本田技研 (HMC) 2027 Q2 法說會逐字稿

Thank you very much for your participation despite your busy schedule today. I would like to now make a start of the financial results press briefing for the second-quarter results of the fiscal year ending March 2027 of Honda Motor Corporation.

非常感謝各位在百忙之中撥冗參加今天的活動。現在我宣布開始本田技研工業株式會社截至2027年3月止會計年度第二季財報記者會。

To start with, I would like to introduce the participants today. Director, Executive Vice President, and Representative Executive Officer, Mr. Noriya Kaihara.

首先，我想介紹今天的出席者。董事、執行副總裁兼代表執行役員，貝原紀也先生。

Kaihara speaking. Nice to meet you.

我是貝原。請多指教。

Executive Officer and Chief Financial Officer, Mr. Masao Kawaguchi.

執行役員兼財務長（CFO），川口雅夫先生。

Kawaguchi speaking. Nice to meet you.

我是川口。請多指教。

First, Mr. Kaihara is going to present the second-quarter financial results and consolidated earnings forecast for fiscal year ending March 2027, followed by Mr. Kawaguchi’s explanation of the details of the financial results.

首先由貝原先生說明第二季財務結果以及截至2027年3月止會計年度的合併獲利預測，接著由川口先生就財務結果細節進行說明。

Mr. Kawaguchi (sic - Mr. Kaihara), please take the floor.

川口先生（原文如此—貝原先生），請開始。

Thank you for your continued understanding of Honda’s business activities. I would like to explain our results for fiscal first half ended September 30, 2026. First, a summary.

感謝各位持續理解並支持本田的事業活動。我將說明截至2026年9月30日止上半會計年度的業績。首先是摘要。

Operating profit for the six months ended September 30, 2026, was JPY648.7 billion. Excluding JPY484.8 billion of EV-related losses, adjusted operating profit was JPY1,133.6 billion. In addition, R&D adjusted operating cash flow, i.e. funds available for future investment, came to JPY1,354.3 billion. We maintained strong cash-generating capability.

截至2026年9月30日止六個月的營業利益為6,487億日圓。扣除4,848億日圓的EV相關損失後，調整後營業利益為1兆1,336億日圓。此外，研發調整後營業現金流（亦即可供未來投資的資金）為1兆3,543億日圓。我們維持了強勁的現金創造能力。

Motorcycle business. Driven by increased unit sales, particularly in India and Brazil, we achieved record-high unit sales for the first half of the fiscal year.

機車事業。在印度與巴西等地的銷量增加帶動下，上半會計年度的銷售台數創下歷史新高。

Automobile business. Despite a struggle in China, demand in North America for compact cars and fuel-efficient vehicles, including hybrid models, increased unit sales due to rising gasoline prices.

汽車事業。儘管在中國面臨挑戰，但受汽油價格上漲影響，北美對小型車與節能車（含油電混合車）的需求增加，帶動銷售台數成長。

Consolidated financial outlook for FYE March 31, 2027. Despite strong first-half results, the one-time profit increase will not be a contributing factor in the second half. We have therefore revised upward our operating profit forecast by JPY130 billion from the previous forecast to JPY780 billion. Excluding EV-related losses, adjusted operating profit is now projected at JPY1,300 billion, an increase of JPY130 billion from the previous forecast.

截至2027年3月31日止會計年度的合併財測。儘管上半年表現強勁，但一次性利益增加在下半年將不再構成貢獻因素。因此，我們將營業利益預測較前次上修1,300億日圓至7,800億日圓。扣除EV相關損失後，調整後營業利益現預估為1兆3,000億日圓，較前次預測增加1,300億日圓。

Regarding shareholder returns, the annual dividend forecast for FYE March 31, 2027, is JPY70 per share. Going forward, while DOE 3% is a benchmark, we will strive to provide stable and continuous dividends.

關於股東報酬，截至2027年3月31日止會計年度的年度股利預測為每股70日圓。未來在以DOE 3%作為基準的同時，我們將致力於提供穩定且持續的股利。

Next, investments for future growth. We decided on two new growth investments, one in the US, the other in Brazil. In the Automobile business, to strengthen our ability to meet the growing hybrid demand in North America, we decided to construct a new automobile production plant in Ohio.

接著是未來成長投資。我們決定兩項新的成長投資，一項在美國，另一項在巴西。在汽車事業方面，為強化因應北美日益成長的油電混合車需求之能力，我們決定在俄亥俄州興建新的汽車生產工廠。

In 2029, we aim to expand our total production capacity in North America from the current 1.67 million units to 1.91 million units. In addition, from 2029, we will progressively introduce multiple large hybrid models in the D-segment and above to increase unit sales.

我們目標在2029年將北美總產能由目前的167萬台擴大至191萬台。此外，自2029年起，我們將逐步導入多款D級距及以上的大型油電混合車型，以提升銷售台數。

In our Motorcycle business, we decided to expand production capacity at our Manaus plant in Brazil to meet growing motorcycle demand, both within Brazil and overseas. In 2029, we aim to increase capacity from the current 1.6 million to 2.3 million units, thereby building a production system capable of steadily responding to future increase in demand and product lineup. Based on customer demand, we will accelerate growth where we can leverage our competitive strengths and strive to enhance corporate value.

在機車事業方面，為因應巴西國內及海外日益成長的機車需求，我們決定擴充巴西瑪瑙斯（Manaus）工廠的產能。我們目標在2029年將產能由目前的160萬台提升至230萬台，藉此建立可穩定因應未來需求與產品陣容擴增的生產體系。我們將依據客戶需求，在可發揮競爭優勢之處加速成長，並致力提升企業價值。

Mr. Kawaguchi will provide the details of our results.

接下來由川口先生說明業績細節。

Here are the details of our financial results. First, at the first six months ended September 30, 2026, total group unit sales vis-a-vis the same period last year were as follows.

以下為財務結果的細節。首先，截至2026年9月30日止前六個月，集團總銷售台數相較去年同期如下。

Motorcycle business unit sales increased mainly in Asia and other regions, such as Brazil, to 11.9 million units. Automobile unit sales decreased to 1.569 million units, primarily due to lower sales in Asia, particularly in China. Power Products unit sales decreased mainly in North America to 1.632 million units.

機車事業銷售台數主要在亞洲及巴西等其他地區增加，達1,190萬台。汽車銷售台數主要因亞洲、尤其是中國銷售下滑而降至156.9萬台。動力產品（Power Products）銷售台數主要在北美減少，為163.2萬台。

The year-on-year consolidated financial results for the six months ended September 30, 2026, were as follows. Operating profit, up JPY210.5 billion, reaching JPY648.7 billion. Equity method investment profit, up JPY74.3 billion to JPY85.2 billion. Quarterly profit attributable to owners of the parent company up JPY204.9 billion to JPY516.7 billion. Excluding EV-related losses, adjusted operating profit is JPY1,133.6 billion, up JPY471.7 billion.

截至2026年9月30日止六個月的合併財務結果年增變化如下。營業利益增加2,105億日圓，達6,487億日圓。權益法投資利益增加743億日圓至852億日圓。歸屬於母公司業主之季度利益增加2,049億日圓至5,167億日圓。扣除EV相關損失後，調整後營業利益為1兆1,336億日圓，增加4,717億日圓。

Next, the factors behind the year-on-year change in adjusted operating profit excluding EV-related losses. Adjusted operating profit increased by JPY471.7 billion year on year. A sales impact, strong Motorcycle sales plus higher Automobile unit sales in North America and other factors pushed up profit by JPY111.4 billion.

接著說明扣除EV相關損失後，調整後營業利益年增變動的因素。調整後營業利益年增4,717億日圓。銷售影響方面，機車銷售強勁，加上北美汽車銷售台數增加等因素，使利益增加1,114億日圓。

Price and cost impacts. Despite positive effects from price revision, due to rising raw material costs and other factors, profit was down JPY11.0 billion. SG&A, JPY109.5 billion positive. R&D expenses was a positive JPY16.4 billion. Foreign currency was a positive JPY148.3 billion. Tariffs, one-time factors including refunds increased profit by JPY97 billion.

價格與成本影響。儘管調價帶來正面效果，但受原物料成本上升等因素影響，利益減少110億日圓。銷售費用及一般管理費（SG&A）為正向1,095億日圓。研發費用為正向164億日圓。外匯為正向1,483億日圓。關稅與包含退稅等一次性因素使利益增加970億日圓。

Next, operating profit by business segment. Motorcycle business, JPY439 billion. Automobile business posted a loss of JPY5.7 billion due to EV-related losses. Excluding EV-related losses, adjusted operating profit was JPY479 billion. Financial Services business was JPY210.9 billion. Power Products and other businesses, JPY4.4 billion. Motorcycle business operating profit increased by JPY70.7 billion to JPY439.1 billion year on year.

接著是各事業別營業利益。機車事業為4,390億日圓。汽車事業因EV相關損失而虧損57億日圓。扣除EV相關損失後，調整後營業利益為4,790億日圓。金融服務事業為2,109億日圓。動力產品及其他事業為44億日圓。機車事業營業利益年增707億日圓至4,391億日圓。

As for the factors behind the changes, regarding sales impact, mainly due to increase of unit sales and such in India and Brazil, operating profit went up by JPY23.7 billion. Selling price and cost impact. Despite the positive effect of the price revisions, operating profit decreased by JPY4.5 billion because of soaring raw material prices and so on.

關於變動因素，銷售影響方面，主要因印度與巴西等地銷售台數增加，營業利益增加237億日圓。售價與成本影響。儘管調價帶來正面效果，但因原物料價格飆升等因素，營業利益減少45億日圓。

SG&A expenses impact, operating profit increased by JPY5.4 billion. R&D expenses, operating profit decreased by JPY4.9 billion. Foreign exchange impact, operating profit increased by JPY43 billion. Tariff impact, due to one-time factors including refunds, operating profit increased by JPY7.9 billion. Adjusted operating profit for automobile business increased by JPY328.3 billion to JPY479 billion year on year.

SG&A費用影響方面，營業利益增加54億日圓。研發費用方面，營業利益減少49億日圓。匯率影響方面，營業利益增加430億日圓。關稅影響方面，因包含退稅等一次性因素，營業利益增加79億日圓。汽車事業的調整後營業利益年增3,283億日圓至4,790億日圓。

As for the factors behind those changes. Regarding sales impact, due primarily to an increase in unit sales in North America, operating profit increased by JPY70.7 billion. Selling price and cost impact. Despite the positive effect from price revisions and so on, operating profit decreased by JPY7.4 billion because of the soaring raw material prices and other factors.

關於這些變動背後的因素。就銷售影響而言，主要因北美單位銷量增加，營業利益增加了707億日圓。售價與成本影響。儘管調價等帶來正面效果，但由於原材料價格飆升等因素，營業利益減少了74億日圓。

SG&A expenses, profit increased by JPY71.2 billion. R&D expenses, profit increased by JPY21.3 billion. Foreign exchange impact, profit increased by JPY87.3 billion. The tariff impact, due to one-time factors including refunds, operating profit increased by JPY85.1 billion.

銷售費用及一般管理費（SG&A）方面，利益增加了712億日圓。研發費用方面，利益增加了213億日圓。匯率影響方面，利益增加了873億日圓。關稅影響方面，由於包含退稅等一次性因素，營業利益增加了851億日圓。

Next, regarding the cash flow situations. Free cash flow for our operating companies, including the Financial Services businesses, was JPY266.4 billion. The net cash balance at the end of the quarter was JPY3,403.5 billion. Adjusted operating cash flow after R&D was JPY1,354.3 billion.

接著，關於現金流狀況。包含金融服務事業在內之營運公司自由現金流為2,664億日圓。季度末淨現金餘額為3兆4,035億日圓。研發後調整後營運現金流為1兆3,543億日圓。

Next, I’ll explain the consolidated earnings forecast for the fiscal year ending March 2027. Regarding group unit sales compared with the previous forecast, for Motorcycle business, reflecting an increase mainly in Asia, expected unit sales will be 23.3 million units. For Automobile business, reflecting increase in North America and reduction in China, unit sales will be 3.16 million units. For Power Products business, reflecting a decrease in Europe and so on, expected unit sales will be 3.6 million units.

接下來，我將說明截至2027年3月止會計年度的合併獲利預測。就集團單位銷量相較前次預測而言，機車事業反映主要在亞洲的增加，預期銷量為2,330萬台。汽車事業反映北美增加與中國減少，銷量為316萬台。動力產品事業反映歐洲等地減少，預期銷量為360萬台。

With regard to the consolidated earnings forecast for the fiscal year ending March 2027 compared to the previous forecast, operating profit will be up revised by JPY130 billion to JPY750 billion -- JPY380 billion, excuse me. Profit attributable to owners of the parent is up revised by JPY100 billion to JPY500 billion, up by JPY100 billion. Adjusted operating profit is revised up as well by JPY130 billion to JPY1.3 trillion. Forex assumption for the full year is set at JPY156 for a US dollar.

關於截至2027年3月止會計年度的合併獲利預測相較前次預測，營業利益將上修1,300億日圓至7,500億日圓——不對，是3,800億日圓。歸屬於母公司業主之利益上修1,000億日圓至5,000億日圓，上修1,000億日圓。調整後營業利益亦上修1,300億日圓至1.3兆日圓。全年匯率假設設定為1美元兌156日圓。

Next, I will explain the factors behind the changes in operating profit compared to the previous forecast. Adjusted operating profit is expected to increase by JPY130 billion year on year. As for the factors behind those changes, for the sales impact, thanks to the strong Motorcycle sales in Asia as well as the higher Automobile unit sales in North America, JPY20 billion increase is expected.

接下來，我將說明營業利益相較前次預測之變動因素。調整後營業利益預期將增加1,300億日圓（年增）。就變動因素而言，在銷售影響方面，受惠於亞洲機車銷售強勁以及北美汽車單位銷量提高，預期增加200億日圓。

Selling price and cost impact, due to the positive effect of price revisions and so on, JPY30 billion increase is expected. SG&A expenses impact, JPY41 billion increase is expected. The foreign exchange impact, JPY39 billion increase expected.

售價與成本影響方面，由於調價等帶來正面效果，預期增加300億日圓。SG&A費用影響方面，預期增加410億日圓。匯率影響方面，預期增加390億日圓。

Next, I’ll explain the factors behind the changes in adjusted operating profit year on year. Adjusted operating profit is expected to increase by JPY260.6 billion year on year. The factors behind those changes, sales impact, due to unit sales increase for Motorcycles and so on, operating profit is expected to increase by JPY286.7 billion.

接下來，我將說明調整後營業利益年增變動的因素。調整後營業利益預期年增2,606億日圓。就變動因素而言，在銷售影響方面，由於機車等單位銷量增加，營業利益預期增加2,867億日圓。

Selling price and cost impact, despite a profit increase due to cost reduction initiatives and price revisions, because of the impact of soaring raw material costs and so on, profit will be squeezed by JPY283 billion. SG&A expenses, a JPY33 billion increase. R&D expenses impact, a JPY10 billion increase. And foreign exchange impact, reflecting the changes in exchange rate assumptions, a JPY67 billion increase is expected. Tariff impact, JPY147 billion increase is expected.

售價與成本影響方面，儘管透過降本措施與調價帶來利益增加，但受原材料成本飆升等影響，利益將被擠壓2,830億日圓。SG&A費用方面，增加330億日圓。研發費用影響方面，增加100億日圓。此外，匯率影響方面，反映匯率假設變更，預期增加670億日圓。關稅影響方面，預期增加1,470億日圓。

The outlook for capital expenditures, depreciation amortization, and the R&D spending for the fiscal year ending March 2027 is shown on this page. Finally, regarding dividends, the expected annual dividend for the fiscal year ending March 2027 remains unchanged from the previous forecast at JPY70 per share.

本頁顯示截至2027年3月止會計年度的資本支出、折舊攤銷以及研發支出展望。最後，關於股利，截至2027年3月止會計年度的預期年度股利維持與前次預測相同，為每股70日圓。

This concludes my explanation. Thank you for your attention.

以上為我的說明。感謝各位的聆聽。

(Operator Instructions) First question, Nikkei. Mr. Mukano, please.

（接線員說明）第一個問題，《日經》。請向野先生發問。

This is Mukano from Nikkei. Can you hear me?

我是《日經》的向野。聽得到嗎？

Yes.

聽得到。

About the results from April, September, you do see the operating profit increase significantly. What is your take on this? And from the third quarter and after, what is your outlook?

關於4月至9月的業績，營業利益大幅增加。您如何看待這點？以及從第三季之後，您的展望為何？

The second question, please.

請問第二個問題。

The second. About the Ohio new plant that you announced, you say that it can also flexibly adapt to production of EVs. Are you thinking of a line like at Marysville where you produce different models? At this point in time, what will be the timing to switch over from hybrid to EV production? And in order to achieve flexibility, how much investment will be required?

第二個。關於您宣布的俄亥俄新工廠，您表示也能彈性因應EV生產。您是否在考慮像Marysville那樣可生產不同車型的產線？就目前而言，從油電混合車切換到EV生產的時點會是何時？以及為了達成彈性，需要多少投資？

Mukano-san, thank you very much for the question. I'll try to respond to both questions. First, about this last six months, yes, we believe that the rising cost and the inflation pressure in different countries, plus the rise in interest rates. Furthermore, there were the geopolitical risks that were materialized in the Strait of Hormuz, putting an impact on the economy. So I must say that it was a very demanding environment.

向野先生，非常感謝您的提問。我會盡量同時回答兩個問題。首先，關於這過去六個月，是的，我們認為各國成本上升與通膨壓力，加上利率上升。此外，荷姆茲海峽地緣政治風險具體化，對經濟造成影響。因此我必須說，這是一個非常嚴峻的環境。

And as for the second of the six months, the operating profit, excluding the EV losses, it comes into JPY1,133.6 billion. And there is a one-time profit. But excluding that, also, despite this very demanding environment, I think that profitability was quite strong. It was a very powerful result that we were able to achieve, especially the drivers.

至於這六個月中的後半段，若排除EV虧損，營業利益為1兆1,336億日圓。其中包含一次性利益。但即便排除該因素，在如此嚴峻的環境下，我認為獲利能力仍相當強勁。我們能夠達成這樣的成果非常有力，尤其是其驅動因素。

In the Automotive business, in China, we are still struggling, but especially in North. Due to the high crude oil prices, small compact cars, hybrid, high fuel economy vehicles are strongly in demand and therefore, with our hybrid models, we were able to capture the demand. And in the second quarter also, as a market share, it was in the latter half of the 9% range. And so we were able to maintain this high percentage.

在汽車事業方面，中國仍然艱困，但特別是在北美。由於原油價格高漲，小型車、油電混合車、高燃油效率車款需求強勁，因此我們以油電混合車型掌握了需求。而在第二季，市占率也落在9%區間的後半段。因此我們得以維持這個高水準。

And the Motorcycle, in India and Vietnam initially, there was the regulation on EVs, and we're thinking that we would not see a growth, but in reality, the EV regulation did not have such a major impact, at least as of now. And therefore, Vietnam also against our plan, we are doing well.

至於機車方面，起初在印度與越南有EV相關法規，我們原本認為不會成長，但實際上，至少到目前為止，EV法規並未造成那麼大的影響。因此，越南也與我們原先計畫不同，表現良好。

And especially in Latin America, we have been enjoying good sales, and we were able to absorb the increase in cost and increase profitability. So with both the Motorcycle and Automobile profit plus the non-recurring profit, the first six months were able to surpass our plan.

尤其在拉丁美洲，我們銷售表現良好，並且能夠吸收成本上升、提升獲利。因此，機車與汽車的獲利加上非經常性利益，使得前六個月得以超越我們的計畫。

About the EV-related losses, let me explain. Well, in this quarter, well, in the past, we have been communicating with our partners, and we have received responses by this summer. And as a result, to the extent we can account for that, we have included JPY484.8 billion as EV-related losses.

關於EV相關虧損，我來說明一下。本季度，過去我們一直與合作夥伴溝通，並在今年夏天收到回覆。因此，在可入帳的範圍內，我們已計入4,848億日圓作為EV相關虧損。

And given this, the second half of the year, we will continue to experience high rising costs and geopolitical risks. Therefore, there is a lot of uncertainty ahead in our business environment. We are trying to do everything to meet customer demands for products and services. But still, in the second half, we have reflected these uncertainties in the numbers. So that's response to the first question.

鑑於此，下半年我們將持續面臨成本高漲以及地緣政治風險。因此，我們的營運環境前方仍存在許多不確定性。我們正盡一切努力滿足客戶對產品與服務的需求。但即便如此，在下半年，我們已在數字上反映了這些不確定性。以上是對第一個問題的回覆。

The second question about investment in Ohio. This time, the main focus of our factory is -- well, mainly it will be large hybrid models. We want to expand production capacity for large hybrid models.

第二個問題是關於在俄亥俄州的投資。這次我們工廠的主要重點是——嗯，主要會是大型油電混合車型。我們希望擴大大型油電混合車型的生產能力。

In North America now, overall, the production capacity is slightly lacking and therefore, each of the factories are reaching almost full production. And if there were to be some irregularities, it will be difficult to recover. And this has continued to be the case, especially in the US market.

目前在北美，整體而言產能略顯不足，因此各工廠幾乎都接近滿載生產。一旦出現任何非預期狀況，就會很難恢復。這種情況一直持續，尤其是在美國市場。

Our large models, Pilot, Passport, MDX, these models' demand are rising. But regretfully, currently, we do not have the full capacity to meet these demands. So we are not able to approach customers who are wanting to purchase these models. Given this, we believe that we need to increase our production capacity and that has led us to this decision.

我們的大型車款，如 Pilot、Passport、MDX，這些車型的需求正在上升。但很遺憾，目前我們沒有足夠的產能來完全滿足這些需求。因此，我們無法接觸到想購買這些車型的客戶。基於此，我們認為需要提高產能，這也促成了我們做出這項決定。

Now, as for the overall direction, in the 2030s, the first half of the 2030s, especially in North America, United States, electrification will be led by hybrid. Therefore, for this factory, we are keeping in mind hybrid and laying out the factory.

至於整體方向，在 2030 年代、尤其是 2030 年代前半，在北美、特別是美國，電動化將由油電混合車所帶動。因此，針對這座工廠，我們以油電混合為前提來規劃工廠配置。

Keep in mind, it will be producing hybrids. But as Mukano-san said, in the future, we also understand that there will be an age of carbon neutrality arriving and at this plant too in the future we will be producing hybrid gasoline and EV, electric vehicles, and we will have flexibility and to produce all these different types and it's designed to be such.

請記住，它將生產油電混合車。但如 Mukano 先生所說，未來我們也理解將迎來碳中和的時代；在這座工廠未來也會生產油電混合、汽油車以及 EV 電動車，並具備生產各種不同類型車款的彈性，設計上就是如此。

So based on this design, for example, for the body frame, we have the BEV-dedicated frame. We do have space to accommodate those frames and we use the AGV to carry the vehicles and the layout can be changed flexibly. We've injected this know-how so that in the future once the age of EV arrives we can change the production process and equipment.

因此，基於這樣的設計，例如在車身骨架方面，我們有 BEV 專用的車架。我們也預留了可容納這些車架的空間，並使用 AGV 來搬運車輛，產線配置可彈性調整。我們已導入這些 know-how，使得未來一旦 EV 時代到來，我們能夠調整生產流程與設備。

The change can be made quicker than in the past so that is the type of design that we are making. And by doing so, we don't know when the EV market will come. At this point in time, it's very difficult to predict.

相較以往，這些變更可以更快完成，這就是我們正在採用的設計方向。而且，因為我們不知道 EV 市場何時會到來。就目前而言，這非常難以預測。

Currently, the BEV preparation is being made, BEV, but looking at the market developments and when the time comes, we, with this flexible design, will be able to, in a short period of time, switch to producing battery EV to meet the market demands. That is all from me. Thank you.

目前我們正在進行 BEV 的準備；同時觀察市場發展，待時機成熟時，憑藉這種彈性設計，我們將能在短時間內切換為生產電池電動車，以滿足市場需求。我這邊就到此為止。謝謝。

And by the way, investment, yes. Well, yes, we are introducing a flexible design, but we have not included in this investment amount investment for specifically EV.

順帶一提，關於投資，是的。嗯，是的，我們導入了彈性設計，但這次投資金額中並未包含專門針對 EV 的投資。

Next question, please. Yomiuri Newspaper, Mr. Ukita, please.

下一個問題，請。讀賣新聞，浮田先生，請。

Hello. Can you hear me?

您好。聽得到嗎？

Yes, please.

可以，請說。

In relation to the earlier question about Ohio business, the investment amount is large, I believe. For instance, already, for instance, expansion or enhancement of a current plant, you could do it. However, what is the reason why you decided to have this bigger decision, especially in North America? It is a very important market for you. Please tell me about that.

關於先前提到的俄亥俄州業務，投資金額很大，我認為是如此。例如，既有工廠其實也可以透過擴建或強化來因應。然而，為什麼你們決定做出這樣更大的決策，尤其是在北美？那是你們非常重要的市場。請談談原因。

And also, about the financial results, the unit sales for automobiles, a little bit slowing down, I suppose, 3.16 or 3.39 million, then still you have a revision of the full-year business results. Are there any other reasons behind your expectation being up-revised? Please tell me about that.

另外，關於財務結果，汽車銷量（台數）似乎稍微放緩，我想是 316 萬或 339 萬台，但你們仍上修了全年業績預測。你們上修預期背後是否還有其他原因？請告訴我們。

Thank you very much, Ms. Ukita. Question one, I will address. If numbers needed, Kawaguchi-san, I will support.

非常感謝，浮田女士。第一個問題我來回答。若需要數字，川口先生我會補充支援。

As for the investment in Ohio, as was already explained earlier, currently, our company in North America has a full capacity in the current plants and factories. Therefore, we don’t have any leeway. Just like last year, when we had our impact by the semiconductor businesses, which inhibit the production, it was difficult to recover that time. Actually, that situation still continues today. Nevertheless, we’d like to increase the production capacity.

關於在俄亥俄州的投資，如先前已說明，目前我們公司在北美的既有工廠產能已達滿載。因此，我們沒有任何餘裕。就像去年一樣，當時受到半導體業務的影響而抑制生產，要恢復非常困難。事實上，那種情況至今仍在持續。儘管如此，我們仍希望提升生產能力。

Now, EV demands, as of today, are not really coming in a faster speed. And for some time, the market situation will be perhaps mainly supported by the hybrid vehicles. Therefore, until now, we had a Civic, Accord, CR-V, rather smaller cars lineup. We have a hybrid offering, but large size, we do not have a hybrid setting.

目前為止，EV 需求並沒有以很快的速度成長。而在一段時間內，市場情況可能主要仍由油電混合車來支撐。因此，過去我們的產品線以 Civic、Accord、CR-V 等較小型車為主。我們有油電混合的產品，但在大型車方面，並沒有油電混合的配置。

Because of that, we want to add new hybrid vehicles in these segments, large car segment. Therefore, we can capture the market of big cars like that. In order to fulfill that, we need to have a right production capacity so that we can provide attractive and acceptable products to the customers. That way, we can provide values to the customers in that domain. That is why we made the decision for the new factory.

因此，我們希望在這些級距——大型車級距——新增新的油電混合車款。如此一來，我們就能掌握這類大型車市場。為了達成這點，我們需要具備適當的產能，才能向客戶提供具吸引力且可接受的產品。透過這種方式，我們能在該領域為客戶提供價值。這就是我們決定興建新工廠的原因。

And thinking about the future, as I said earlier, in the future, EV environment will come for sure, we believe. Therefore, we should be able to address the EV demand as well. The plant is to be designed to cater for the EV demand in the future in the States.

並且從長遠來看，如我先前所說，我們相信未來 EV 環境必然會到來。因此，我們也必須能夠回應 EV 需求。這座工廠的設計，是為了在美國未來能因應 EV 需求。

We produce 1 million unit-plus, and we are going to add 240,000. We are going to have a 1.3 million capacity in all in the future. And then, along with that, we would like to increase the sales unit as well. That is for the question one.

我們目前生產超過 100 萬台，並將新增 24 萬台。未來總產能將達到 130 萬台。同時，我們也希望提升銷售台數。以上是第一個問題的回答。

And for the question two, as for the unit sales, the numbers were already shown to you. But simply speaking, we have dropped some out of that specifically because of the China unit sales being soured. And then in China, as you know, we are in a very tough situation. Sales unit in China have to be revisited, because of which we needed to have this impact on the unit sales situation.

至於第二個問題，關於銷售台數，相關數字已向各位展示。但簡單來說，我們下修主要是因為中國的銷售台數惡化而有所減少。而且在中國，如各位所知，我們正處於非常艱難的情況。中國的銷售台數必須重新檢視，因此對整體銷售台數造成了影響。

Other than that, basically in North America, we will have a growth of the unit sales, and that will cover the shortcoming of other regions. Because of the increase in North America, we are in an advantageous position for the revenue because of that.

除此之外，基本上在北美，我們的銷售台數將成長，並可彌補其他地區的不足。由於北美的成長，我們在營收方面也因此處於有利位置。

Automobile businesses can recover the revenue because of the situation like that. In the motorcycles, the unit sales is growing as compared to the previous forecast, because of which we have this number in the financial result. Thank you very much. Thank you.

汽車業務可因這樣的情況而恢復營收。在機車方面，銷售台數相較先前預測有所成長，因此財務結果中呈現了這個數字。非常感謝。謝謝。

Next question. [Steph Gui] from Japan Automotive Daily.

下一個問題。日本《Japan Automotive Daily》的[Steph Gui]。

This is Gui speaking. Thank you for the explanation. I also would like to ask about the United States and your additional investment in the US. Honda, you are going to improve productivity through automation, digitization at the new plant.

我是Gui。感謝您的說明。我也想請教美國以及貴公司在美國的追加投資。Honda在新工廠將透過自動化與數位化來提升生產力。

Regarding production in North America, there is a rising wages, and the suppliers are reluctant to enter into the United States, I hear. And the economic outlooks are unclear, and the supply chain is very difficult, meaning the procurement of components might be difficult. So in trying to produce more in the United States, what is your thinking on the supply chain? That is the first point.

關於北美的生產，我聽說工資正在上升，而供應商也不太願意進入美國。此外，經濟前景不明朗，供應鏈也非常困難，意味著零組件採購可能會變得困難。因此，在嘗試增加美國本土生產時，您對供應鏈有何想法？這是第一點。

And about this morning, on page 16, about the profit and increase, you say that cost reduction. I think this is the impact of the raw materials. Am I correct in interpreting? This is due to the Middle East situation, raw material costs and energy costs are rising. I think that this is impacting your business. And other OEMs are saying that this was more than what they were initially anticipating. But about the cost reduction, what are your thoughts for the second half, please? Thank you.

另外，關於今天早上第16頁的利潤增減，您提到成本降低。我認為這是原材料的影響。我這樣解讀是否正確？由於中東局勢，原材料成本與能源成本正在上升。我認為這正在影響貴公司的業務。其他OEM也表示這超出他們最初的預期。那麼關於成本降低，請問您對下半年有何看法？謝謝。

Thank you. About the first question, I would like to respond. The second, Kawaguchi-san will respond. About the first question, as Mr. Gui mentioned, about the new factory, automation or IT is one key element. And compared to existing plants, production efficiency will be higher, and cost competitiveness will be high. That is our intention.

謝謝。關於第一個問題，我來回答。第二個問題由川口先生回答。就第一個問題而言，如Gui先生所提到，新工廠的關鍵要素之一是自動化或IT。與既有工廠相比，生產效率將更高，成本競爭力也會更強。這是我們的用意。

In the future, we will be using physical AI and set automation targets. Currently, how much efficiency has not been disclosed, but it will be the state-of-the-art factory, and so it will have a top-level efficiency.

未來我們將運用實體AI（physical AI）並設定自動化目標。目前尚未公開效率可提升多少，但這將是一座最先進的工廠，因此會具備頂尖水準的效率。

About suppliers, regarding suppliers, already, we are communicating with them, and we are studying -- and having them study what to do. But one thing regarding this, there are suppliers with whom we will ask to invest, and others, by changing the working style, they may be able to respond to our needs.

關於供應商方面，我們已經在與他們溝通，也在研究——並請他們研究該如何因應。不過其中一點是，有些供應商我們會請他們投資；另一些則可能透過改變工作方式來回應我們的需求。

In either case, the suppliers, in the future, we are saying 240,000 units increase in capacity, so this will require a certain amount of investment and also a certain amount of manpower. So with our suppliers, we would like to collaborate closely so that when we start production in 2029, we will for sure be able to meet all the requirements. That is all. Thank you.

無論哪一種情況，我們提到未來產能將增加24萬台，因此需要一定程度的投資，也需要一定的人力。因此，我們希望與供應商密切合作，確保在2029年開始生產時，能夠確實滿足所有要求。以上。謝謝。

About your second question, allow me to respond. Please, can you show page 16? You were asking about the cost reduction part, this minus amount that we have here, and whether cost rise is included in the JPY436 billion. Yes, it does include that, plus the semiconductor memory cost increase are included here in this number.

關於您的第二個問題，請容我回答。可以請您顯示第16頁嗎？您問的是成本降低的部分，也就是這裡的減項金額，以及日圓4,360億之中是否包含成本上升。是的，包含在內，另外半導體記憶體成本上升也包含在這個數字裡。

About the cost increase, when we were putting together initially our annual plan, we were thinking of increase of JPY360 billion cost increase. Naturally, different raw materials, copper, aluminum, and also precious metal, others. Looking at the prices for these, there are some where the prices are rising, whereas others, like precious metal, where the prices are coming to drop. So there are different cases.

關於成本上升，在我們最初編製年度計畫時，預估成本增加為日圓3,600億。當然，涉及不同原材料，例如銅、鋁，以及貴金屬等其他材料。從這些價格來看，有些在上漲，而另一些例如貴金屬則出現下跌。因此情況各不相同。

But looking at the first six months, compared to last year, we think that it is about JPY170 billion, both Motorcycle and Automobile, an increase of JPY170 billion in cost increase. We will have to follow the price developments, but the JPY360 billion cost increase that we put in initially remains in place. That is our outlook.

不過就前六個月來看，與去年相比，我們認為無論是機車或汽車，成本增加約為日圓1,700億。我們必須持續追蹤價格走勢，但最初納入的日圓3,600億成本增加仍維持不變。這是我們的展望。

About how we will respond going forward. One way of addressing this is to pass this on to the selling price. The other is, with our suppliers, try to reduce costs on our own and absorb the cost increase. Currently, we are looking at the competitors’ prices. Just directly adding on to the selling price, the cost increase is not realistic. That is our understanding. Therefore, we have to work together with our suppliers so as to try to reduce the cost.

至於未來如何因應。一種方式是將其轉嫁到售價。另一種是與供應商一起努力降低成本，由我們自行吸收成本上升。目前我們正在觀察競爭對手的價格。若只是直接把成本上升加到售價上，並不現實。這是我們的理解。因此，我們必須與供應商合作，努力降低成本。

It will take time, but we will have to absorb the cost increase. We will have to follow the price trend of different materials and think about what measures need to be taken. That is all from me. Thank you.

這需要時間，但我們必須吸收成本上升。我們將追蹤各種材料的價格趨勢，並思考需要採取哪些措施。以上是我的回答。謝謝。

Next question. Shukan Toyo Keizai, Mr. Yamada, please. Yamada from Toyo Keizai. Thank you.

下一個問題。《週刊東洋經濟》的山田先生，請。我是《東洋經濟》的山田。謝謝。

Wait for the moment. Can you hear me?

請稍等一下。聽得到我說話嗎？

Yes. Thank you.

是的。謝謝。

So the results this term, the full-year plans, the OP, about JPY650 billion for the first half, and then you have up-revised, right? And then for EV-related losses, about JPY490 billion negative. And then third, fourth quarter, JPY140 billion OP expected, right? And then based on your capability, it should be about JPY140 billion, and you have a JPY780 billion plans. Would that have a kind of buffer included, or do you factor in for the conservative expectations because of some business environments?

本期業績、全年計畫方面，上半年營業利益（OP）約日圓6,500億，之後您上修了，對吧？另外，與EV相關的損失約為日圓4,900億的負數。再來，第三、第四季預期營業利益為日圓1,400億，對吧？以貴公司的能力來看，應該是約日圓1,400億，而您提出日圓7,800億的計畫。這裡面是否包含某種緩衝，或是因為某些經營環境而採取較保守的預期？

And unit sales targets or plans is up-revised as well. In the first half, I have 1.1 million units added. And 500,000 also for the second half, I suppose, as compared to first half. And for the full-year basis, you have a kind of a narrowing down of those gaps. Tell me about those numbers.

另外，銷售台數目標或計畫也上修了。上半年我看到增加了110萬台。下半年我想也增加了50萬台，相較於上半年而言。以全年來看，您似乎縮小了這些差距。請談談這些數字。

Could you elaborate on the second question? You are talking about Motorcycle unit sales volume.

可以請您再說明一下第二個問題嗎？您指的是機車的銷售台數嗎？

Yes. The second question is for the Motorcycle. Yes.

是的。第二個問題是關於機車。是。

Yamada-san, thank you. Let me explain. Numbers will be given by Kawaguchi-san later, but the gap between the first and second half. I understand your question is about it.

山田先生，謝謝。我來說明。具體數字稍後由川口先生提供，但我理解您的問題是關於上半年與下半年之間的差距。我理解您是在問這一點。

For the second half, the business environment on the whole, the external environments, business environments, as compared to the first half, is going to be tougher. That is the expectations by which we put up those expectation numbers.

就下半年而言，整體的經營環境、外部環境，相較於上半年將會更嚴峻。我們是基於這樣的預期來提出那些預測數字。

With this, the crisis of Hormuz would give actual impact, and raw materials, aluminums, supply concerns will continue on. Inflationary trend will continue, and interest rate will be up higher continually. That is our expectations. Because of that, in this environment, businesses have to be in a tougher environment.

在此情況下，荷姆茲（Hormuz）危機可能會帶來實際影響，原材料、鋁等供應疑慮也將持續。通膨趨勢將延續，利率也將持續走高。這是我們的預期。因此，在這樣的環境下，企業將面臨更嚴峻的經營環境。

For the Motorcycle business, we will see the steady trend demands going forward, especially in North America, oil prices hike would give us a kind of a positive thing. However, interest rate hikes and impact on the gas crisis and so on, those are factored in in the second-half expectations. That is why it is looking worse than the first half.

就機車事業而言，未來需求預期將維持穩健，尤其在北美，油價上漲對我們可能是偏正面的因素。不過，利率上升以及燃料危機等影響，都已納入下半年的預期之中。因此看起來會比上半年更差。

First half, second half, the unit sales in the second half will be less, and that is usual, in fact. Every year, it is like that, and it is a usual situation for our outlook. The raw material prices, the prices are soaring, and that had to be reflected in the cost expectations in the second half, and that is already considered.

上半年、下半年來看，下半年的銷售台數會比較少，事實上這是很正常的。每年都是如此，對我們的展望而言也是一種常態。原物料價格、價格正在飆升，這必須反映在下半年的成本預期中，而這點已經納入考量。

As compared to the first half, the units will be down for the automobiles. Cost increases and its impact. Because of that, JPY300 billion impact is expected. Usually every year, we have R&D, SG&A, those expenses are usually put up in the second half more than the first half. Therefore, we have about a JPY 400 billion impact because of them.

與上半年相比，汽車的銷售台數將會下降。成本上升及其影響。因此，預期將有3,000億日圓的影響。通常每年，我們的研發、銷管費（SG&A）等費用，往往在下半年會比上半年增加。因此，因這些因素約有4,000億日圓的影響。

I said that through capability, JPY1.4 trillion, you said. We have one-time factors too. Numbers will be given by Kawaguchi-san, but we have quite a few one-time things in there. When we say our true capabilities may be JPY1.1 trillion, that is our true capability according to our assumptions. Based on those concepts, we put up this outlook at this time. That’s for the question one.

我提到以實力來看是1.4兆日圓，您剛才也這麼說。我們也有一次性因素。數字會由川口先生說明，但其中包含相當多的一次性項目。當我們說真正的實力可能是1.1兆日圓時，這是依照我們的假設所推算出的真正實力。基於這些概念，我們在此時提出這份展望。以上是第一個問題的回答。

Second question, please. I think I have not much to add. The one-time for the full year, the expenses, SG&A, about JPY100 billion. Details, well, I’m not going to go details, but we have a bit of the reduction in some expense areas, and then the tariff.

請問第二個問題。我想我沒有太多補充。全年一次性項目方面，費用、銷管費（SG&A）約1,000億日圓。細節方面，我就不深入說明，但我們在部分費用領域有一些削減，另外還有關稅。

Two things. Last year, US tariff system, especially for the parts components. According to the sales turnover in the United States, we had a credit for the refund. And the timing of the refund, some of them should have been given back to us last year. However, it is kind of put forward this term, and also IEEPA tariff.

有兩點。去年美國的關稅制度，特別是針對零組件。依據我們在美國的銷售周轉情況，我們取得了退稅的抵免額度。而退稅的時點，其中一部分原本應該在去年退還給我們。但它有點被延後到本期，另外還有IEEPA關稅。

The Supreme Court in the United States made a decision for IEEPA, and then the refund is expected, and it was put up in the first half, but also some part is going to be put for the full-year basis too. Including all that in this SG&A, JPY100 billion impact, and then including tariff, JPY140 billion about the revenues pushed up by that.

美國最高法院就IEEPA作出裁決後，預期將會退稅；這部分已在上半年計入，但也有一部分會以全年基礎計入。把這些都納入銷管費（SG&A）後，影響約1,000億日圓；此外包含關稅因素在內，約有1,400億日圓使營收上升。

Excluding all that, you can then talk about our true capabilities, as Kaihara-san said earlier. Then, as second half, North America Automobile businesses, the market is rather uncertain, I don’t know, because the competitors are quite strong, and also the oil prices and the Middle Eastern situations. We don’t know what’s going to happen there.

若排除上述因素，就可以如貝原先生先前所說，來談我們真正的實力。至於下半年，北美汽車業務的市場相當不確定；我也不確定，因為競爭對手相當強，另外還有油價與中東局勢。我們不知道那邊會發生什麼事。

If those kind of souring, and then the automobiles, passengers, hybrid, maybe if they are to go for the large-sized ones, then we have to be prepared better. That is behind those unit sales expectations and incentives too.

如果那類情況惡化，而汽車（乘用車、油電混合）若轉向大型車款，我們就必須做更充分的準備。這也是銷售台數預期與獎勵金（incentives）背後的原因。

We have saved some in the second quarter, and it’s a kind of preparations for the second half. Maybe all that might make a first and the second-half gap looking greater.

我們在第二季省下了一些，算是為下半年做準備。也許這些因素會讓上半年與下半年的落差看起來更大。

So JPY520 billion, that’s the maximum, and it is going to be not carried over, right? EV losses.

所以5,200億日圓是上限，而且不會結轉到下一期，對吧？EV損失。

As Kaihara said in the beginning, as for the EV losses, according to the usual accounting standard, we have an obligation to make payments for that, and then we made our best estimates each time to include them in the expectations. But in the beginning of the fiscal year, we didn’t have a good communication, and we couldn’t have a right estimate.

如貝原一開始所說，關於EV損失，依照一般會計準則，我們有支付義務，因此每次都以最佳估計將其納入預期。但在會計年度開始時，我們溝通不足，無法做出正確估計。

Then we had many communications from the suppliers. The communication with them have progressed since then. Therefore, now we have a reasonable expectation that is JPY480 billion. By the end of this fiscal year, we will continue on the adjustment and talk with the suppliers.

之後我們從供應商收到許多溝通。與他們的溝通自那時起有所進展。因此，目前我們有較合理的預期，為4,800億日圓。到本會計年度結束前，我們會持續調整並與供應商協商。

For us and for the suppliers, for all of us, it is better to conclude all the things of the loss-related matters by the end of this fiscal year so that we can go forward, look forward for the future. With the time, we would like to conclude those loss-making matters by the end of the fiscal year.

對我們與供應商、對所有人而言，最好在本會計年度結束前把所有與損失相關的事項定案，這樣才能往前走、展望未來。隨著時間推進，我們希望在會計年度結束前結束這些虧損相關事項。

Then, we have JPY480 billion for the first half. We still have some continuing communications and talks, and we need to scrutinize further on. Therefore, JPY520 billion expectation for this full year is still there because of that. We are now able to have a more reasonable, realistic estimate there.

另外，上半年是4,800億日圓。我們仍有一些持續的溝通與協商，需要進一步審視。因此，全年5,200億日圓的預期仍然存在。我們現在能做出更合理、更貼近現實的估計。

I wouldn’t say that it will be so much different from the expectations in the end. However, this will be the level that will be for the full-year expectations of the EV-related losses, and we are working on that now. Thank you.

我不會說最後會與預期有很大的差異。不過，這將是全年EV相關損失預期的水準，我們目前正朝此方向推進。謝謝。

So the question to the Motorcycle units. I think the concept is the growth in the first half, as compared to that, growth in the second half may look too modest, I think. India, that is the largest portion out of that. They have a GST tax-related impact. And since last year, from the early part of this year, they’ve changed their taxing system. In other words, the prices came down because of which the unit sales went up.

接著是關於機車銷售台數的問題。我想概念是：上半年成長相對較高，相比之下，下半年的成長看起來可能過於溫和。其中最大比重是印度。印度受到GST稅制相關影響。自去年起、到今年年初，他們調整了課稅制度。換言之，價格下降，因此銷售台數上升。

The incremental portions have been already factored in in the second half last year. Therefore, the second half to second half, I doubt maybe the growth rate would not be so different year on year. Because of that, increments in India may not look so great. That is how it impacts on the unit sales or volume.

這些增量部分在去年下半年就已經反映。因此，以「下半年對下半年」來看，我認為年增率可能不會有太大差異。所以印度的增量看起來可能不會那麼亮眼。這就是它對銷售台數或銷量的影響方式。

US, China, we expect some reduction too of the volume. Excuse me, US, it is going to be tough. Japan, the motorcycle 50cc, the ICE stopped, so it will have some impact. Also the earthquakes in Kumamoto had some shipment issues. We had to suspend because of that. That also pushed down the volume. Therefore, the growth rate of the volume in first, second half may not look too great. That is the factors behind that. Thank you.

美國、中國方面，我們也預期銷量會有一些下滑。抱歉，美國會很艱難。日本方面，50cc機車的內燃機（ICE）已停止，因此會有一些影響。另外，熊本地震也造成部分出貨問題。我們因此不得不暫停。這也拉低了銷量。因此，上半年與下半年的銷量成長率看起來可能不會太高。以上就是背後的因素。謝謝。

Next question. Kyodo. Koshika-san, please.

下一個問題。共同社。請越鹿先生。

Can you hear me?

聽得到嗎？

Yes.

是的。

Thank you. Two questions about the Chinese market outlook. Unit sales this fiscal year is expected to go down significantly. Do you think that unit sales will bottom out this fiscal year? I believe you have plans to introduce new models. Do you think unit sales will recover next fiscal year is my first question.

謝謝。我有兩個關於中國市場展望的問題。本會計年度的銷售台數預期將大幅下滑。您認為銷售台數會在本會計年度觸底嗎？我相信你們有導入新車型的計畫。您認為下個會計年度銷售台數會回升嗎？這是我的第一個問題。

And about Europe. Those cars produced outside of Europe might face regulation. So what are your thoughts on this, please?

另外關於歐洲。在歐洲以外生產的車輛可能會面臨法規限制。請問您對此有何看法？

Thank you. I'll respond to both. About the Chinese market, currently we are in a very difficult position because China's economy is shrinking and due to the impact of the Hormuz Strait, the gasoline prices are rising and the market situation is changing significantly.

謝謝。我會一併回應兩個問題。關於中國市場，目前我們處於非常困難的局面，因為中國經濟正在萎縮，且受荷姆茲海峽影響，汽油價格上升，市場情勢出現顯著變化。

The overall market is shrinking and also because of the high gasoline prices, there is a shift from gasoline to EV models. So ICE, the internal combustion engine market is in a very difficult position and that is the reason why we've cut down our unit sales prospects and we are striving to achieve those numbers that we've just set up. Now, as for the future, we think the same will continue for some time.

整體市場正在萎縮，而且由於汽油價格高漲，市場正從汽油車轉向電動車（EV）車型。因此，ICE（內燃機）市場處於非常艱難的狀況，這也是我們下調銷量展望的原因；我們正努力達成剛剛設定的數字。至於未來，我們認為這樣的情況還會持續一段時間。

First, in regards to gasoline models, we want to try to minimize the cost as much as possible. And tapping on joint venture know-how and the capability of our suppliers, we want to gain competitiveness as to contribute to sales.

第一，關於汽油車型，我們希望盡可能把成本降到最低。並且運用合資企業的專業知識與供應商的能力，提升競爭力，以帶動銷售。

And the second, about the future. Using our joint venture platforms, we want to produce EVs. This will take time, but this is a direction that we are looking towards. And we want to maintain the current status and try to lead the way to future sales.

第二，關於未來。我們希望利用合資平台來生產電動車。這需要時間，但這是我們正在朝向的方向。我們也希望維持目前的狀態，並努力引領未來的銷售成長。

In the future, we will be fully utilizing local resources so as to increase cost competitiveness and make our models more intelligent, leveraging the know-how of our partners. We want to expand our lineup in such a way. We have a brand that we have built from the past. We want to retain our brand and try to enhance our presence. That is the direction we will be pursuing.

未來，我們將充分運用在地資源以提升成本競爭力，並借助合作夥伴的專業知識，讓我們的車型更智慧化。我們希望以這樣的方式擴充產品陣容。我們有過去建立起來的品牌。我們希望保有品牌，並努力提升存在感。這就是我們將追求的方向。

Second question, about Europe. Well, actually at this point in time, for those produced outside of Europe, there is discussion ongoing within Europe, we understand. Under the current situation, for example, for the European region, we invest and set up a production site that we think will be difficult. And therefore, the way of thinking is that we will approach the different countries' governments and try to maintain a fair and competitive relationship.

第二個問題，關於歐洲。其實在目前這個時間點，對於在歐洲以外生產的產品，據我們了解，歐洲內部仍在進行討論。在現況之下，例如在歐洲地區投資並設立生產基地，我們認為會很困難。因此，我們的想法是與各國政府接觸，並努力維持公平且具競爭性的關係。

We want to approach them and deliver this message to the governments. And we have trusted partners in each of the countries. Therefore, with these partners, we would like to approach policymakers in Europe so as to do outreach, for example. And try to apply the concept of FTA to Japanese vehicles.

我們希望與各國政府接觸並傳達這個訊息。而且我們在各國都有值得信賴的合作夥伴。因此，我們希望與這些夥伴一起接觸歐洲的政策制定者，進行例如對外溝通等工作。並嘗試將FTA的概念適用於日本車輛。

Now, if this were to be applied, then we will, in some way, think about local production. For this, there are many things that we have to take into consideration. As for now, we are following closely the discussions within the European Union. That is all. Thank you.

如果這能夠適用，那麼我們也會在某種程度上考慮在地生產。為此，有許多事項需要納入考量。目前我們正密切關注歐盟內部的討論。以上。謝謝。

So I'm sorry that there are still many raising hands. However, next question is going to be the last one. Ms. Miura from Asahi newspaper, please.

很抱歉，現場還有很多人舉手。不過，下一個問題將是最後一題。請朝日新聞的三浦女士。

Thank you for your explanation today. Can you hear me?

謝謝今天的說明。聽得到嗎？

Yes, please.

是的，請說。

Two questions. Slide 15, outlook. So what is the reason behind the upper revision, breaking it down, those factors? Main one is JPY46 billion part, I suppose. And then you mentioned about the impact by the refund of the tariff. What is the impact by that? And what is the largest factor for the upper revision for the expectation on the page 15?

兩個問題。第15頁投影片，展望。上修的原因是什麼？能否拆解說明各項因素？我想主要是日圓460億那一部分。另外您提到關稅退稅的影響。那個影響是什麼？以及第15頁上修展望的最大因素是什麼？

Question two. Right at the beginning, you talked about a new factory. Up until then, up until the start of the new plant in 2029, there will be some time. In the meantime, though the demands is pretty steady, how can you adapt to the growing demands in the meantime? Up until the commissioning of the plant, how do you manage?

第二個問題。一開始您談到新工廠。到2029年新廠啟用之前還有一段時間。在此期間，雖然需求相當穩定，您們要如何因應這段期間成長的需求？在工廠投產之前要如何管理？

So Kawaguchi is going to address the question one.

第一個問題將由川口來回答。

Thank you for the question. I think you are talking about -- can you show the slide, please? So this slide. You are talking about the expenses, others. You would like to know what is included in there, right? Is that correct?

謝謝您的提問。我想您指的是——可以請您顯示投影片嗎？就是這張投影片。您是在問費用中的「其他」項目。您想知道裡面包含哪些內容，對嗎？是這樣嗎？

Yes.

是的。

As I said in the beginning, today we have a one-time factors affecting both SG&A and tariff. For the SG&A areas, I cannot give you too much of the details because of the people outside -- the other party, because we have some reconciliation of the lawsuit. We have had some provisions for that before. After many talks around that, we would not require those provisions anymore. It is kind of reverted back.

如同我一開始所說，今天有一些一次性因素同時影響SG&A與關稅。在SG&A方面，由於涉及外部人士——也就是對方——因為我們正在進行訴訟和解的協調，所以我無法提供太多細節。我們之前已為此提列了一些準備金。經過多次協商後，我們不再需要那些準備金。等於是回轉（沖回）了。

At the time when we were putting up those plans in the beginning of the year, it was not really expected. However, now we have JPY40 billion worth for that, and that was outside of our expectations. That is in here now. That is for the question one. Thank you.

在年初提出那些計畫時，其實並未預期會發生。但現在這部分金額約為日圓400億，這超出我們的預期。目前已反映在這裡。以上是第一個問題的回答。謝謝。

And then question two, I will address. Of course, as I said earlier, today our production situation is that we are having a full utilization up until the commissioning of the new plant, three-year period, up until then. For that period, we need to manage within the current production capacity by managing the shift arrangements and the way of working.

第二個問題我來回答。當然，如我先前所說，目前到新工廠投產為止的三年期間，我們的生產狀況是滿載運轉。在這段期間，我們需要透過班次安排與工作方式的管理，在現有產能內進行調度。

As of now, we have various ideas and arrangement of the working styles. We are trying to do something out of that. Of course, we need to have the suppliers also following suit as well. So we need to give more consideration to how to do it.

目前我們對於各種作法與工作型態的安排都有一些想法。我們正嘗試從中採取一些措施。當然，也需要供應商配合跟上。因此，我們必須更審慎地思考要如何推進。

But maybe some tens of thousand unit level, we can manage to generate, I suppose. Of course, it is not something that we can expect right now, but we have to communicate with the suppliers so that we can expand our capacity as much as we can in the meantime. Going forward, demands in the markets, stocks in the inventories, based on all those, we like to try our best to deliver the products safely to the customers. Thank you.

不過，我想大概在數萬台的層級，我們應該可以設法增加產出。當然，這不是現在就能確定期待的事情，但我們必須與供應商溝通，讓我們在此期間盡可能擴大產能。未來我們會根據市場需求、庫存水位等各項因素，盡最大努力把產品安全地交付給客戶。謝謝。

Thank you very much. And with this, we would like to end our media briefing. As for the materials, they are posted on our website for you to refer to. Once again, thank you for your participation.

非常感謝。那麼，我們的媒體說明會到此結束。相關資料已上傳至我們的網站，供各位參考。再次感謝各位的參與。

Thank you.

謝謝。