本田技研 (HMC) 2026 Q3 法說會逐字稿

Thank you very much for taking time out of your busy schedule to attend our briefing today. We would now like to start Honda Motor Company Limited's financial results briefing for third quarter of fiscal year to March '26.

非常感謝各位在百忙之中撥冗出席今天的說明會。現在我們將開始本田技研工業株式會社截至2026年3月止會計年度第三季財務業績說明會。

First of all, allow me to introduce the attendees today. Mr. Noriya Kaihara, Director, Executive Vice President and Representative Executive Officer.

首先，請容我介紹今天的出席者。董事、執行副總裁兼代表執行役員 貝原紀也先生。

Good to see you, everyone.

各位好，很高興見到大家。

We have Mr. Eiji Fujimura, Director, Managing Executive Officer.

接著是董事、常務執行役員 藤村英二先生。

Thank you.

謝謝。

And Mr. Masao Kawaguchi, Operating Executive Head of Accounting and Finance Unit.

以及會計與財務本部 營運執行主管 川口正夫先生。

This is Kawaguchi, good to see you, everyone.

我是川口，各位好，很高興見到大家。

Mr. Kaihara will first present the financial results of third quarter ended on December '25, and forecast of consolidated results for the fiscal year ending March '26. Then Mr. Fujimura will present the details.

首先由貝原先生說明截至2025年12月止第三季的財務業績，以及截至2026年3月止會計年度的合併業績預測。接著由藤村先生說明細節。

Over to you, Mr. Kaihara.

接下來交給貝原先生。

Thank you. I thank you very much for your continued support for Honda's activities. I would like to present to you the financial results for the third quarter of fiscal year to March 2026. I would like to start with the highlights of the financial results.

謝謝。感謝各位一直以來對本田各項活動的支持。我將向各位報告截至2026年3月止會計年度第三季的財務業績。首先從財務業績重點開始。

Our operating profit for the third quarter of the year to March '26 was JPY591.5 billion. Motorcycle operations saw solid global unit sales led by India and Brazil. And in addition, the restriction on ICE vehicles in Vietnam, which was a concern, had only limited impact to sales compared to our assumption. For results up to third quarter, we've attained the record high unit sales, operating profit, and operating margin.

截至2026年3月止會計年度第三季的營業利益為5,915億日圓。機車事業在印度與巴西帶動下，全球銷售台數穩健成長。此外，先前關注的越南燃油車（ICE）限制措施，對銷售的影響相較我們的假設僅屬有限。截至第三季累計，我們達成銷售台數、營業利益與營業利益率的歷史新高。

Automobile operations saw declines in profit due to nonrecurring expenses related to EV in addition to impact from tariffs. Operating cash flow after R&D adjustment, which indicates the resource available for future investments, came to JPY1,855.8 billion, generating cash on par with the same period last year.

汽車事業方面，除關稅影響外，亦因與電動車（EV）相關的一次性費用而導致利益下滑。研發調整後的營業現金流量（顯示可用於未來投資的資源）為1兆8,558億日圓，現金創出水準與去年同期相當。

The forecast for the consolidated results for the term ending in March '26 is operating profit of JPY550 billion and profit for the year of JPY300 billion, unchanged from the previous forecast. Impact from tariffs were initially forecast at JPY450 billion at the beginning of the term, but our prospects are now that it will be reduced to JPY310 billion.

截至2026年3月止本期的合併業績預測，營業利益為5,500億日圓、年度利益為3,000億日圓，與前次預測相同。關稅影響在期初預估為4,500億日圓，但目前展望將降至3,100億日圓。

Toward the end of the term, though we expect growth in profit due to yen depreciation, the competitive environment for automobiles in Asia will intensify requiring incentives. Taking into consideration uncertain business environment, we are maintaining the previous forecast.

期末雖預期因日圓貶值帶來利益成長，但亞洲汽車市場競爭環境將加劇，需提供促銷獎勵。考量不確定的經營環境，我們維持前次預測不變。

Going by business segments, for Motorcycle operations, with the tailwind of solid sales in India and Brazil, we continue to aim for 21.3 million units, the highest record sales. For Automobiles, we will remain -- maintain the forecast of 3.34 million units, unchanged from last forecast. The shortage of semiconductor supply experienced in third quarter now has good prospects for preventing recurrence. On the other hand, we are beginning to see signs of supply risk for other materials such as rare earth metals and memories, and we will closely monitor the situation and take actions as needed.

按事業別來看，機車事業在印度與巴西穩健銷售的順風下，仍以2,130萬台、創歷史新高的銷售目標為努力方向。汽車事業方面，維持3.34百萬台的預測，與前次預測一致。第三季所經歷的半導體供應短缺，目前已有良好前景可避免再度發生。另一方面，我們開始看到其他材料如稀土金屬與記憶體等的供應風險跡象，將密切關注情勢並視需要採取行動。

To give you the consolidated results for the third quarter of the year to March '26, operating profit was JPY591.5 billion, lower by JPY548.4 billion compared to the same period last year. Investment earnings due to the equity method was JPY24.0 billion, higher by JPY51.3 billion. And the quarter profit attributable to the owner of the parent was JPY465.4 billion, lower by JPY339.8 billion.

截至2026年3月止會計年度第三季的合併業績，營業利益為5,915億日圓，較去年同期減少5,484億日圓。按權益法認列之投資收益為240億日圓，較去年同期增加513億日圓。歸屬於母公司業主之季度利益為4,654億日圓，較去年同期減少3,398億日圓。

Next, I'd like to cover the forecast for the consolidated results for the term ending March '26. Compared to the previous forecast, we maintain our forecast of operating profit of JPY550 billion, and then the profit of the year attributable to the owner of the parent of JPY300 billion, which is unchanged. The exchange rate against the US dollar is assumed at JPY140 (sic - see JPY148) for the full-year period.

接下來說明截至2026年3月止本期的合併業績預測。與前次預測相比，我們維持營業利益5,500億日圓，以及歸屬於母公司業主之年度利益3,000億日圓的預測，均不變。全年對美元匯率假設為1美元兌140日圓（原文如此—請見1美元兌148日圓）。

Next, for shareholder returns. Forecast for the full year dividend for the fiscal year ending March '26 is JPY70 per share, unchanged from the previously published forecast. In addition, the Board of Directors meeting held today has resolved on cancellation of treasury stocks. We will execute cancellation of 747 million treasury stocks.

接下來是股東報酬。截至2026年3月止會計年度的全年股利預測為每股70日圓，與先前公布的預測相同。此外，今日召開的董事會已決議註銷庫藏股。我們將執行註銷7.47億股庫藏股。

So let me explain about the details of the financial performance, and Mr. Fujimura is going to explain. Let me start. So regarding cumulative group unit sales for three months (sic - "nine months") up to the third quarter year on year for Motorcycles, 16.44 million units sold due to the increase in India, Pakistan, and Brazil. For Automobiles, 2.561 million units due to decline in Asia, mainly in China. And for Power Products business, 2.507 million units sold due to some incremental sales in Europe and decline mainly in Asia. We have explained the consolidated performance up to the third quarter already.

接著我將說明財務表現的細節，並由藤村先生進一步說明。我先開始。關於截至第三季的三個月（原文如此—「九個月」）累計集團銷售台數，機車年增，因印度、巴基斯坦與巴西增加，銷售1,644萬台。汽車方面，因亞洲（主要為中國）下滑，為256.1萬台。動力產品事業方面，因歐洲略有增加、亞洲為主的下滑，銷售250.7萬台。截至第三季的合併業績我們已說明完畢。

Next, I will explain factors for changes of operating profit year on year. Operating profit was JPY591.5 billion, down by JPY548.4 billion year on year.

接下來我將說明營業利益年增減的變動因素。營業利益為5,915億日圓，較去年同期減少5,484億日圓。

Factors behind for changes. Sales made a positive impact by JPY38.1 billion because of the increase in Motorcycle unit sales as well as profit in financial businesses, though Automobiles unit sales declined due to the shortage of semiconductor supplies.

變動因素如下。銷售面帶來381億日圓的正面影響，主要因機車銷售台數增加以及金融事業利益提升；但汽車因半導體供應短缺導致銷售台數下滑。

Price and cost impacts were positive by JPY225.9 billion due to effective price revisions. Expenses impact was negative on profit by JPY108.6 billion. R&D impact negative by JPY35.7 billion. Foreign currency impact negative by JPY111 billion. Onetime EV-related expenses impact negative by JPY267.1 billion. And the tariff impact squeezed the profit by JPY289.8 billion.

價格與成本影響因有效的價格調整而增加2,259億日圓。費用影響使利益減少1,086億日圓。研發（R&D）影響使利益減少357億日圓。外幣影響使利益減少1,110億日圓。與EV相關的一次性費用影響使利益減少2,671億日圓。關稅影響使利益減少2,898億日圓。

Excluding onetime EV-related expenses and the tariff impact, the operating profit would be JPY1,148.5 billion.

若排除EV相關一次性費用與關稅影響，營業利益將為1兆1,485億日圓。

Regarding operating profit by business segment, Motorcycle business, JPY446.5 billion (sic - JPY546.5) operating profit. Automobile business, JPY166.4 billion losses. Financial service business, JPY218 billion profit. And the power products and other business, JPY6.5 billion losses. Operating profit of Motorcycle business increased by JPY44.8 billion year on year to JPY546.5 billion.

關於各事業別營業利益，機車事業為4,465億日圓（原文如此—5,465億日圓）營業利益。汽車事業為1,664億日圓虧損。金融服務事業為2,180億日圓利益。動力產品及其他事業為65億日圓虧損。機車事業營業利益年增448億日圓至5,465億日圓。

Factors for changes. Sales impact was positive JPY61.2 billion due to incremental sales units, mainly in Asia and South America. Price/cost impacts were positive by JPY48.6 billion due to effective price revisions and so on. Expenses impact negative by JPY24.1 billion. R&D impact was positive by JPY4.6 billion.

變動因素。由於新增銷售台數，主要在亞洲與南美洲，銷售影響為正，達6,120億日圓。由於有效的價格修訂等因素，價格／成本影響為正，達4,860億日圓。費用影響為負，為2,410億日圓。研發影響為正，為460億日圓。

Foreign currency impact negative by JPY37.7 billion, and tariff impact negative by JPY7.7 billion. Operating profit of automobile business went down by JPY569 billion year on year, resulting in the operating losses of JPY166.4 billion.

外匯影響為負，為3,770億日圓，關稅影響為負，為770億日圓。汽車事業營業利益年減5,690億日圓，導致營業虧損1,664億日圓。

Breakdown of factors for changes. Sales had a negative impact by JPY82.8 billion due to unit sales decline, mainly due to semiconductor supply shortage, losses associated with the reorganizing of the affiliated company of the group and so on. Price and cost impacts had a positive impact by JPY177.3 billion due to effective price revisions. Expenses had a negative impact by JPY11.7 billion. R&D impact, negative by JPY42.1 billion.

變動因素明細。由於銷售台數下滑，主要因半導體供應短缺、與集團關聯公司重整相關的損失等，銷售影響為負，為828億日圓。由於有效的價格修訂，價格與成本影響為正，為1,773億日圓。費用影響為負，為117億日圓。研發影響為負，為421億日圓。

Foreign currency impact negative by JPY62.9 billion. Onetime EV-related expenses had a negative impact by JPY267.1 billion. And the tariff impact was negative by JPY279.5 billion.

外匯影響為負，為629億日圓。一次性與EV相關的費用影響為負，為2,671億日圓。此外，關稅影響為負，為2,795億日圓。

Cash flow situations now. Free cash flows, excluding Financial Service business, was JPY917.4 billion. Net cash as of the end of third quarter was JPY3,170.7 billion, and the operating cash flows after R&D adjustment was JPY1,855.8 billion.

目前的現金流狀況。不含金融服務事業的自由現金流為9,174億日圓。截至第三季末的淨現金為3兆1,707億日圓，而研發調整後的營業現金流為1兆8,558億日圓。

Let me explain consolidated forecast for FY ending March 2026. Regarding group unit sales, we will keep the previous forecast of 21.3 million units of Motorcycles, 3.34 million units for Automobiles, and 3.67 million units for Power Products volume. And we have already explained the consolidated financial forecast for FYE March 2026.

我來說明截至2026年3月止會計年度的合併預測。關於集團銷售台數，我們維持先前預測：機車2,130萬台、汽車334萬台，以及動力產品367萬台。此外，我們也已說明截至2026年3月止會計年度的合併財務預測。

As for factors for changes in operating profit year on year for those forecasts, operating profit would be down by JPY663.4 billion year on year. With factors for changes, sales would have a negative impact by JPY162 billion due to semiconductor supply shortage and so on.

就這些預測的營業利益年增減變動因素而言，營業利益將年減6,634億日圓。在變動因素方面，由於半導體供應短缺等，銷售將帶來1,620億日圓的負面影響。

Price/cost impact will be positive by JPY330 billion (sic - see slide 17, "JPY230 billion") due to effective price revisions and so on. Expenses impact, JPY106.5 billion negative. R&D impact, JPY166 billion negative. Foreign currency impact, JPY149 billion negative. And the tariff impact negative by JPY310 billion.

由於有效的價格修訂等，價格／成本影響將為正3,300億日圓（原文如此—請見投影片17「2,300億日圓」）。費用影響為負1,065億日圓。研發影響為負1,660億日圓。外匯影響為負1,490億日圓。關稅影響為負3,100億日圓。

Regarding factors for changes in the forecast of the operating profit, we will keep the previous forecast of the operating profit, for which sales impact will be negative by JPY10 billion. Expenses impact negative by JPY15 billion. R&D expenses impact negative by JPY40 billion. And foreign currency will make a positive impact by JPY65 billion due to the change of the exchange rate assumption to JPY148 for $1.

關於營業利益預測的變動因素，我們將維持先前的營業利益預測，其中銷售影響為負100億日圓。費用影響為負150億日圓。研發費用影響為負400億日圓。此外，由於匯率假設調整為1美元兌148日圓，外匯將帶來正650億日圓的影響。

Expected capital expenditures, depreciation, amortization and R&D spending of FYE March 2026 will be as follows: a reflecting increase in CapEx for acquisition of factory buildings and so on of the battery production JV with LG Energy Solution.

截至2026年3月止會計年度的預期資本支出、折舊、攤銷及研發支出如下：反映與LG Energy Solution之電池生產合資企業（JV）為取得廠房建物等而增加的資本支出。

Lastly, I would like to speak about the future direction of our operations in view of the current business environment. For Automobiles operations, with the expertise we have accumulated on internal combustion engines and hybrid technologies, our results of the third quarter confirmed that we are maintaining a business environment -- business characteristics that continually give us profit if we exclude the nonrecurring impact from EV and impact from tariffs.

最後，我想就目前的事業環境，談談我們營運的未來方向。就汽車事業而言，憑藉我們在內燃機與混合動力技術上累積的專業，第三季的成果確認：若排除EV的非經常性影響與關稅影響，我們仍維持能持續帶來獲利的事業環境—亦即事業特性。

On the other hand, we are faced with issues, including stagnated growth of EV market; less stringent environmental regulations in different country markets; retreat of multilateral free trade system due to protectionist policies; heightened supply chain risk due to expansion of global procurement, further exacerbated by intensifying global competition from emerging OEMs. Thereby, we need to conduct a fundamental review of our strategies to rebuild our competitive strength.

另一方面，我們也面臨多項課題，包括EV市場成長停滯；各國市場環境法規趨於寬鬆；保護主義政策導致多邊自由貿易體系退縮；全球採購擴大使供應鏈風險升高，且新興OEM的全球競爭加劇使情勢更為惡化。因此，我們需要對策略進行根本性檢討，以重建競爭力。

In this situation, we believe that our current tasks are to build lean business characteristics to enable flexible actions against changing business environment and to realize product features and cost competitiveness that overwhelm those of emerging OEMs. To address those issues, firstly, we are working to completely settle, within this fiscal year, the losses related to EVs currently sold in North America.In addition, we are striving to make prompt management decision in line with EV markets, such as disciplined expenditure control, EV product range, and review of CapEx plans aligned with the business environment.

在此情況下，我們認為當前課題是建立精實的事業特性，以便能對變動的事業環境採取彈性行動，並實現在產品特性與成本競爭力上足以壓倒新興OEM的水準。為解決這些課題，首先，我們正致力於在本會計年度內，徹底結清目前在北美銷售之EV相關損失。此外，我們也努力依EV市場狀況迅速做出經營決策，例如嚴格的支出控管、EV產品陣容，以及配合事業環境檢討資本支出（CapEx）計畫。

At the same time, to further enhance the earning capability of hybrid models, we are preparing to launch next-generation hybrid system as well as equipping the hybrid models with next-generation ADAS. We will communicate our review of fundamental medium- to long-term strategy at an appropriate timing sometime during the coming fiscal year.

同時，為進一步提升混合動力車型的獲利能力，我們正準備推出次世代混合動力系統，並為混合動力車型搭載次世代ADAS。我們將在來年度的適當時點，對中長期根本策略的檢討結果進行溝通。

Honda has multiple business domains, including Motorcycle and Finance business operations, forming a well-balanced business portfolio, each of which help us to generate cash flow and to maintain a sound balance sheet. Because of this, we have adopted a DOE indicator, which allows us to ensure stable returns and dividends aligned with the company's growth even in an uncertain and extremely volatile business environment. Through these initiatives, we will continue to strive to enhance corporate values so that we will remain a company expected to exist in the eyes of our stakeholders.

Honda擁有多個事業領域，包括機車與金融事業，形成均衡的事業組合；各事業皆有助於我們創造現金流並維持健全的資產負債表。因此，我們採用DOE指標，使我們即使在不確定且高度波動的事業環境中，也能確保與公司成長相一致的穩定報酬與股利。透過這些措施，我們將持續致力於提升企業價值，使我們在利害關係人眼中仍是一家被期待持續存在的公司。

This completes my presentation. I thank you very much for your attention.

我的簡報到此結束。非常感謝各位的聆聽。

Thank you very much for your attention. So now we'd like to take questions from the audience. (Event Instructions)

非常感謝各位的聆聽。接下來我們想接受現場觀眾提問。（活動說明）

Okay. Then the first question, this is from Mr. Yokoyama of Toyo Keizai.

好的。那麼第一個問題，來自東洋經濟的橫山先生。

This is Yokoyama from Toyo Keizai. Can you hear me?

我是東洋經濟的橫山。聽得到嗎？

Yes.

是的。

I have two questions. First question is I just would like to check your outlook for the full year. You are progressing beyond the -- your budget already. But it is true that the fourth quarter, you tend to get a lot of expenses, but you have been saying that the expenses would be JPY650 billion for the full year. There was one gap. So I just wanted to check that.

我有兩個問題。第一個問題是，我想確認一下你們對全年展望的看法。你們的進度已經超過—也就是已經超出你們的預算。不過確實第四季通常會發生較多費用，但你們一直表示全年費用將為6,500億日圓。其中有一個落差。所以我想確認一下。

And then for the Automobile profitability, I would just like to check. There was tariffs impact. If we exclude that, that would be IOS of 3.6%.

接著關於汽車事業的獲利能力，我想確認一下。當中有關稅的影響。如果排除該影響，IOS 會是 3.6%。

But if you include hybrid, I think earlier, you mentioned like 8% of profitability. So if you say 3.6%, I thought it was kind of sounds lower. So I would like to ask for your evaluation of the profitability of Automobiles and then would like to see what your real values are.

但如果把油電混合車也納入，我記得先前您提到獲利能力大約是 8%。所以如果說是 3.6%，我覺得聽起來有點偏低。因此我想請教您對汽車獲利能力的評估，並想了解實際數值是什麼。

Okay. Thank you very much for your question, Mr. Yokoyama. First of all, for the specific numbers for that, this will be covered later. But this time, for the fourth quarter, we slided the results from fourth to third quarter. So let me try to answer how we expect the financial results would land toward the end of the year.

好的。非常感謝您的提問，橫山先生。首先，關於具體數字，稍後會再說明。不過這次就第四季而言，我們把第四季的結果往第三季方向做了調整。因此我先回答我們預期到年度末財務結果會落在什麼水準。

So compared with the third quarter results, the tariff impact will work on the positive side. And then the Motorcycle and Automobile unit sales, because we had favorable results in the Vietnam motorcycle -- well, I should not say favorable, but the damage was less than we had assumed in Vietnam. So I think Motorcycle, it will go positive compared to our budget. That is our assumption as well.

與第三季的結果相比，關稅影響會朝正面方向發揮作用。另外，機車與汽車的銷售台數方面，由於越南機車的情況——嗯，我不該說是有利，但損害比我們原先假設的要小。因此我認為機車相較於我們的預算會是正向。這也是我們的假設。

However, for North America Automobile market, if you look at that, and then going forward, I believe there will be further impact from BEV. So the sales will become difficult. So we will have to increase a bit of the incentive. That's one thing we are considering.

然而，就北美汽車市場來看，且展望未來，我認為 BEV 會帶來進一步影響。因此銷售會變得困難。所以我們必須稍微提高一些促銷獎勵（incentive）。這是我們正在考量的一點。

But as a downside, another downside is that so far, we had the BEV with GM. Well, Mr. Fujimura will explain this later. But we need to do this in negotiation with GM considering the compensation. So depending on how that comes out, we might have a little bit more expenses to be covered. So with that, that is why we're giving those numbers as a forecast.

但在下行面，另一個下行因素是：到目前為止，我們與 GM 共同推進 BEV。嗯，藤村先生稍後會說明。但我們需要在與 GM 的協商中，考量補償問題來推進。因此視協商結果而定，我們可能會有一些額外費用需要負擔。也因此，我們才會以那些數字作為預測。

And then as the BEV environment, how it develops, maybe the GHG credit, and then in the finance, we might have our losses from a residual value on the lease. So basis of those, we believe we are just assuming for fourth quarter, the outlook is still maintained.

此外，隨著 BEV 環境如何發展，例如 GHG credit（溫室氣體抵換額度），以及在金融面，我們可能會因租賃殘值（residual value）而產生損失。基於這些因素，我們認為第四季仍維持既有展望假設。

Okay. So I would like to ask Mr. Fujimura to give a little bit more details then.

好的。那我想請藤村先生再補充更詳細的說明。

Okay. Thank you very much for your questions, Mr. Yokoyama. As you mentioned, the negative JPY650 billion. So, so far, we had a battery EV of negative JPY650 billion, battery EV, that's what we have been saying.

好的。非常感謝您的提問，橫山先生。如您所提到的，負的 6,500 億日圓。到目前為止，我們一直說電池 EV 的部分是負的 6,500 億日圓，也就是電池 EV。

So when we talked about the JPY650 billion, so the GM-related issues that we talked about, and then of the models that we are developing, let's say, we were doing a review of those models so as to write off certain assets. So with that, we recognized JPY250 billion, and then JPY400 billion of R&D. So we put total of JPY650 billion in the budget.

談到這 6,500 億日圓時，包含我們提到的與 GM 相關的議題，以及我們正在開發的車型——例如，我們對這些車型進行檢討，以便沖銷（write off）部分資產。因此我們認列了 2,500 億日圓，另外研發費用為 4,000 億日圓。合計在預算中列入 6,500 億日圓。

This time, in the results, this is not for the GM portion, but for models in China, because according to the discussions with the partner, we have reviewed our product lineup. Some of the models or some of the development assets, those have been written off. So up until nine month of this year, we have JPY270 billion. And then -- so that's JPY270 billion for the nine month.

這次在實績中，並非 GM 的部分，而是中國的車型；因為依據與合作夥伴的討論，我們重新檢視了產品陣容。其中部分車型或部分開發資產已被沖銷。因此截至今年前九個月，我們是 2,700 億日圓。也就是前九個月為 2,700 億日圓。

But if we turn it into budgeted, let's say, amount, it will come to JPY290 billion, plus JPY400 billion for R&D. So it is getting close to JPY700 billion range. So those are the numbers that we have put into the budget.

但若換算成預算口徑的金額，會是 2,900 億日圓，再加上研發 4,000 億日圓。因此接近 7,000 億日圓的區間。這些就是我們納入預算的數字。

So this JPY270 billion has already been incurred and then JPY290 billion for the full year. So the JPY20 billion remaining, the difference, this is up to the negotiation with GM. So the negotiation with them still has not been established. We have not been offered any number concerning that. So we are assuming -- sorry, we don't know if the JPY20 billion is sufficient or not.

因此這 2,700 億日圓已經發生，而全年則是 2,900 億日圓。剩餘的 200 億日圓差額，將取決於與 GM 的協商。目前與對方的協商仍未定案。我們也尚未收到任何與此相關的數字。所以我們的假設——抱歉，我們也不知道 200 億日圓是否足夠。

So because of that, looking at the sales situation, and then maybe if you think about the exchange rate, that might be upside, but this could be a downside factor. So that is why we are keeping the outlook forecast unchanged.

因此，從銷售情況來看，再加上若考慮匯率可能是上行因素，但這也可能成為下行因素。所以我們才維持展望預測不變。

This JPY700 billion BEV portion, next year -- well, if this JPY200 billion is no longer there next year, then it will only be JPY400 billion R&D, that will be the starting line for next fiscal year. But at the end, as Mr. Kaihara explained to you, currently, the current EV market -- considering the current EV market, I think we need to rebuild our framework of our strategy. So we'll take this.

這 7,000 億日圓的 BEV 部分，明年——嗯，如果明年不再有這 2,000 億日圓，那就只剩 4,000 億日圓的研發，將作為下一財年的起點。但最終如貝原先生向各位說明的，基於目前 EV 市場的現況——考量當前 EV 市場，我認為我們需要重建策略架構。我們會朝這方向進行。

Well, are we going to really take this JPY400 billion as a starting point, or are we going to review this? We don't know how much of the disciplined expense cost control is going to be. We are still in the process of formulating those plans. So we hope to be able to issue outlook prospect of that sometime in the future.

也就是說，我們是否真的以這 4,000 億日圓作為起點，或是要重新檢討？我們還不確定費用成本控管的紀律性會到什麼程度。目前仍在擬定相關計畫的過程中。因此希望未來某個時間點能提出相關的展望。

When it comes to ICE, it was like JPY900 billion or close to JPY1 trillion earnings is something we have. However, we do see declines in unit sales in Asia, and we see some impact from exchange rate. And then the semiconductor impact, we are recovering a little bit of that, even though this is onetime. So without the tariff, that's JPY700 billion. And then let's say, if there's no tariff, it will be JPY400 billion.

至於 ICE（內燃機）方面，我們有約 9,000 億日圓、接近 1 兆日圓的獲利。不過，我們確實看到亞洲的銷售台數下滑，也看到匯率帶來一些影響。另外，半導體的影響我們也稍微回復了一些，雖然這是一次性因素。因此若不含關稅，會是 7,000 億日圓。再者，假設沒有關稅，則會是 4,000 億日圓。

So on the plus. So JPY400 billion probably would be the starting line. So JPY300 billion tariff impact, it cannot be recovered just immediately next fiscal year. So we want to closely monitor the cost, so we might proceed with more expanding of our local procurement and try to control costs more closely. I hope that answers your question.

所以在正向面。因此 4,000 億日圓大概會是起點。關稅影響的 3,000 億日圓，不可能在下一財年立刻就回復。因此我們希望密切監控成本，可能會進一步擴大在地採購，並更嚴格地控管成本。希望這能回答您的問題。

Well, when it comes to talks about the upside, you are assuming the exchange rate at JPY148 per dollar. But I think this would go toward the upside, right?

那麼，談到上行因素，您假設匯率為每美元 148 日圓。但我認為這會帶來上行空間，對吧？

I think if things progress as things are going right now, yes. As I might have mentioned, so per dollar, JPY1 would have -- give us an earning plus of JPY10 billion or so throughout the year, that is, of course. So we slashed up by four to get a quarter-on-quarter number per JPY1 against the dollar fluctuation.

我認為如果事情如同目前的進展持續下去，是的。如我可能提到過的，以每 1 美元計，日圓每變動 1 日圓（JPY1），全年大約會帶來 100 億日圓左右的獲利增加，當然是以全年來看。因此我們把它除以四，換算成每季（季對季）的數字，以每 1 日圓兌美元的波動來表示。

Asahi Shimbun Newspaper, Mr. Miura, please.

朝日新聞，三浦先生，請。

Asahi Shimbun Newspaper, Miura. And I have two questions. One, page 20, EV market trends with the model lineup prioritization and focus, as we mentioned here. Could you elaborate on that, please, the basic idea and the directions, please explain about that to me.

朝日新聞，三浦。我有兩個問題。第一個是第 20 頁，關於 EV 市場趨勢，以及我們在此提到的車型陣容優先順序與聚焦。能否請您進一步說明其基本想法與方向？請向我解釋一下。

And another question is also on the page 20 about reorganizing the long and midterm strategies. And please tell us about the directions of those strategies.

另一個問題同樣在第 20 頁，關於重整中長期策略。也請告訴我們這些策略的方向。

Thank you for your question, Mr. Miura. So EV market and our attitude for that. Basically, BEV market for us are in the North America and in China for North America. The market environment, for instance, there is ACC now validated and credit for BEV, we cannot really see the values anymore today and demand environment for EV is quite negative today for us.

謝謝您的提問，三浦先生。關於 EV 市場以及我們對此的態度。基本上，對我們而言，BEV 市場主要在北美與中國；先談北美。就市場環境而言，例如目前 ACC 已經生效、也有 BEV 的相關抵免（credit），但我們今天已經很難再看出其價值；而且就我們來看，EV 的需求環境目前相當負面。

And recent EV situation today would be leading to the idea of reorganizing the EV strategies for that market. And then last year, we had some tax credits, and we had accelerated some prior to the September period. However, now the market is slowing down in this end.

而近期的 EV 情勢，正引導我們產生「需要重整該市場 EV 策略」的想法。另外，去年我們有一些稅額抵免，因此在 9 月期間之前加速了一些動作。但現在這一端的市場正在放緩。

In that regard, EV strategies in the future have to be revisited. And therefore, China EV market is -- last year, for instance, half of the market share in the China are supported by the EVs or BEV in China. And then in terms of Honda EVs, unfortunately, there are local EV manufacturers over there. And in terms of the prices, UI, UX perspectives, we are not there. We are behind those companies.

在這樣的情況下，未來的 EV 策略必須重新檢視。因此，中國 EV 市場方面，例如去年中國市場有一半的市占是由 EV 或 BEV 所支撐。至於本田的 EV，很遺憾地，當地有本土 EV 製造商。在價格、UI、UX 等面向，我們還不到位。我們落後於那些公司。

And then in terms of the competition in the software environment, we are still behind other companies. Unfortunately, we do not have the established image of the business in the EV area over there. So we have to go back to scratch and then rebuild our strategies for EV.

此外，在軟體環境的競爭上，我們仍落後於其他公司。很遺憾地，我們在當地 EV 領域尚未建立起明確的事業形象。因此我們必須回到起點，重新打造我們的 EV 策略。

For the cost perspective, the local suppliers over there or engineering companies over there, we would have to make use of those present that way. We have to turn our direction dramatically, so that we can then gain our cost competitiveness utilizing them. NOA, ADAS, those will be updated with them, so that we can be competitive again to challenge the markets once again. In that regard, as I mentioned the other day, the timing of the launches will be revisited in order to have our entry once again in the EV market over there. Thank you very much.

從成本角度來看，我們必須善用當地的供應商或工程公司等既有資源。我們必須大幅轉向，藉由運用他們來取得成本競爭力。NOA、ADAS 等也會與他們一起更新，讓我們能再次具備競爭力、重新挑戰市場。在這方面，如我前幾天提到的，為了再次進入當地 EV 市場，我們將重新檢視上市時程。非常感謝。

Nikkei Paper, Mr. Okinaga.

日本經濟新聞，沖永先生。

This is Okinaga from the Nikkei Newspaper. I'd like to ask about the EV again. So throughout the year, you said JPY290 billion for the year. Is there a possibility of, let's say, further impairment booking or posting of impairment losses? So that's one question.

我是日本經濟新聞的沖永。我想再問一次關於 EV 的問題。您提到全年是 2,900 億日圓。是否有可能，例如，進一步認列減損，或計提減損損失？這是第一個問題。

And the other question is concerning semiconductor. So you said that you have good prospects for preventing recurrence of this shortage problem happening. So I just would like to know what you have been doing. And then JPY150 billion negative for China.

第二個問題是關於半導體。您說對於防止這次短缺問題再度發生，有不錯的展望。我想了解你們做了哪些措施。另外，中國是負面 1,500 億日圓。

So any impact for Japan and China? So I would like to know how the situation has been for China and Japan.

那對日本與中國有任何影響嗎？我想了解中國與日本的情況目前如何。

Thank you very much, Mr. Okinaga. First, about the EV, the impairment losses for the nonrecurring one.

非常感謝您，沖永先生。首先，關於 EV，非經常性的減損損失。

Well, we don't know what's going to happen, but we have been processing this in accordance with the accounting principles. So whatever we know, we have incorporated into our books. However, as mentioned by Mr. Fujimura, we don't know what kind of compensation issues might come up with GM. So there is a bit of an unclear future prospects.

嗯，我們不知道接下來會發生什麼，但我們一直依照會計準則進行處理。因此，凡是我們已知的事項，都已反映在帳上。不過，如藤村先生所提到的，我們不清楚與 GM 之間可能會出現何種補償問題。因此未來展望仍有些不明朗。

And then actually, as I've explained, because the EV market is dramatically changing. So we would need to monitor our sales volume trends. And then we might have to take some actions if needed. Any details you can add?

另外，正如我所說，因為 EV 市場正在劇烈變化。因此我們需要監控銷售量趨勢。若有需要，我們可能必須採取一些行動。您還能補充任何細節嗎？

Okay. Then if the intention of your question is about the impairment losses for the EV business in general, like at other OEMs, because we are not sure what's happening at other companies, so I would like to refrain from mentioning anything about other companies. But what we are saying is that with the models that we have developed as the die and tooling and then the development R&D assets, some of those have to be written off. And then this is not really impairment, but we would need to do some compensation. So because of the review that we have conducted as a product lineup, we are booking some temporary losses, those expenses that are incurred.

好的。如果您問題的用意是指整體 EV 事業的一般性減損損失、像其他 OEM 那樣，因為我們不清楚其他公司的情況，所以我想避免評論其他公司。但我們要說的是，對於我們已開發的車型，例如模具（die）與治具（tooling），以及研發（R&D）開發資產，其中一部分必須沖銷。此外，這不完全是減損，但我們需要做一些補償。因此，基於我們對產品陣容所做的檢討，我們正在認列一些暫時性損失，也就是已發生的相關費用。

But you asked about the impairment, but impairment means that -- this is a CGU that we use. Whether this leads to cash generation in the future, and then how the business environment has been doing, and what management decision has been in view of those. And then in view of all of those, we are getting audited, and then with the auditors included, we discuss. So we are not recognizing any impairment like that have happened in other companies. But we have been talking with the accounting.

您問到減損，但減損的意思是——我們會以 CGU（現金產生單位）來判斷。也就是未來是否能產生現金流、事業環境的變化情況，以及管理階層在此基礎上的決策為何。綜合上述，我們會接受查核，並與審計人員一同討論。因此，我們並未像其他公司那樣認列那種減損。但我們一直在與會計端溝通。

We have been discussing on a continuous basis. And then we have been discussing how we at management should assess those costs and expenses. So I just wanted to mention that whatever that were incurred up until three quarters, those are only those associated with the product lineup review. We don't know if it's going to be enough, but we have included whatever we can so far.

我們持續進行討論。也在討論管理階層應如何評估這些成本與費用。因此我想說明的是，截至第三季為止所發生的，僅是與產品陣容檢討相關的部分。我們不確定是否足夠，但目前為止能納入的我們都已納入。

And then the second question, you asked about semiconductor. So last year, in North America, from the end of October, we had to go into production adjustment and a production suspension in Mexico. So the impact actually is, I think I mentioned, 120,000 units affected. We hope that we are able to recover a bit. So the affected will be 110,000 units.

接著第二個問題，您問到半導體。去年在北美，從 10 月底開始，我們不得不在墨西哥進行產量調整並暫停生產。其影響實際上，我想我提過，約影響 12 萬台。我們希望能夠回補一些。因此受影響的數量將是 11 萬台。

But it would be JPY150 billion impact we assume. So of that -- this is unfortunate, but for Japan and China, we have had some disruptions in production. From China, we had about three weeks or so from the beginning of the year -- end of the year, sorry. And then for Japan, we have had to suspend production like at Suzuka for two or three days, and then did some production adjustment for a few days after that.

但我們假設其影響將為1,500億日圓。因此——這很遺憾，但在日本與中國，我們的生產曾出現一些中斷。在中國，從年初——抱歉，從年底開始——大約有三週左右。而在日本，我們曾在鈴鹿等地停產兩到三天，之後又進行了幾天的生產調整。

So because of that, even though there was an impact once, but for Japan and China, we have the capacity to sufficiently recover. So we will be able to complete the recovery of those lost production before the end of this fiscal year. So in terms of business impact, it is very limited. So we have not considered that into our business. But anyway, we have faced those problems.

因此，雖然曾經有一次影響，但就日本與中國而言，我們有足夠的產能可以充分恢復。所以我們將能在本會計年度結束前完成對這些損失產量的追趕恢復。因此就業務影響而言非常有限。所以我們沒有把這部分納入我們的業務計畫。但無論如何，我們確實面臨了這些問題。

So basically to the suppliers, so I'd say, we are trying to do a multi-sourcing of the suppliers, and then we have been asking them to keep appropriate inventory levels. However, some of the suppliers, unfortunately, have not provided us with that much of the details.

基本上，對供應商方面，我想說我們正嘗試推動供應商多元化採購（multi-sourcing），並且要求他們維持適當的庫存水位。然而，不幸的是，有些供應商並未向我們提供那麼多細節。

So to be blunt, we have been relying heavily on our suppliers. So that's something we are reviewing fundamentally, so that we will keep a close watch over our supply chain all the way up to upstream and then see what kind of risk there may be, and then we will do appropriate risk assessment and then keep appropriate inventory management or go multi-sourcing as well.

坦白說，我們一直相當依賴供應商。因此我們正在從根本上檢討這件事，未來將把供應鏈一路往上游納入密切監控，確認可能存在的風險，進行適當的風險評估，並維持適當的庫存管理，或同樣推動多元化採購。

And then that needs to be done from the development stage as well. So at the earlier development stage, we have been looking at the cost sourcing. Well, in view of that, there are some single-sourcing strategies as well. But in terms of business continuity strategy, if we go single-sourcing, we will pay careful attention to upstream of each of those components containing semiconductor, and then we will decide how much of inventory we will hold. And then we will do a review about what is going to happen if we go multiple sourcing and then take actions accordingly.

此外，這也需要從開發階段就開始做。因此在較早期的開發階段，我們一直著眼於成本導向的採購來源。從這個角度來看，也會有一些單一來源採購（single-sourcing）的策略。但就營運持續（business continuity）策略而言，如果採單一來源，我們會特別留意包含半導體在內的各零組件之上游狀況，並決定要持有多少庫存。同時，我們也會檢討若改採多元化採購會發生什麼情況，並據此採取行動。

Currently, as you may know, the semiconductor issue, in addition to what we have experienced so far for the memory and then, of course, the rare earth issues are there. We are aware of those. So when those issues arise, we would -- of course, at this point in time, I don't think there is anything that would lead to immediate problems right now. But in the future, of course, well, it is not very clear. So we will work closely together with the suppliers and take actions as needed.

目前，如各位所知，半導體議題除了我們至今在記憶體方面所經歷的之外，當然也存在稀土的議題。我們已意識到這些。因此當這些議題出現時，我們會——當然，就目前這個時間點，我不認為會立刻導致眼前的問題。但未來當然——嗯，並不是很明朗。因此我們會與供應商密切合作，並視需要採取行動。

However, for the rare earth metals, it is nothing that one single corporate entity can do anything about. As you may know, at the JAMA level as well, this is being discussed. And also with the governmental agencies included, this needs to be reviewed. So we would like to deepen our collaboration with different entities. Thank you very much. This concludes my answer.

不過，就稀土金屬而言，這不是單一企業實體能夠獨力解決的事情。如各位所知，在日本汽車工業會（JAMA）層級也正在討論此事。而且也需要納入政府機關一併檢討。因此我們希望加深與不同單位的合作。非常感謝。我的回答到此結束。

Next question, Ms. Ukita from Yomiuri Newspaper, please.

下一個問題，請讀賣新聞的浮田女士。

Ukita from Yomiuri Newspaper. I have two questions. One is about tariff impact. Little by little compared to the start of the year, it is coming down. It is down from the JPY386 billion from the beginning now.

我是讀賣新聞的浮田。我有兩個問題。第一個是關於關稅影響。與年初相比，影響正逐步下降。目前已從年初的3,860億日圓下降。

And could you tell me more about the reasons behind this? And then the other question is about sales situation of the automobiles. Your target is there, but it's not achieved. And in order to achieve the target volume of the sales, what are you going to do with the Japan and North American market?

能否請您更詳細說明背後的原因？第二個問題是關於汽車的銷售情況。你們有設定目標，但尚未達成。為了達成銷售目標量，你們在日本與北美市場打算怎麼做？

So tariff, Mr. Fujimura is to address.

關於關稅部分，將由藤村先生回答。

Thank you very much for your question, Ms. Ukita. And as you said, until last time, a gross impact in the first half, JPY385 billion impact expected because of tariff, and the recovery of the cost expected JPY50 billion. And then [JPY338 billion] net impact. And then 110,000 units reduced in the US because of the semiconductor situation.

浮田女士，謝謝您的提問。如您所說，截至上次，我們預估上半年關稅的總影響為3,850億日圓，並預期可回收成本500億日圓。因此淨影響為[3,380億日圓]。另外，由於半導體情況，美國減少了11萬台。

And then including that, [JPY338 billion] net actually is because of the foreign exchange and so on, it will be about JPY360 billion. That's the actual gross and JPY50 recovery. So net was JPY310 billion impact incorporated in the accounting.

再加上這些，[3,380億日圓]的淨額實際上因匯率等因素，總額會在3,600億日圓左右。也就是實際總影響與500億日圓的回收。因此在會計上納入的是淨影響3,100億日圓。

And then the recovery part, they were realized. Therefore, JPY310 billion, this is the number finalized, let's say, for this. And what kind of recovery plans are incorporated in the JPY50 billion? And with the suppliers and others, we had made adjustment looking at the logistics and so forth. And then additional local procurements were progressed as well to achieve USMCA, and we are more confident in achieving that.

而回收部分已經實現。因此，3,100億日圓可以說是本次最終確定的數字。那麼，500億日圓的回收計畫包含了哪些內容？我們與供應商等一同檢討並調整了物流等事項。此外，也推進了更多在地採購以符合USMCA，我們對達成這點更有信心。

Plus within US credit, utilization is also to be added. And we scrutinized how far we can incorporate from that, and we had a broad consideration. And then eventually, JPY50 billion recovery plan is realized into the JPY310 billion figure.

另外，也會加入美國稅額抵減（credit）的運用。我們仔細檢視這部分能納入到什麼程度，並做了廣泛的考量。最終，500億日圓的回收計畫已反映並實現於3,100億日圓這個數字之中。

And as for the sales strategy, let me address that question. For the North America, as I mentioned a little earlier, IRA credits were pushed toward the end of the period, and it was included in the BEV drops quite dramatically. Therefore, going forward, it will be staying at a very low level. And then going forward, we have to be focusing on the hybrid brand, taking advantage of the brand to make sure that those models will be selling more.

至於銷售策略，我來回答這個問題。北美方面，如我稍早提到的，IRA稅額抵減在期末被推動，並相當戲劇性地反映在BEV的下滑上。因此，往後將維持在非常低的水準。接下來我們必須聚焦於油電混合（Hybrid）品牌，善用品牌優勢，確保這些車型能賣得更多。

And then as of today, in North America, various companies had the impact of the tariff. And then we were thinking that they will be increasing the selling prices. However, we do not see the dramatic selling price increases. And then we had seen some incentives utilized in the different areas. And then the actual prices on the decreasing trend, practically speaking.

另外，截至今天，在北美，各家公司都受到關稅影響。我們原本以為他們會提高售價。然而，我們並未看到售價大幅上漲。而且我們也看到在不同地區使用了一些促銷獎勵（incentives）。實際價格趨勢上，坦白說是在下滑。

Therefore, we have to use incentives. At the same time, we have to appeal the hybrid models. And customers who are looking for the affordable models, the ICE models can be provided to. So we try to cater for the needs of the customers to try to get by the situation here. And together with the dealers, we have to do the marketing activities.

因此，我們必須運用促銷獎勵。同時，也必須強調油電混合車型。而對於尋求可負擔車款的客戶，也可以提供ICE（內燃機）車型。因此我們會努力因應客戶需求，以度過目前的情勢。並且與經銷商一起推動行銷活動。

And we were not really focusing too much. However, in the area of the fleet, which was not really focused before. We have to work on that to sell more cars in the fleet customer field.

而我們其實並沒有太過聚焦。不過，在車隊（fleet）這個領域，以前並沒有真正著力。我們必須在這方面下功夫，才能在車隊客戶市場賣出更多車。

And Japan, hybrid models, that is very focused in the Japanese market. In Japan, rather than the competition, I think it is more of the customers and how we can include and support those customers. The dealers will make sure that they have a close contact with the customers, for instance, one-on-one strategy, one person looking at one customer, one-on-one strategy to try to satisfy their needs for sure. And that is very down to the ground activity, let's say, but it is what we are up to. And then next year onward, MMC and other campaigns expected to try to maintain the market share or improve the market share with those plans.

另外在日本，油電混合（hybrid）車型在日本市場是非常聚焦的。在日本，我認為與其說是競爭，更重要的是客戶，以及我們如何把這些客戶納入並加以支援。經銷商會確保與客戶保持密切聯繫，例如一對一策略，一個人對應一位客戶，以一對一方式確實滿足其需求。這可以說是非常貼近現場的活動，但這正是我們正在做的。此外，從明年起，預期會有MMC及其他行銷活動，透過這些計畫來維持或提升市占率。

The next question come from NHK, Mr. [Yasunaga].

下一個問題來自NHK的[Yasunaga]先生。

This is Yasunaga from NHK. One question. The rare earth metals supply concern, concerning that explanation. So there is an export restriction on China. Is my understanding correct?

我是NHK的Yasunaga。一個問題。關於稀土金屬供應疑慮，針對剛才的說明。中國有出口限制。我的理解正確嗎？

And also about the diversification of supply chain. So for rare earth metal, you have no choice but to rely on China. But what would be your appropriate action in response to this situation?

另外關於供應鏈多元化。稀土金屬方面，你們別無選擇只能依賴中國。那麼面對這種情況，你們認為適當的因應作為是什麼？

Okay. Thank you very much, Mr. Yasunaga. For the rare earth metal concern, yes, as you said, currently, rare earth metal, those are subjected to export restriction from China. But currently, are the exports stopped?

好的。非常感謝你，Yasunaga先生。關於稀土金屬的疑慮，是的，如你所說，目前稀土金屬確實受到中國的出口限制。但目前出口有停止嗎？

No. All we can do is apply for exports, and we do see those exports coming through. But sometimes it just takes some time, a longer time. So if you ask us, can we get the exports coming through as expected, not really. So as you know, rare earth metals, those are used in different various components.

沒有。我們能做的就是提出出口申請，而我們也確實看到出口有放行。但有時候只是需要一些時間，時間會拉得更長。所以如果你問我們，能否如預期順利取得出口，並不完全是。如你所知，稀土金屬用在各式各樣不同的零組件上。

So if the supply stops, the risk is high. So we need to ensure, as I mentioned, we need to apply without any delay, apply for permission for exports.

因此一旦供應中斷，風險就很高。所以我們需要確保，如我提到的，我們必須毫不延遲地提出申請，申請出口許可。

And then, of course, when it comes to fundamental countermeasure is to go without use of rare earth, but that will take a long time for development. So currently, we will take some parts that are difficult to switch over or take a longer development. All we can do is to simply hold inventory. But currently, we don't have any actual problem in the supply. But how is it going to be in the future?

當然，從根本對策來看，是要做到不使用稀土，但那需要很長的開發時間。因此目前，對於那些難以切換、或需要較長開發時間的零件，我們能做的就是單純持有庫存。但目前在供應上並沒有實際問題。只是未來會如何呢？

We don't know. It is very uncertain, as I mentioned. So the supply, we need to work closely together with our suppliers, get interviewed them, and then ask them what kind of supply chain our supplier have for the rare earth that's needed for their components. So we will continue to consider our permanent or long-term countermeasure. And this will be for more medium term, but we will consider development of parts and components that do not use the rare earth.

我們不知道。如我所說，非常不確定。因此在供應方面，我們需要與供應商密切合作，訪談他們，並詢問供應商在其零組件所需稀土方面，擁有什麼樣的供應鏈。所以我們會持續思考永久性或長期的對策。這會偏向中期，但我們也會考慮開發不使用稀土的零件與組件。

But for the time being, all we can do -- the first thing we can do is to secure inventory. And then also secondly, to apply for export permissions on a timely manner. So those are the things that we can do currently. I hope that answers your question.

但就目前而言，我們能做的——第一件能做的事是確保庫存。第二則是及時提出出口許可申請。這些就是我們目前能做的事情。希望這回答了你的問題。

This rare earth-free components, specifically, what kind of components do you have in mind? And where would be the real critical point?

關於不含稀土的零組件，具體而言，你們想到的是哪些零組件？真正的關鍵點會在哪裡？

Well, there are different components, but there are different types of rare earth. So some are used in motor, some used in meters. So for each and every component that uses rare earth, for every one of them, we are looking into what can be done to replace them without rare earth.

嗯，零組件有很多，而且稀土也有不同種類。有些用在馬達，有些用在儀表。因此，對於每一個使用稀土的零組件，我們都在研究能做些什麼，以在不使用稀土的情況下加以替代。

Ms. [Nagai] from TV Tokyo.

接下來是來自東京電視台的[Nagai]女士。

Question one about the third quarter alone sales in the period for automobiles. Excluding the automobile sales, you had a reduction of the volume. And excluding the impact by the semiconductor, what is the situation as compared to the expectations in the beginning of the year?

第一個問題是關於汽車業務在第三季單季的銷售。排除汽車銷售後，你們的數量（volume）有所減少。若排除半導體影響，與年初的預期相比，實際情況如何？

And the second question is about page 20. As Kaihara-san said, the direction of the businesses going forward. You said that it is going to be a dramatic revisiting of that. And as I heard about incentives in the North America, there could be kind of limitation to improve the profitability by doing by itself alone, but I suppose that you're still speaking to Nissan or Mitsubishi, not just those two. Are you thinking about possibility of the collaboration with other companies other than those two?

第二個問題是關於第20頁。如Kaihara先生所說，關於未來業務的方向。你提到將會大幅重新檢視。我聽到北美的獎勵金（incentives）情況，可能僅靠自身難以提升獲利能力，但我想你們仍在與日產或三菱溝通，不只這兩家。你們是否在考慮與除這兩家以外的其他公司合作的可能性？

Thank you very much, Ms. Nagai, for your question. And three months volume, right? That's your question, right?

非常感謝你，Nagai女士，謝謝你的提問。你問的是三個月的數量（volume），對吧？是這個問題對吧？

Yes, correct.

是的，沒錯。

And then volume, you mentioned that the volume had declined for the period year on year, I suppose. But for the automobiles, actually, the volume sales increased as compared to the plan for the Automobile businesses for the third quarter. You're comparing from same time last year, right? And for the original plans, third quarter, we had actually overachieved the plan for the third-quarter automobile. And as compared to last year, it declined because of the next three-year semiconductor impact that is the largest, and also Chinese market for ICE.

然後你提到數量在該期間較去年同期下滑，我想是指年對年比較。但就汽車業務而言，第三季的銷量其實相較於汽車業務的計畫是增加的。你是在跟去年同一期間比較，對吧？而就原先的計畫來看，第三季我們其實超越了第三季汽車業務的計畫。至於與去年相比之所以下降，是因為過去三年半導體影響最大，另外也有中國市場的燃油車（ICE）因素。

EV -- NEV market is increasing or expanding in China and ICE market is shrinking in China, because of which volume in China is in a tough situation. So year on year, it dropped. That is about the volume.

在中國，EV——NEV市場正在成長或擴大，而燃油車（ICE）市場在中國正在萎縮，因此中國的銷量處於艱難狀況。所以年對年是下滑的。以上是關於數量（volume）。

And what was the next question? Alliance question, right? And Nissan Alliance. Well, actually, with Nissan, the integration possibility, we do not talk about that at all now. And I have to say that.

那下一個問題是什麼？是聯盟（Alliance）問題，對吧？以及日產聯盟。嗯，實際上，與日產之間的整合可能性，我們現在完全沒有在談。我必須這麼說。

And another thing is that as you said now, development cost will be needed in the future, for instance, software, architecture and so forth require investments. And for the future EVs, batteries, e-axle, if we can commonize those or have a co-development together, that will help reduce the development cost, or cost itself may reduce, thanks to that.

另外，如你剛才所說，未來將需要開發成本，例如軟體、架構等都需要投資。而對於未來的EV，若電池、e-axle等能夠共通化或共同開發，將有助於降低開發成本，或因而使成本本身下降。

However, for those matters, we continue to discuss with Nissan. However, not just Nissan, if it is possible to build a relationship like them with other alternative companies, of course, as long as we can expect a win-win results altogether, of course, for those, we will continue to consider other possibilities. And that is all for your question.

不過，關於那些事項，我們仍持續與日產進行討論。此外，不僅是日產，若有可能與其他替代公司建立類似的合作關係，當然，只要我們能夠期待整體達成雙贏的結果，對於這些我們也會持續考慮其他可能性。以上回答您的問題。

Our next question from Mr. Fujiwara from Nikkan Jidosha Shimbun, Daily Automotive Newspaper.

下一個問題來自《日刊自動車新聞》（Daily Automotive Newspaper）的藤原先生。

This is Fujiwara from Daily Automotive Newspaper. I have two questions as well. My first question is about the automobile, the factors for press. You had a big contribution from the selling cost that helped to grow your revenues. So I wanted to know what region and what products.

我是《日刊自動車新聞》的藤原。我也有兩個問題。第一個問題是關於汽車業務、面向媒體的相關因素。銷售成本對營收成長有很大的貢獻。因此我想了解是哪些地區、哪些產品。

And then second question. This may have been covered by Toyo Keizai's question, but the hybrid volume has grown by about 5% in the third quarter. So I would like to know what kind of contribution this 5% growth of HEV volume in the third quarter?

第二個問題。這可能在《東洋經濟》的提問中已經提到，但第三季油電混合車的銷量增加了約5%。因此我想了解，第三季HEV銷量成長5%帶來了什麼樣的貢獻？

Okay. Thank you for your questions. This is from year-on-year comparison, I believe. Sorry, the selling price and cost impact that work to the plus, that was for automobiles, there was a bit of a plus in the selling price and cost impact. If we look at the total graph, it's about JPY60 billion.

好的。謝謝您的提問。我想這是與去年同期相比。抱歉，對於汽車業務而言，售價與成本影響帶來了正向貢獻，也就是售價與成本影響有些許正面效果。若看整體圖表，大約是600億日圓。

There was about JPY40 billion for automobiles, because this is from selling price impact. When we say selling price, per year, at the beginning of the term or in fall, we do go through price hikes. So of the JPY40 billion or so, about half of it happens in the States. And then for the other regions, those are just prorated, if you can prorate it to different regions by the volume.

其中汽車約有400億日圓，因為這是來自售價影響。所謂售價，我們每年在期初或秋季會進行調價上漲。在約400億日圓之中，大約一半發生在美國。至於其他地區，則可依銷量按比例分攤到各地區。

And then the hybrid volume for the third quarter, for the hybrid, the unit sales in the states -- well, particularly in the states, hybrid is doing very well. And then how we do the incentive? Incentive can be kept low relative to the ICEs. However, the competitors are coming into the hybrid market. So our favorable condition, of course, is not going to last forever. So on our part, we will be getting into the transition period for different models.

再來是第三季油電混合車的銷量。就油電而言，在美國的銷售台數——特別是在美國，油電表現非常好。另外，我們如何操作獎勵金（incentive）？相較於ICE（內燃機）車款，油電的獎勵金可以維持在較低水準。不過，競爭對手正在進入油電市場。因此，我們的有利條件當然不會永遠持續。就我們而言，將進入不同車型的轉換期。

Our competitors are going to come up with new models. So we need to kind of maybe build up -- spend some more incentives. But the hybrid requires relatively lower incentive compared to petrol engines. But in the future, we might have to spend some more incentives in the future.

競爭對手會推出新車型。因此我們可能需要某種程度地建立——投入更多獎勵金。但相較於汽油引擎車，油電所需的獎勵金相對較低。不過未來，我們可能也必須投入更多獎勵金。

But on the other hand, for the petrol, gasoline engine vehicles, so we do need incentives more than hybrid for ICE. However, if you look at the contents of the components, gasoline engine requires less tariff impact. So in that sense, petrol engine, gasoline engine contribute better. So we need to strike a good balance between those two groups.

但另一方面，對於汽油、汽油引擎車款而言，ICE所需的獎勵金確實比油電更多。然而若看零組件的內容，汽油引擎所受關稅影響較小。因此在這個意義上，汽油引擎車的貢獻更好。所以我們需要在這兩個族群之間取得良好平衡。

And then recently, if we look at the transaction -- one of the reasons why transaction prices are deteriorating in the States is that the model type variants which cost lower are attracting customers. So because we do have both gasoline and hybrid, we need to strike a good balance. And then we need to survive through this transition period between those different models using those good mix.

另外，最近若看成交——美國成交價格惡化的原因之一，是較低價的車型／等級變體正在吸引客戶。因此，由於我們同時有汽油與油電車款，我們需要取得良好平衡。並且需要透過良好的產品組合，度過不同車型之間的這段轉換期。

So due to time, the next question will be the last one for the day. Mr. [Tsurumi] from Mainichi Newspaper, please.

由於時間關係，下一個問題將是今天最後一題。請《每日新聞》的[Tsurumi]先生提問。

Earlier, you talked about the alliances with Nissan. And based on the reports, the models in the US with Nissan and powertrain commonization and so forth. You talked about that earlier. And what is the progress today?

稍早您談到與日產的聯盟。根據報導，在美國與日產的車型合作、動力總成共通化等。您剛才也提到這些。目前進展如何？

Are there any updates for us as much as you could share with us? That is all for me.

在您可分享的範圍內，是否有任何最新進度可以提供？我就這些，謝謝。

Thank you for your question. So in conclusion, there is no specific information I can share with you today. But with Nissan, as I said earlier, in many different field areas, we try to explore different possibilities. And as you said, the complementary supply of the models or production, the models from each other. If those are complementary to the other company, we could look for the possibility, and also one company produce a model of cars and then provide or make supplies.

謝謝您的提問。結論是，今天我沒有任何具體資訊可以與各位分享。不過，正如我先前所說，我們與日產在許多不同領域嘗試探索各種可能性。如您所提到的，車型或生產的互補供應、彼此提供車型。若能對對方公司形成互補，我們就會尋求其可能性；也可能由其中一家公司生產某款車型，然後提供或供應給對方。

We have discussion about it. However, we have not decided on any specific plans yet. We simply continue our discussion.

我們正在就此進行討論。不過，我們尚未決定任何具體計畫。我們只是持續進行討論。

And then as I said earlier, the commonization of the software or architectures, such topics are, of course, one of the discussion topics for the development. However, both of us have made progresses in individual projects. Therefore, it is not yet the time to make a conclusion yet, but we continue to discuss positively with each other. So once any output or plans are solidified, we will make sure that we will share with you. Thank you very much.

另外，如我先前所說，軟體或架構的共通化等議題，當然也是開發面向的討論主題之一。不過，雙方在各自的專案上都已有所進展。因此目前還不是下結論的時機，但我們仍以正向態度持續彼此討論。一旦有任何成果或計畫定案，我們一定會與各位分享。非常感謝。

Thank you. So now that concludes our press conference for the business performance results. And those materials and handouts are available from our website of Honda. Thank you very much for your participation, everyone. Thank you.

謝謝。至此，我們的業績發表記者會告一段落。相關資料與講義可於本田的官方網站取得。感謝各位的參與。謝謝。

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.

本逐字稿中的英文陳述由現場電話會議中的口譯員翻譯轉述。該口譯員由主辦本活動的公司提供。