。

It's just that it's going to take a little bit longer time because it might take to do a better scrutiny. But we see that, that would be -- can be reduced by JPY100 billion or so. So not all of it, but we have been able to reduce this out of the JPY100 billion, we have been able to reduce it by like 70% of this. That is the position. For Asian, Oceania and Japan, about the unit sales, different markets, regions have different regions, I must say.

只是需要花費更長的時間，因為可能需要更仔細的審查。但我們看到，這可以減少約1000億日元。所以雖然不是全部，但我們已經能夠將這筆費用從 1000 億日元中減少，我們已經能夠減少約 70%。這就是立場。就亞洲、大洋洲和日本的銷售而言，不同的市場、地區有不同的情況，我必須說。

First of all, for Asia, so in different countries, markets, we did have strong shares in each of the Asian markets. But in the past few years, Chinese OEM have participated into some of those markets, and then we are struggling some of those countries, the markets. And in addition to that, hybrid vehicles are popular in some markets and in some other markets, not at all, because this is related to actually the subsidies from the government. So I need to actually -- I should be talking about different markets separately. But when we try to come up with the hybrid models, we -- there are some markets where we have not been able to launch some -- into some market.

首先，就亞洲而言，在不同的國家和市場，我們在每個亞洲市場都有強大的市場份額。但過去幾年，中國OEM廠商已經進入了其中一些市場，然後我們卻在一些國家、一些市場中舉步維艱。此外，混合動力車在某些市場很受歡迎，而在其他市場則完全不受歡迎，因為這實際上與政府補貼有關。所以，我實際上需要——我應該分別談論不同的市場。但當我們嘗試推出混合車型時，我們發現——在某些市場，我們還沒有能夠推出一些——進入某些市場。

So in ICE, we are losing against Toyota, for example. So this might take some time, but we would reinforce launching hybrid models into some of those markets, try to compete. For Europe, we have always -- we have been struggling several years ago, UK and Turkey production sites had to be closed. We had to do that.

例如，在內燃機領域，我們正在輸給豐田。所以這可能需要一些時間，但我們會加強在一些市場推出混合動力車型，並努力參與競爭。對於歐洲，我們一直——幾年前我們一直在苦苦掙扎，英國和土耳其的生產基地不得不關閉。我們必須這樣做。

When it comes to unit sales, I think it's only around -- it's been trending around 100,000 units or so, just a slight decline since then. But within that trend, for Automobiles business in general, we are putting a lot of efforts into markets like US, Japan and India. We still do need to revisit internally what we want to do with the European market. That is the situation for Europe. So there are some areas where competition is intensifying.

就銷量而言，我認為它一直徘徊在 10 萬台左右，此後略有下降。但就整個汽車產業而言，在這一趨勢下，我們正在美國、日本和印度等市場投入大量精力。我們仍然需要在內部重新審視我們想要如何開拓歐洲市場。這就是歐洲的現狀。因此，在某些領域，競爭正在加劇。

And then there are some other areas where we need to put a lot more efforts. So we want to be clear about our selection and then make further efforts going forward.

此外，還有一些其他領域我們需要投入更多精力。所以我們希望明確我們的選擇，然後繼續努力。

(interpreted) That closes my question on that. For about the April to June losses, since how many years it's been?

（翻譯）我的疑問到此結束。從四月到六月的虧損算起，已經有多少年了？

(interpreted) The last time this happened was the 2020 fiscal year. Due to the pandemic, we had some losses. So this is the first time we had losses since then.

（翻譯）上一次發生這種情況是在 2020 財年。由於疫情，我們遭受了一些損失。所以這是我們自那以來首次出現虧損。

(interpreted) [Mr. Yokoyama], Toyo Keizai Magazine.

（翻譯）[先生橫山]，東洋經濟雜誌。

(interpreted) Yokoyama speaking. Can you hear me?

（譯）橫山先生發言。你聽得到我嗎？

(interpreted) Please.

（翻譯）請。

(interpreted) I have two questions. One is first quarter results and the full year forecast, you are changing a bit the operating losses put up for the Automobile businesses. And Fujimura-san, Mr. Mibe already said that there will be some EV expenses to be put for the first half. And then we have about JPY100 billion or so.

（翻譯）我有兩個問題。一是第一季業績和全年預測，你們稍微調整了汽車業務的營運虧損。藤村先生，三部先生已經說過，上半年會有一些電動車方面的支出。然後我們還有大約1000億日元左右。

And then for the full year, JPY600 billion or so already put up previously. And is your situation today in line with your expectations back then? And then if you kind of multiply the quarter results by four quarters amount, I think you should have the forecast a little higher than that. What is your expectation assumption and so on? And then 19.9% operating profit margin for the Motorcycle businesses, that is quite a very outstanding way of the businesses.

而全年的預算，此前已經投入了約6000億日元。而你現在的處境是否符合你當時的預期？然後，如果你把季度業績乘以四個季度的總量，我認為你的預測值應該會比這略高一些。你的預期假設是什麼？摩托車業務的營業利潤率高達 19.9%，這在業界是一個非常出色的業績。

And then you've grown the businesses in Europe and South America. South America and you were quite aware of the importance of the profitability there. And what is the real capability in the first quarter? What is the reason behind such a good results of the Motorcycle businesses?

然後，你們又在歐洲和南美洲發展了業務。南美洲，你很清楚那裡的獲利能力有多重要。那麼，第一季的實際能力如何？摩托車產業取得如此佳績的原因是什麼？

(interpreted) Thank you. And to start with a conclusion of the results, financial results and EVs implication. And then starting from the three months, JPY240 billion for three months. That is actually the half of the amount from the previous year. And then in the graph, we have those tariff about tariff impact of JPY120 billion or so.

（翻譯）謝謝。首先總結一下結果、財務結果以及電動車的影響。然後從三個月開始，三個月內投入2400億日元。實際上，這只有去年金額的一半。然後，在圖表中，我們看到了關稅對約 1200 億日圓的影響。

And as we have been saying so far, out of JPY120 billion in the first quarter, we had some recovery plus refund expected after the imports, and we had handled those based on cash. In fact, because of such situation, we have more put up for the first quarter. And EV, one time. And then in the beginning of the year, JPY200 billion were expected, anticipating some to be added later. That is why we budgeted JPY200 billion for the EV related.

正如我們之前所說，第一季1200億日圓的虧損中，我們預計進口後會有一些回收款項和退款，而我們已經用現金處理了這些款項。事實上，正因為如此，我們才增加了第一季的預算。還有一次電動車。年初時，預計投入2000億日元，並預計之後還會追加一些。這就是為什麼我們為電動車相關專案預算了2000億日圓。

And then we have about JPY60 billion plus JPY50 billion that was unexpected part out of the EV-related ones, and then that amounts to JPY110 billion eventually. And then out of the JPY60 billion, as we expected, as I said, we decided that situation would tell us that we need to have a bold decision that is to suspend some of the development efforts of some of the EV models, and we needed to have some write-offs for some of the efforts. And the remainder is JPY120 billion. And out of JPY50 billion, which is not the expected ones. Regarding that, in the end of the term, we had the NEV, we had to put up for the reserves for as much as JPY50 billion at the end of the year.

然後，我們還有大約 600 億日元，加上電動車相關領域的意外支出 500 億日元，最終總額達到 1,100 億日圓。然後，正如我們預期的那樣，正如我所說，我們從這 600 億日元中決定，這種情況表明我們需要做出一個大膽的決定，那就是暫停一些電動車車型的研發工作，並且我們需要對其中一些工作進行減記。剩餘部分為1200億日元。而且，這筆金額還不到500億日元，並非預期金額。關於這一點，在任期結束時，我們有NEV，我們不得不在年底拿出高達500億日元的儲備金。

And that was the reserve to be used for the future losses. However, we would have the IRA subsidies and the California ACC II related credit values. And actually, those were included in the losses that we were calculating for the future. However, those are now gone. Therefore, it is not necessary anymore to do that.

這就是用於應對未來損失的儲備金。但是，我們將獲得 IRA 補貼和加州 ACC II 相關信用價值。事實上，這些損失都包含在我們計算未來損失的範圍內。然而，那些都已成為過去。因此，不再有必要這樣做了。

And then we now have JPY50 billion future loss expectations. And then again, for the full year, it's a bit complicated. We anticipated JPY600 billion. That is in line with what we thought. And then we have JPY50 billion higher than that.

現在我們預計未來將損失 500 億日圓。但要說全年的情況，那就有點複雜了。我們預計金額為6000億日元。這和我們預想的一致。而且還有比這高出500億日圓的金額。

Because of the IRA subsidies cancellation, ACC II invalidity anymore. And then those are actually negative for that. And then JPY600 billion is now JPY650 billion instead. And then for the Motorcycles, 19.9% operating profit margin, you said is too good. And of course, we've made a good result and then with that is getting better.

由於 IRA 補貼取消，ACC II 不再有效。那麼這些其實都是負面的。那麼，原本的6000億日元現在變成了6500億日元。至於摩托車業務，您說19.9%的營業利潤率太高了。當然，我們已經取得了不錯的成績，而且還在持續進步中。

And this time, if you look at the plans, in India, for instance, there's a little bit of slowing down. However, we're not worried about it because we can bring it back again recovery. So we don't have the things going on as planned in India. However, we have South America, Vietnam, we have a good recovery instead. And then so far, it's been like when we have some issues in one place, one region, we have other regions, which is good to compensate for the other part.

這次，如果你看一下計劃，例如在印度，你會發現速度有所放緩。但是我們並不擔心，因為我們可以再次恢復它。所以，我們在印度的計畫並不是照預期進行。然而，南美洲和越南的情況卻好轉了。到目前為止，情況一直是，當我們在一個地方、一個地區遇到一些問題時，我們還有其他地區可以彌補，這很好。

That is the situation we've been seeing for some time. And then we have a very high profitability in Vietnam. South America, we have a high profitability as well for the businesses. And then -- so in Brazil, for instance, we have a lot of shares. Therefore, the number of those vehicles running there is almost all Honda.

這種情況我們已經持續了一段時間。而且我們在越南的獲利能力非常高。在南美洲，我們的企業也擁有很高的獲利能力。然後——例如在巴西，我們有很多股份。因此，在那裡行駛的車輛幾乎都是本田車。

So we actually are supplying only to satisfy the demands, however, not enough. And then we had 1.3 million car capacity of the production. Now we are going to increase it to 1.6 million production capacity. So the demand is higher than the supply at the moment. And pricing is healthily down, too.

所以，我們其實只是在滿足需求，然而，需求量還不夠。然後我們的產能達到了130萬輛。現在我們將把產能提高到160萬台。所以目前需求大於供給。而且價格也大幅下降。

Because of that, profitability in South American market is very good. So -- as I usually say repeatedly, the region there is of a high volatility. So I have to remind you that the result is perhaps too good. But that was what happened in the first quarter for the Motorcycle businesses. Thank you very much.

正因如此，南美市場的獲利能力非常好。所以——正如我經常反覆強調的那樣，該地區的波動性很高。所以我必須提醒你，這個結果可能太好了。但這就是摩托車業務第一季的情況。非常感謝。

(interpreted) Mr. Inajima, Bloomberg.

（譯）稻島先生，彭博。

(interpreted) This is Inajima from Bloomberg. I'd like to ask about sales in China. Up until June, it has been declining for 17th consecutive month. So what kind of initiatives do you have to rebuild the sales? And then how -- when do you think it's going to recover? So still the decline continues even after the launch this year. So I think we'd like to know about it.

（譯）這裡是彭博社的稻島。我想了解一下中國市場的銷售情況。截至6月份，該指數已連續17個月下降。那麼，你們有哪些重振銷售的措施呢？那麼，你認為它什麼時候才能恢復呢？所以即使今年推出新產品後，下滑趨勢仍在持續。所以我覺得我們應該要了解一下。

And then another question is that there will be -- there was talks about -- report about discussions that you're trying to get supply from Nissan and then sell in the States. So I'd like to ask about any update if there's any discussions with Nissan.

還有一個問題是，有報導稱，你們正在嘗試從日產汽車公司獲得供應，然後在美國銷售。所以我想問一下，關於與日產的討論，有沒有什麼最新進展？

(interpreted) Okay. Mr. Inajima, thank you for the questions. Concerning China, yes, the situation is very -- continuing to be very difficult. So talk about the total market, it will be under 24 million.

（翻譯）好的。稻島先生，謝謝您的提問。關於中國，是的，局勢非常——而且仍然非常艱難。所以，如果談到整個市場，它將低於 2400 萬。

So this will be on a par with last year. So for the NEV market condition will still continue to stay this way. Maybe over 50% of those is what I'm assuming over 50%. For the past several years, we have been trying to adjust our capacity. And then over the past two or three years, we have adjusted the capacity by 0.5 million.

所以今年的情況將與去年持平。因此，新能源汽車市場狀況仍將維持現狀。我估計其中超過 50% 的人可能超過 50%。過去幾年，我們一直在努力調整產能。然後在過去的兩三年裡，我們調整了產能，增加了 50 萬。

Well, we have 1.24 million capacity. And then 1 million is about the ICE and then 0.2 million is a battery EV. That's our factory capacity. But with these results, so we have not changed it from the beginning of the year, but 0.7 million units capacity. So we still have available capacity.

我們有124萬的產能。然後，100萬輛是內燃機汽車，20萬輛是純電動車。這就是我們工廠的產能。但根據這些結果，我們並沒有改變年初以來的產能，反而維持在 70 萬台的水平。所以我們還有剩餘產能。

But concerning the available capacity, the direct reasons is that we have been matching our manpower for the -- in line with the capacity. Actually, we do have a remaining very old equipment, old production line. So I don't think we have that much impact from depreciation. That's the situation in the factory. But we will continue to take -- make adjustments.

但就可用產能而言，直接原因是我們一直在根據產能來匹配我們的人力資源。事實上，我們確實還保留著一些非常老舊的設備和生產線。所以我認為折舊對我們影響不大。工廠裡的情況就是這樣。但我們會繼續採取——做出調整。

But this is a very sensitive topic and nothing has been decided yet. But we will need to monitor the production models, and then we need to discuss with our partners and take very careful actions. For EV, we are struggling with the sales of EV, this e:N Series. This is something that we made some investments from the end of last fiscal year to the beginning of this year. But against the original plan, we are underachieving the initial plan.

但這是一個非常敏感的話題，目前還沒有任何決定。但我們需要密切注意生產模式，然後與合作夥伴進行討論，並採取非常謹慎的行動。對於電動車，我們正在努力提高電動車的銷量，特別是這款 e:N 系列。從上個財政年度末到今年年初，我們在這方面進行了一些投資。但與最初的計劃相比，我們並未達到預期目標。

When it comes to the actual driving performance of the vehicle, we have received quite a certain level of good assessment. But within this market where there is a discount strategy continues, even looking at the price that we initially launched, it was not in line with the market expectations. And also for the intelligent functionality, the market expectations were not met by our vehicles. So we need to expedite to taking actions. So we might put the deep seek with OTA or we might work with Momenta in the area of ADAS.

至於車輛的實際駕駛性能，我們得到了相當不錯的評價。但是，在這個折扣策略盛行的市場中，即使回顧我們最初推出的價格，也與市場預期不符。此外，在智慧功能方面，我們的車輛也沒有達到市場預期。因此，我們需要加快採取行動。因此，我們可能會將深度搜尋功能與 OTA 結合使用，或者我們可能會與 Momenta 在 ADAS 領域合作。

So we want to promptly proceed to take action to address that issue. And then when it comes to the talks with Nissan, yes, I am aware that a lot has been reported, but nothing has been decided and nothing has been announced by ourselves. So please take note of that.

因此，我們希望立即採取行動解決這個問題。至於與日產的談判，是的，我知道有很多報道，但目前還沒有做出任何決定，我們也沒有宣布任何事情。所以請記住這一點。

We have been saying since some time ago that business-related collaboration, we are exploring the different formats of a collaboration of Nissan and Mitsubishi Moto. That is something we are discussing, continuing to discuss. So as soon as something gets finalized, we would like to talk to you about it.

我們之前就說過，在商業合作方面，我們正在探索日產和三菱汽車合作的不同形式。這是我們正在討論、並且會繼續討論的問題。所以一旦事情最終確定下來，我們希望能和您談談。

(interpreted) [Ms. Naga], TV Tokyo.

（譯）[Naga女士]，東京電視台。

(interpreted) Naga from TV Tokyo. I have two questions. One is tariff. Tariff, they won't, of course, pass through the prices, 100% for that much. And then with that plus the retail prices of the vehicles should be needed. And what is your idea about price increases of the cars or the vehicles?

（譯）東京電視台的 Naga。我有兩個問題。一是關稅。當然，關稅不會100%轉嫁到消費者身上。再加上車輛的零售價格就更需要了。您對汽車或車輛價格上漲有什麼看法？

And then next one is forecast. Just like Toyo Keizai's colleagues said, the progress level is quite fast as compared to the forecast so far. The forecast three months ago was rather conservative. But what is the concept behind -- for instance, volume not changing. However, what is your idea about environment of the businesses? What is your assumptions or the ideas behind those forecasts and the guidance?

接下來是預測。正如東洋經濟的同事所說，目前的進展速度比預期快得多。三個月前的預測相當保守。但背後的概念是什麼──例如，音量不變？但是，您對企業環境有何看法？您的這些預測和指導背後的假設或想法是什麼？

(interpreted) So as for the price increases, price hikes. I talked about JPY650 billion gross tariff impact now down to JPY450 billion. And we have about JPY200 billion recovery plans included in that process. And that includes JPY100 billion for that much. Recovery part is now JPY100 billion, is about JPY200 billion this time.

（翻譯）所以，價格上漲就是價格上漲。我之前提到關稅總影響為 6,500 億日元，現在已降至 4,500 億日元。過程中包含了約2000億日圓的復甦計畫。其中就包括為此支付的1000億日元。復甦部分目前為1000億日元，這次大約為2000億日元。

And half of that is actually related to the price hikes. And US economy, not just cars, what is the inflationary trend in the US plus other OEMs pricing situations. So we need to cautiously watch out to put up our forecast.

其中一半實際上與物價上漲有關。還有美國經濟，不僅僅是汽車業，美國的通膨趨勢如何，以及其他汽車製造商的定價。所以我們需要謹慎發布預測。

That was what we were like. And then in the first half this year, already August, however, for the price hike situation, apparently other companies, other OEMs are not doing price increases. We had annual ones. But with respect to the tariff response, we are still cautious. And in the first half, we couldn't reflect such part in our expectations and price hikes of the vehicles.

我們當時就是這樣。然而，今年上半年，也就是8月份，就價格上漲的情況來看，其他公司、其他OEM廠商顯然並沒有漲價。我們每年都會舉辦。但對於關稅方面的應對措施，我們仍持謹慎態度。上半年，我們無法將這種影響反映到我們對車輛的預期和價格上漲。

It's decided that way based on the position like that. And the recovery, JPY100 billion might have them, but we have to still cautiously watching out the situation to make a final decision. And then -- so JPY700 billion in about JPY240 billion, that is the progress today, as you said. And then, of course, that comes largely from the volume. And then the exchange rate is now set JPY140.

就是根據這種立場來決定的。復甦可能需要1000億日元，但我們仍需謹慎觀察情勢，才能做出最終決定。然後——所以，7000億日元兌約2400億日元，這就是今天的進展，正如你所說。當然，這很大程度也源自於銷量。現在匯率設定為140日圓。

And JPY145 and JPY135 in the first and second half. Average is JPY140. That is the assumption of the ForEx, and that is why we have that recovery part. And then usually, we tend to have more expenses put up in the second half, such as SG&A and R&D, those expenses are skewed put up in the second half, and that is another reason behind.

上半年為145日元，下半年為135日圓。平均價格為140日圓。這就是外匯市場的假設，也是我們設立復甦機制的原因。而且通常情況下，我們在下半年往往會增加更多支出，例如銷售、管理及行政費用和研發費用，這些支出往往集中在下半年，這也是另一個原因。

(interpreted) And three months ago, you were very conservative and that is stressed on that, but are you still that way? What do you think about it?

（翻譯）三個月前，你非常保守，這一點也被強調了，但你現在還是這樣嗎？你對此有何看法？

(interpreted) Well, I said we were conservative because, one, ForEx exchange rate, of course, that is just the assumption and also that is as per the way we think about it. So I don't know if I should say that conservative. But at that time, three months ago, we told you about those tariff as on the assumption at that time. And then now JPY650 billion to JPY450 million impact based on the well-progressed scrutinizing exercise of the tariff impact. And out of JPY450 billion, JPY350 billion for automobile and JPY100 billion for motorcycle, that is the breakdown.

（翻譯）嗯，我說我們比較保守，因為，首先，外匯匯率，當然，這只是一個假設，而且這也是我們看待這個問題的方式。所以我不知道是否該說他是保守派。但三個月前，我們曾根據當時的假設向你們介紹這些關稅。根據對關稅影響的審查工作進展順利，目前估計影響金額為 6,500 億日圓至 4.5 億日圓。在4500億日元中，3500億日元用於汽車，1000億日元用於摩托車，這就是分配情況。

And JPY100 billion motorcycle includes direct impact by tariff. However, not that it has a direct increase of the prices because of that, but rather the potential recession was something we were thinking about at that time. And because of that, we still have a JPY50 billion or so impact by that. So recession-related concerns, JPY50 billion. However, although we had anticipated some like that, however, it is not materialized yet.

價值1000億日圓的摩托車也包含了關稅帶來的直接影響。然而，這並不是說價格會因此直接上漲，而是當時我們考慮到了潛在的經濟衰退。正因如此，我們仍會受到約 500 億日圓的影響。因此，與經濟衰退相關的擔憂，500億日圓。然而，儘管我們預料到會有一些類似的情況，但目前尚未發生。

It is not realized at this time for the first half. Therefore, you could say we were conservative. However, this was the assumption we had.

目前尚未在前半部分實現。因此，可以說我們比較保守。然而，這只是我們當時的假設。

(interpreted) Mr. Hans Greimel, Automotive.

（翻譯）漢斯·格雷梅爾先生，汽車業。

(interpreted) This is Hans from Automotive News. Can you hear me?

（譯）這裡是《汽車新聞》的漢斯。你聽得到我嗎？

(interpreted) Yes.

（翻譯）是的。

(spoken in Japanese) I would just like to confirm two things about the price hikes and the EV losses in the United States. Can you -- the price hikes in the United States, are they still -- it seems that there are still many -- much of the price hikes still to come later in the fiscal year. Are you still baking in those price hikes? And can you give us an average percentage increase that you expect to charge for vehicles in the US?

（日文）我只想確認兩件事，關於美國的價格上漲和電動車虧損。您能說說美國的物價上漲情況嗎？似乎還有很多物價上漲——很多物價上漲還將在本財年晚些時候到來。你還在消化這些價格上漲的影響嗎？您能否告知我們您預計美國車輛價格的平均漲幅百分比？

And regarding EV losses, can you give us a clear breakdown of the EV losses in the US for the first quarter and how much you expect for the full year? And does that change your strategy or timeline for rolling out EV production of the 0 Series in the US?

關於電動車虧損，您能否詳細列出美國第一季電動車虧損情況，並預測全年虧損？這是否會改變您在美國推出0系電動車生產的策略或時間表？

(spoken in Japanese)

（日文）

(interpreted) Thank you very much, Hans-san. Okay. About the price hikes, so exactly what kind of a hike per -- what kind of model, that is something strategically sensitive and then that would affect the sales. So I would like to refrain from the details. But for example, last year or two years ago, in the recent years, we have made some hikes.

（翻譯）非常感謝韓先生。好的。關於價格上漲，具體漲幅是多少——針對哪種型號——這是一個戰略敏感問題，這將影響銷售。所以我不想贅述細節。但例如，去年或前年，也就是近幾年，我們進行過一些健行。

That was in line with the inflation. So of course, this reflects the strength of the US economy and then also depends on the features and attractiveness of our vehicles. So those are the factors that went into our pricing decisions. The price hikes that we are talking about is referring to those normal annual price hikes in our annual price hikes, not particularly related to the tariffs, but we are talking about those annual ones that we would raise in MMC and the annual price hikes.

這與通貨膨脹率相符。當然，這反映了美國經濟的實力，也取決於我們車輛的特性和吸引力。以上就是我們在製定價格決策時所考慮的因素。我們所說的價格上漲是指我們年度價格上漲中的正常年度價格上漲，與關稅沒有特別關係，我們指的是我們在MMC中提高的年度價格上漲。

So during those first quarter, during April to June, we have raised some prices for some models. But -- so please refer to those as the -- for your information. Sorry, details cannot be given out because this will affect our sales going forward.

因此，在第一季（4 月至 6 月），我們提高了部分車型的價格。但是——所以請將它們稱為——供您參考。抱歉，我們不能透露詳情，因為這會影響我們未來的銷售。

Related to the EV losses, I don't have any details about the first quarter, the breakdown by quarter. But just to give you a general image, I told you that the JPY650 billion of that, generally speaking, of the JPY650 billion, I mentioned JPY200 billion at the beginning of the first term. Those -- we assume that kind of losses of the JPY200 billion. So we did some write-off on certain models, JPY50 billion for certain models in the first quarter. So that is part of it.

關於電動車虧損，我沒有第一季度的詳細信息，也沒有按季度細分的虧損情況。但為了讓你們有個大致了解，我告訴過你們，這6500億日元中，一般來說，這6500億日元中，我在第一期開頭提到了2000億日元。我們假設損失金額為 2000 億日圓。因此，我們在第一季對某些型號的資產進行了減值，減值金額為 500 億日圓。這是其中的一部分。

So we would say JPY250 billion would be the losses -- kind of nonrecurring losses. So I mentioned the JPY200 billion we mentioned at the very beginning of the term. And then now the IRA that went away. So those are the losses -- additional losses of like JPY250 billion. So of the JPY650 billion, JPY250 billion would be about the losses for this term.

所以我們認為損失金額將達到2500億日圓——屬於非經常性損失。所以我提到了我們在學期初提到的2000億日元。然後，現在連愛爾蘭共和軍也消失了。所以這些就是損失——額外的損失大約是2500億日元。因此，在6,500億日圓中，本期虧損約2,500億日圓。

So we still have about JPY400 billion remaining. So R&D would be JPY300 billion, gross profit of JPY100 billion. Please take it that way. So we have a gross margin of JPY100 billion. I think we had about JPY150 billion last year that was larger than that.

所以我們還剩下大約4000億日元。因此，研發費用為3000億日圓，毛利為1000億日圓。請這樣理解。因此，我們的毛利為1000億日圓。我認為去年我們大約有1500億日元，比這還要大。

But we are narrowing down on the volume compared to last year. So that's why we are positioning that JPY100 billion. For 0 Series, as mentioned, the -- because of the impact from IRA expenditures and also the cooling down of the market, we are not very optimistic to put a plane, but we would like to be fully prepared and then launch next term. So when it comes to good timing, I will give you more information about it.

但與去年相比，我們的銷量正在下降。所以這就是我們部署1000億日圓的原因。對於 0 系列飛機，正如前面提到的，由於 IRA 支出的影響以及市場降溫，我們不太樂觀能夠推出飛機，但我們希望做好充分準備，然後在下個學期推出。所以，關於最佳時機，我會提供更多相關資訊。

(interpreted) Daniel, Reuters.

（翻譯）丹尼爾，路透社。

(interpreted) Can you hear me?

（翻譯）你聽得到我說話嗎？

(interpreted) Yes, I can hear you.

（翻譯）是的，我能聽到你說話。

(interpreted) So earlier, USMCA discussions, I'd like to confirm a few things. So especially in the first half for this year, what is the real actual tariff rate to be? If that cannot be publicly open, do you have examples citing some particular parts or components? For instance, a lower tariff rate is applied, like expensive ones, parts and so on. Are there any alleviated -- the tariff alleviated kind of parts or components you could cite, if there are any?

（翻譯）所以，之前在討論美墨加協定時，我想確認幾件事。那麼，尤其是今年上半年，實際關稅稅率會是多少呢？如果不能公開，您能否舉例說明一些特定的部件或​​組件？例如，對於昂貴的物品、零件等，適用較低的關稅稅率。是否有任何享受關稅減免的零件或組件可以列出？

(interpreted) Thank you. I'm sorry, I should refrain from publicly saying too much. However, maybe I can talk about CBU. The question is about CBU related to the USMCA. And if I say that too, well, it would reveal our cost structures.

（翻譯）謝謝。抱歉，我不該在公開場合說太多話。不過，或許我可以談談CBU。這個問題與美墨加協定相關的CBU有關。如果我也這麼說，那就暴露了我們的成本結構。

Therefore, I cannot say too much. However, rather the examples for the high rates rather than low, like hybrid. Hybrid system, the critical hybrid systems, there are quite a few sent from Japan. So it is the area where the high rate is applied. And for that area, next gen, next generation hybrid like the 27 series we are going to launch in that year with the new gen systems and specifically for them battery motors, PCUs.

因此，我不能說太多。然而，與其說是低利率的例子，不如說是高利率的例子，例如混合利率。混合動力系統，關鍵的混合動力系統，有不少是從日本運來的。所以，這裡是適用高利率的地區。而對於該領域，下一代混合動力產品，例如我們將在當年推出的 27 系列，將配備新一代系統，特別是電池馬達和 PCU。

The thing is how can we produce those areas in the US. That is one of the focus area of the discussion today. Would that be right? Thank you.

問題是我們如何在美國打造這些區域。這是今天討論的重點領域之一。是這樣嗎？謝謝。

(interpreted) Thank you very much, Daniel. So now that concludes our presentation for the financial results. And those slides and materials and the presentation package is available from our website. Thank you very much for your participation today.

（翻譯）非常感謝你，丹尼爾。至此，我們的財務表現報告就結束了。這些幻燈片、材料和演示包都可以在我們的網站上取得。非常感謝您今天的參與。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯人員由活動贊助公司提供。