豐田汽車 (TM) 2023 Q2 法說會逐字稿

Thank you very much for participating in this financial results announcement despite your occupied schedule. We would like to start the presentation on the financial year 2023 second quarter financial results. .

非常感謝您在日程繁忙的情況下參與本次財務業績公告。我們想開始介紹 2023 財年第二季度的財務業績。 .

First of all, let me introduce to you the participants from TMC, Executive Vice President, Chief Financial Officer, Kenta Kon. Chief Communication Officer, Jun Nagata. The Chief Officer for Accounting Group, Masahiro Yamamoto. Chief Officer of Purchasing Group, Kazunari Kumakura. And Deputy Chief Officer, Production Department, Yoshio Nakamura.

首先給大家介紹一下TMC的參會人員，執行副總裁兼首席財務官Kenta Kon。首席通信官，Jun Nagata。會計集團總裁山本雅弘。採購組長熊倉一成。以及生產部副部長中村義雄。

Now ladies and gentlemen, first of all, Yamamoto will share with you the outline of financial results.

現在女士們，先生們，首先，山本將與大家分享一下財務業績的概要。

We would like to express our heartfelt appreciation to our customers around the world who chose us as well as our shareholders, dealers and suppliers who support us. And I would like to express appreciation for those of you who are participating in this financial results announcement.

我們衷心感謝選擇我們的全球客戶以及支持我們的股東、經銷商和供應商。我想對參與本財務業績公告的各位表示感謝。

But at the same time, we sincerely apologize for the inconvenience caused to our customers who are waiting for their vehicles. We are working to deliver them as soon as possible. First, let me provide a summary of the second quarter of the fiscal year ending March 2023.

但同時，對於給等待車輛的客戶帶來的不便，我們深表歉意。我們正在努力盡快交付它們。首先，讓我提供截至 2023 年 3 月的財政年度第二季度的摘要。

The result for the first half was operating income of JPY 1,141.4 billion, the business environment is changing dramatically such as the rapid changes of foreign exchange rates, raising interest rate, soaring materials prices and more.

上半年業績為營業收入11,414億日元，匯率急劇變化、利率上升、材料價格飛漲等經營環境發生了巨大變化。

While production constraints continue due to low supply of semiconductors, a lockdown in Shanghai, the flood in South Africa, et cetera, we worked hard with our dealers, suppliers and production sites in order to deliver as many cars as possible to our customers.

儘管由於半導體供應不足、上海的封鎖、南非的洪水等導致生產限制繼續存在，但我們與經銷商、供應商和生產基地一起努力，以向我們的客戶交付盡可能多的汽車。

Operating income decreased due to soaring materials prices and onetime costs despite the positive effects from the depreciation of the yen.

儘管日元貶值帶來積極影響，但由於材料價格和一次性成本飆升，營業收入下降。

As for the full year forecast, it remained unchanged from the previous forecast, so we anticipate operating income of JPY 2,400 billion.

至於全年預測，與之前的預測保持不變，因此我們預計營業收入為 24,000 億日元。

We have revised our vehicle production forecast downward by 500,000 units to 9.2 million units, taking into consideration risks such as the procurement of semiconductors.

考慮到半導體採購等風險，我們將汽車產量預測下調了 50 萬輛至 920 萬輛。

We will continue with their activities to strengthen our profit structure throughout the supply chain, even though we are in a situation in which it is difficult to predict the future due to rapid changes in the business environment.

我們將繼續他們的活動，以加強我們整個供應鏈的利潤結構，即使我們處於由於商業環境的快速變化而難以預測未來的情況。

In terms of return to shareholders, the interim dividend is JPY 25 per share, an increase of JPY 1 compared to the previous fiscal year. We have set aside the full amount of JPY 150 billion to make share repurchase in a flexible manner.

在對股東的回報方面，中期股息為每股25日元，比上一財年增加1日元。我們已全額撥出 1500 億日元，以靈活方式進行股份回購。

Let me explain our financial results for the first half ended September 2022 covering the 6 months from April to September.

讓我解釋一下我們截至 2022 年 9 月的上半年財務業績，涵蓋 4 月至 9 月的 6 個月。

Consolidated vehicle sales for the period was 4,159,000 units. That is 101.6% of the same period of the previous fiscal year. Toyota and Lexus vehicle sales was at 4,742,000 units, which was 97.7% of such sales from the same period of the previous fiscal year.

期內合併汽車銷量為 4,159,000 輛。這是上一財年同期的101.6%。豐田和雷克薩斯汽車銷量為 4,742,000 輛，佔上一財年同期銷量的 97.7%。

As for the regional sales breakdown, the sales volume decreased in developed countries due to production constraints, but the sales volume increased in regions such as Asia and others due to recovery from the impact of COVID-19.

至於區域銷售細分，發達國家的銷量因生產限製而下降，但亞洲等地區的銷量因 COVID-19 影響的複蘇而有所增加。

Consolidated financial results were sales revenue of JPY 17,709.3 billion. Operating income, JPY 1,141.4 billion. Income before income taxes of JPY 1,834.2 billion. And quarterly net income of EUR 1,171 billion. I would like to explain the factors which impacted operating income year-on-year.

合併財務業績為銷售收入 177,093 億日元。營業收入 11,414 億日元。所得稅前收入為 18,342 億日元。季度淨收入為 11,710 億歐元。我想解釋一下影響營業收入同比的因素。

First, the effects of foreign exchange rates increased operating income by JPY 565 billion. Second, cost reduction efforts decreased operating income by JPY 650 billion, largely due to the impact of soaring material prices, which account for JPY 765 billion.

首先，受匯率影響，營業收入增加了 5650 億日元。其次，削減成本的努力使營業收入減少了 6500 億日元，這主要是由於材料價格飆升的影響，佔 7650 億日元。

Third, marketing efforts increased operating income by JPY 130 billion. Fourth, an increase in expenses decreased operating income by JPY 310 billion. Lastly, we also incurred a negative impact of JPY 341 billion, largely due to swap valuation losses and costs to terminate our production in Russia.

第三，營銷努力使營業收入增加了 1300 億日元。第四，費用的增加使營業收入減少了 3100 億日元。最後，我們還遭受了 3410 億日元的負面影響，主要是由於掉期估值損失和終止我們在俄羅斯的生產的成本。

As a result, excluding the overall impact of foreign exchange rates, swap valuation gains and losses and other factors, operating income decreased by JPY 830 billion year-on-year.

因此，剔除匯率、掉期估值損益等因素的整體影響，營業收入同比減少8300億日元。

Let me explain the operating income for each region. Japan increased by JPY 50.1 billion year-on-year due to the effects of foreign exchange rates despite the negative effect from soaring material prices.

讓我解釋一下每個地區的營業收入。儘管受到材料價格飆升的負面影響，但由於匯率影響，日本同比增加了 501 億日元。

North America decreased by JPY 332.1 billion due to soaring materials prices and increase in expenses. Europe also decreased by JPY 106.5 billion due to soaring material prices and the cost of terminating our production in Russia despite the positive effects from our marketing efforts.

由於材料價格飆升和費用增加，北美減少了 3,321 億日元。儘管我們的營銷努力產生了積極影響，但由於材料價格飆升和終止我們在俄羅斯的生產成本，歐洲也減少了 1065 億日元。

Asia increased by JPY 62.8 billion year-on-year due to the effects of foreign exchange. Other regions decreased by JPY 15.2 billion.

亞洲受外匯影響同比增加628億日元。其他地區減少了 152 億日元。

In the next slide, let me explain the business in China as well as Financial Services.

在下一張幻燈片中，讓我解釋一下中國的業務以及金融服務。

As for our business in China, while the operating income of consolidated subsidiaries decreased because of the decrease in sales volume, our sales profit of investment accounted for by equity method increased year-on-year, mainly due to increase in sales volume and effects of foreign exchange rates.

中國業務方面，雖然合併子公司的營業收入因銷量下降而減少，但權益法核算的投資銷售利潤同比增加，主要是銷量增加及受外匯匯率。

The Financial Services business, the operating income here increased year-on-year largely due to the impact of foreign exchange rates, increase in earning assets and others.

金融服務業務，這裡的營業收入同比增長主要是受外匯匯率、盈利資產增加等影響。

With respect to this year order return, we decided to pay an interim dividend of JPY 25 per share, an increase of JPY 1 and we intend to continue to maintain and improve consolidated dividend payout ratio as well as stably and substantially to reward our shareholders who hold our shares over the midterm to longer term.

對於今年的訂單回報，我們決定派發每股 25 日元的中期股息，增加 1 日元，我們打算繼續保持和提高綜合股息支付率，並穩定、大幅度地回報我們的股東在中長期持有我們的股票。

Now let me explain the forecast for the fiscal year ending March 2023. Please note that the volume, sales revenue and operating income of Hino Motors are included in numbers from this forecast. Let me explain the vehicle production forecast for Toyota and Lexus.

現在讓我解釋一下截至 2023 年 3 月的財政年度的預測。請注意，日野汽車的銷量、銷售收入和營業收入都包含在該預測的數字中。讓我解釋一下豐田和雷克薩斯的汽車產量預測。

We have seen a high production plan of 9.7 million units and worked hard with the suppliers and production sites in order to deliver as many cars as possible as soon as possible to our customers who have been waiting for a long time for their cars to be delivered.

我們看到了 970 萬輛的高生產計劃，並與供應商和生產基地一起努力，以盡快將盡可能多的汽車交付給等待汽車交付的客戶。 .

However, it's still difficult to predict the future due to risks such as procurement of semiconductors. Therefore, we decided to revise our plan to 9.2 million units, which is down by 500,000 units from the previous forecast.

但是，由於半導體採購等風險，未來仍難以預測。因此，我們決定將我們的計劃修改為 920 萬輛，比之前的預測減少 50 萬輛。

We intend to continue to consider all possible countermeasures and make every effort together with our suppliers and production sites.

我們打算繼續考慮所有可能的對策，並與我們的供應商和生產基地一起努力。

For consolidated vehicle sales volume, we have revised our forecast downward by 50,000 units from the previous forecast, and we now anticipate 8.8 million units.

對於綜合汽車銷量，我們將預測從之前的預測下調了 50,000 輛，現在我們預計為 880 萬輛。

Regional sales breakdown is as stated in the presentation. As for the sales volume for Toyota and Lexus vehicles, we have revised our forecast downward by 500,000 units from the previous forecast and the new forecast is JPY 9.4 million units.

區域銷售明細如演示文稿中所述。對於豐田和雷克薩斯汽車的銷量，我們將之前的預測下調了 50 萬輛，新預測為 940 萬日元。

Let me explain the full year consolidated financial forecast.

讓我解釋一下全年合併財務預測。

We have adopted the full year foreign exchange rate assumption of JPY 135 per U.S. dollar and JPY 137 per euro. The foreign exchange rate for October onwards is based on a 3-month average rate of the second quarter, which makes the foreign exchange rate assumption at JPY 135 for both per U.S. dollar and per euro.

我們採用了 135 日元兌美元和 137 日元兌歐元的全年匯率假設。 10 月以後的匯率基於第二季度的 3 個月平均匯率，這使得對美元和歐元的匯率假設為 135 日元。

Based on this, our forecast for the full year consolidated financial performance are sales revenue of JPY 36 trillion, operating income of JPY 2,400 billion, income before taxes of JPY 3,340 billion and net income of JPY 2,360 billion.

基於此，我們對全年合併財務業績的預測為銷售收入36萬億日元、營業收入24000億日元、稅前利潤33400億日元、淨利潤23600億日元。

Now let me explain the factors that may impact operating income as compared to the previous forecast. First, the effect of foreign exchange rates will increase the operating income by JPY 220 billion.

現在讓我解釋一下與之前的預測相比可能影響營業收入的因素。首先，受匯率影響，營業收入將增加2200億日元。

Second, cost reduction efforts will increase operating income by JPY 60 billion. Third, effects of marketing activities will decrease the operating income by JPY 185 billion due to the decrease in sales volume from supply constraints and worsening of sales mix.

其次，削減成本的努力將使營業收入增加600億日元。第三，營銷活動的影響將導致營業收入減少 1850 億日元，原因是供應緊張導致銷量下降和銷售組合惡化。

Lastly, we also believe that we will incur a negative impact of JPY 90 billion on operating income due to swap valuation issues and the cost to terminate our production in Russia.

最後，我們還認為，由於掉期估值問題和終止俄羅斯生產的成本，我們將對營業收入產生 900 億日元的負面影響。

As a result, we have kept the operating income forecast unchanged from the previous forecast. The factors that we expect to income -- impact operating income compared to the same period of previous fiscal year are as shown in the presentation.

因此，我們維持營業收入預測與之前的預測相同。與上一財年同期相比，我們預計收入影響營業收入的因素如演示文稿所示。

Although we are in a situation that makes it difficult to predict the future due to rapid changes in the business environment, we will continue activities to strengthen our profit structure.

儘管由於業務環境的迅速變化，我們處於難以預測未來的境地，但我們將繼續努力加強我們的利潤結構。

Kon, EVP speaking. Today's financial results announcement related to the performance of Toyota over the past 6 months. However, these financial results reflect not only what has occurred over these 6 months. But also, the outcome of our long-standing efforts since the global financial crisis.

Kon，執行副總裁發言。今天的財務業績公告與豐田過去 6 個月的業績有關。但是，這些財務結果不僅反映了這 6 個月內發生的情況。但也是我們自全球金融危機以來長期努力的結果。

I believe they also reflect the competitiveness of Toyota as a whole, including our many colleagues in the auto industry, so that customers around the world will want Toyota products.

我相信它們也反映了豐田整體的競爭力，包括我們許多汽車行業的同仁，讓全世界的客戶都想要豐田的產品。

We have continuously evolved our products by introducing such things as an in-house company system, a regional system, TNGA common vehicle platform. We believe that this has resulted in our products being accepted by the market. However, the environment has rapidly and significantly changed in the last half year.

我們通過引入內部公司係統、區域系統、TNGA 通用車輛平台等，不斷改進我們的產品。我們相信這導致我們的產品被市場接受。然而，在過去的半年裡，環境發生了迅速而顯著的變化。

The U.S. dollar, Japanese yen exchange rate, which since 2017 had long remained stable between JPY 105 and JPY 115 to the dollar rose from JPY 121 at March end to JPY 150 recently. While the yield of 10-year U.S. government bonds has risen from 2.3% to 4.1%.

美元、日元匯率自 2017 年以來長期穩定在 105 日元和 115 日元之間，兌美元匯率從 3 月底的 121 日元升至最近的 150 日元。而 10 年期美國政府債券的收益率已從 2.3% 上升至 4.1%。

Also, as shown in the slide, energy and materials price, as well as the worldwide labor situation, are rapidly and significantly fluctuating.

此外，如幻燈片所示，能源和材料價格以及全球勞動力狀況正在迅速而顯著地波動。

All of these tremendous changes, including the semiconductor procurement situation and other factors, are occurring concurrently and for the broadly based auto industry, these changes could have a significant impact in the future as well as my honest feeling is that it is difficult to predict the future of the auto industry even 6 months ahead, let alone Toyota's earnings and production volume.

所有這些巨大的變化，包括半導體採購情況和其他因素，都在同時發生，對於基礎廣泛的汽車行業來說，這些變化可能會對未來產生重大影響，我的真實感受是很難預測汽車業的未來還要提前6個月，更不用說豐田的盈利和產量了。

With respect to the response to our -- our response to soaring raw materials prices, as mentioned in the first half analysis explained by Yamamoto, we have been constantly discussing with suppliers without drifting away from our focus of enhancing competitiveness over medium and long term.

關於我們對原材料價格飆升的反應，正如山本解釋的上半年分析中提到的那樣，我們一直在與供應商進行討論，而不會偏離我們提高中長期競爭力的重點。

The cars consists of about 30,000 parts and competitiveness cannot be increased by Toyota's efforts alone. Faced with the soaring raw materials prices, Toyota and each and every one suppliers work in one to implement competitive measures to address these things.

這些汽車由大約 30,000 個零件組成，僅靠豐田的努力無法提高競爭力。面對飛漲的原材料價格，豐田和每一家供應商合力實施競爭措施來解決這些問題。

Even now the order backlog issue isn't -- our solution is not in sight. Although the production volume forecast is revised doing our utmost to delivery to customers who ordered early as soon as possible, this basic stance has not changed. In reality, there are many difficulties, and we apologize for the wait, but we'll continue to make efforts.

即使現在訂單積壓問題也沒有——我們的解決方案還沒有出現。儘管生產量預測進行了修訂，盡最大努力盡快交付給提前訂購的客戶，但這一基本立場並未改變。現實中困難重重，對於等待我們深表歉意，但我們會繼續努力。

And there have been many times in the past when it was difficult to predict the future such as at the time of the global financial crisis. And every time we had a major impact, we are seeing changes that are beyond the scale we have seen before.

過去曾有過很多次難以預測未來的情況，例如全球金融危機時期。每次我們產生重大影響時，我們都會看到超出我們之前所見規模的變化。

I believe that our efforts that have been ongoing for a long time allowed us to manage -- to maintain production level.

我相信，我們長期以來的努力使我們能夠管理——保持生產水平。

The -- our product-centric management, we have implemented following the global financial crisis has not only strengthened our production competitiveness but also whole manufacturing skills and techniques at our suppliers and production sites.

我們在全球金融危機後實施的以產品為中心的管理不僅增強了我們的生產競爭力，而且增強了我們供應商和生產基地的整體製造技能和技術。

It has also led to significant improvements in efficiency in development sales and production, which allowed us to reduce the breakeven number of units by more than 30% compared to before the global financial crisis.

它還導致開發銷售和生產效率的顯著提高，與全球金融危機之前相比，這使我們能夠將盈虧平衡的單位數量減少 30% 以上。

I believe that this is the result of steady efforts with many stakeholders over a long period to improve our structure.

我相信這是許多利益相關者長期努力改善我們的結構的結果。

Since 2009, Japanese auto and parts industries have invested a cumulative JPY 28 trillion in R&D and JPY 23 trillion in capital expenditure and have provided customers with attractive products to create -- created numerous jobs and paid taxes to the national and local governments and obtained foreign currency to finance energy imports.

自 2009 年以來，日本汽車和零部件行業累計投入 28 萬億日元用於研發和 23 萬億日元資本支出，並為客戶提供有吸引力的產品來創造——創造了大量的就業機會，向國家和地方政府繳納了稅款，並獲得了國外為能源進口提供資金的貨幣。

The Japanese auto industry has grown by share with many people, the value created by mobility. I believe this is a tremendous strength that will enable the entire Japanese industry, including the Japan Automobile Manufacturers Association and the Japan Auto Parts Industries Association to move forward as one team, even in these times of great change.

日本汽車工業與許多人分享，移動創造的價值。我相信這是一種巨大的力量，即使在這個巨變的時代，也能讓包括日本汽車工業協會和日本汽車零部件工業協會在內的整個日本工業作為一個團隊前進。

This is something that has never happened before. Even now, headwinds such as sudden production increases and decreases due to the semiconductor shortage and rising cost due to soaring material prices continue.

這是以前從未發生過的事情。即使是現在，由於半導體短缺和材料價格飆升導致成本上升等不利因素仍在繼續。

Although we cannot predict the future, we will leverage our long cultivated competitiveness, profit structure and strong bonds and relationship of trust that we share with our many colleagues in the auto industry to overcome challenges and further increase our competitiveness. We sincerely request your support.

雖然我們無法預測未來，但我們將利用我們長期培養的競爭力、利潤結構以及與汽車行業眾多同仁共享的牢固紐帶和信任關係來克服挑戰，進一步提高我們的競爭力。我們真誠地請求您的支持。

We will now start the Q&A session. If you wish to ask a question, please use the raise hand button on the screen. We -- when we call on you, please turn on your camera and microphone. We would like to take as many questions as possible.

我們現在開始問答環節。如果您想提問，請使用屏幕上的舉手按鈕。我們——當我們打電話給你時，請打開你的攝像頭和麥克風。我們希望盡可能多地回答問題。

So I would like to ask a number of questions for each person to 2. Let us start with Mr. Yamamoto of The Yomiuri Shimbun.

所以我想問每個人的一些問題 2。讓我們從讀賣新聞的山本先生開始。

I will switch the screens. So if you see yourself on the screen, please turn on the microphone and start speaking or [de-mute] the microphone and start speaking.

我會切換畫面。因此，如果您在屏幕上看到自己，請打開麥克風並開始講話，或 [取消靜音] 麥克風並開始講話。

Mr. Yamamoto, could you start asking your question, please.

山本先生，請您開始提問吧。

Yamamoto of The Yomiuri Shimbun. I have 2 questions. Question #1, the financial results that you have announced today, what is your assessment of that? Could you explain that once again?

讀賣新聞的山本。我有 2 個問題。問題一，您今天公佈的財務業績，您對此有何評價？你能再解釋一下嗎？

The second question relates to the volume, especially production volume. You made downward revision to the production volume in this announcement.

第二個問題涉及到數量，尤其是產量。你在本公告中下調了產量。

I think the greatest factor behind that was the supply shortage of the semiconductors. What sort of semiconductors are in short supply?

我認為這背後的最大因素是半導體的供應短缺。什麼樣的半導體供不應求？

And in order to recover and in order to increase the volume, what sort of measures do you think are necessary?

為了恢復和增加數量，您認為需要採取什麼樣的措施？

Thank you, Mr. Yamamoto, for your question. I think there are 2 major questions. One related to our assessment of the financial results that we announced today.

謝謝山本先生的提問。我認為有兩個主要問題。其中一項與我們對今天宣布的財務業績的評估有關。

The second one related to the downward revision of production and what is the semiconductor short supply, and what sort of measures do you think are necessary or do we think are necessary for recovery?

第二個與產量下調有關，什麼是半導體供不應求，您認為需要採取哪些措施或我們認為需要採取哪些措施來恢復？

The first question will be answered by Kon. And the second one would be responded by Nakamura. And the third question, Mr. Kumakura of procurement department will respond to that.

第一個問題將由Kon回答。第二個將由中村回應。第三個問題，採購部的熊倉先生會回答。

Kon speaking. Thank you, Mr. Yamamoto for your support. I would like to share with you how we assess and how we view the financial announcement. Let me share with you in my view.

康說話。謝謝山本先生的支持。我想與您分享我們如何評估以及我們如何看待財務公告。讓我以我的觀點與你分享。

As I mentioned in the presentation earlier, in the past 6-month period, there has been major and significant changes, not just one, but several of those changes taking place. Concurrently, exchange rate fluctuation was one of them, interest rates, the raw materials prices, the energy, semiconductors and also the COVID impact still lingers on.

正如我在之前的演講中提到的，在過去的 6 個月期間，發生了重大而重大的變化，不僅僅是一個，而是其中的幾個變化。同時，匯率波動是其中之一，利率、原材料價格、能源、半導體以及 COVID 影響仍然存在。

And therefore, we are faced with the huge changes and each one of them represented the change impacting us significantly, but we are hit by all of them at the same time.

因此，我們面臨著巨大的變化，每一個變化都代表著對我們產生重大影響的變化，但我們同時受到了所有這些變化的打擊。

So this 6-month period was a very demanding and difficult period, in my view. But despite that, the level of profit -- it's not that we just are focused on and assess the profit level, but we've been able to secure our profit and we caused conveniences to customers and suppliers because we had to decrease production from the previously announced levels.

因此，在我看來，這 6 個月是一個非常艱鉅和困難的時期。但儘管如此，利潤水平——並不是我們只關注和評估利潤水平，而是我們已經能夠確保我們的利潤，我們給客戶和供應商帶來了便利，因為我們不得不減少生產之前公佈的水平。

But still, we think we were able to keep the current level of production compared with the past levels, we were able to maintain a very high level of production. This, I think, owes to the assiduous efforts we made over many years.

但是，我們仍然認為，與過去的水平相比，我們能夠保持當前的生產水平，我們能夠保持非常高的生產水平。我認為，這歸功於我們多年來的不懈努力。

And at the same time, this is not made possible by Toyota's efforts alone, the carmakers, members of JAMA and also the suppliers.

同時，這並非僅靠豐田、汽車製造商、JAMA 成員以及供應商的努力才能實現。

And everyone made focused efforts considering what we should be doing to deliver vehicles and how can we deliver as many cars as possible to the customers? We shared those objectives and purposes together.

每個人都集中精力考慮我們應該做些什麼來交付車輛，以及我們如何向客戶交付盡可能多的汽車？我們共同分享了這些目標和目的。

And the fact that we were able to create such an environment was very important. This is not made possible through efforts overnight. I think this is the financial results that really made us really grateful for such an environment.

我們能夠創造這樣一個環境這一事實非常重要。這不是通過一夜之間的努力實現的。我認為這是真正讓我們非常感謝這樣一個環境的財務結果。

But at the same time, the profit decreased, and therefore, we would like to achieve as much recovery as possible, vis-a-vis, the impact of soaring raw materials prices for the single year, probably it will be extremely difficult and demanding for us to achieve recovery in the single year, B2C business.

但同時利潤下降了，所以我們希望盡可能多地恢復，相對於單年原材料價格飆升的影響，可能會非常困難和要求很高為我們實現單年復蘇，B2C業務。

And with the full lineup of product lines, and we have many suppliers, we may not be able to make that achievement in a short period of time. But even if it may take longer than we expect, but we would like to achieve a solid recovery. And we intend to plan for that purpose. Thank you very much. That's all for me.

而且產品線全，供應商多，短時間內可能做不到。但即使可能需要比我們預期更長的時間，但我們希望實現穩健的複蘇。我們打算為此進行計劃。非常感謝。這就是我的全部。

Thank you, Mr. Yamamoto, for your question. With respect to the production plan, let me respond in the following manner. Let me explain the background that led to the downward revision of the production plan.

謝謝山本先生的提問。關於生產計劃，讓我以如下方式回應。讓我解釋一下導致生產計劃下調的背景。

Since last year, supply has been interrupted and production continued to decrease. And so from suppliers and (inaudible) in the actual forefront of our production, they were really taking support.

去年以來，供應中斷，產量持續下降。因此，來自供應商和（聽不清）在我們生產的實際前沿，他們真的得到了支持。

And in the labor management council this year, we decided to take a pause and reexamine and review the production structure itself. And therefore, we have decided to take the intentional pause.

而在今年的勞動管理會議上，我們決定暫停一下，重新審視和審查生產結構本身。因此，我們決定故意暫停。

And while we have done that with suppliers, we continue to have a very attentive and detailed discussion with the suppliers and also incorporating future risks, we were able to come up with the plan and share that with the suppliers in advance to facilitate the suppliers to create their own plans.

雖然我們已經與供應商合作，但我們繼續與供應商進行非常認真和詳細的討論，並考慮未來的風險，我們能夠提前製定計劃並與供應商分享，以方便供應商制定自己的計劃。

So we made such communication efforts in earnest. And in the early part of last year, we said 9.7 million as the baseline. But of course, we have been making every effort to deliver as many vehicles as possible to customers and we made efforts for that.

所以我們認真地進行了這樣的溝通。而在去年年初，我們以 970 萬為基準。但是，當然，我們一直在盡一切努力為客戶提供盡可能多的車輛，我們為此付出了努力。

But not only the supply issues relating to semiconductors, we are faced with the lockdown in Shanghai, and we were hit by many natural disasters this year, and those are unexpected events.

但不僅是半導體的供應問題，我們還面臨著上海的封城，今年我們遭受了許多自然災害，這些都是突發事件。

And because of those events occurred simultaneously, even if we wanted to make more cars. And even though we made every effort to that end, we were able to achieve what we wanted to do, causing inconvenience to customers and suppliers.

由於這些事件同時發生，即使我們想製造更多汽車。即使我們為此付出了一切努力，我們也能夠實現我們想要做的事情，給客戶和供應商帶來不便。

So that's the environment in which we had to operate.

這就是我們必須在其中運作的環境。

But with suppliers and with the departments concerned prepared the maximum amount of facts to predict and read the future and what is likely to take place in the future. And every day, we had repeated discussions with suppliers and departments in question.

但是與供應商和有關部門一起準備了最大數量的事實來預測和閱讀未來以及未來可能發生的事情。每天，我們都與相關供應商和部門進行反复討論。

However, when it comes to specific numbers, we think that probably we may be able to produce 9.55 million units. But as I mentioned earlier, we have not been able to fully predict and forecast the future risks.

但是，具體到具體數字，我們認為大概可以生產955萬台。但正如我前面提到的，我們還不能完全預測和預測未來的風險。

And therefore, bearing that in mind, within the range of 2.55 million to 9.2 million units, we came up with this new figure as a reference baseline point. So that reflects the background that led to 9.2 million we announced.

因此，考慮到這一點，在 255 萬到 920 萬台的範圍內，我們提出了這個新數字作為參考基準點。這反映了導致我們宣布 920 萬的背景。

Continuing on, I would like to refer to the supply situation of semiconductors. What is the actual situation, including the past history. I would like to share with you a detailed account as much as possible.

繼續說半導體的供應情況。實際情況如何，包括過去的歷史。我想盡可能地與您分享一個詳細的帳戶。

Because of the COVID-19 breakout, the semiconductors for consumer electronics increased in demand because of the PCs, smartphones and games, and the production was prioritized for consumer electronics.

由於 COVID-19 的爆發，個人電腦、智能手機和遊戲對消費電子產品的半導體需求增加，消費電子產品的生產被優先考慮。

And also, some of the semiconductors were hit by natural disasters or fire and also the lockdown in Southeast Asian countries or China that really impeded supply, which couldn't get paced with the demand and such conditions still continues today.

此外，一些半導體受到自然災害或火災的打擊，以及東南亞國家或中國的封鎖，真正阻礙了供應，無法滿足需求，這種情況今天仍在繼續。

Since Great East Japan earthquake, Toyota has been implementing BCP risk, and we have increased electronic parts inventory and working together with Tier 1 suppliers, up until the first half of 2021, we have been able to keep at the limited level, the negative impact on production.

自東日本大地震以來，豐田一直在實施 BCP 風險，我們增加了電子零件庫存並與一級供應商合作，直到 2021 年上半年，我們一直能夠保持在有限的水平，負面影響在生產上。

The general condition I described continues even today. In terms of the usage of semiconductors in the automobiles, for different usage, the automobiles use different types of semiconductors. In many cases, 1,000 semiconductors are used per vehicle.

我所描述的一般情況直到今天仍在繼續。就半導體在汽車中的使用而言，針對不同的用途，汽車使用不同類型的半導體。在許多情況下，每輛車使用 1,000 個半導體。

As shown on this slide, the microcomputers, the semiconductors image conductors and analog semiconductors, altogether, about 1,000 of them are used for vehicles.

如這張幻燈片所示，微型計算機、半導體圖像導體和模擬半導體總共有大約 1,000 個用於車輛。

And with the advent of electrification and also with the enhanced level of advanced safety measures, the usage for automobiles of semiconductors is expected to increase.

隨著電氣化的到來以及先進安全措施水平的提高，半導體在汽車上的使用有望增加。

In the case of semiconductors from raw materials, that moves to (inaudible) processes as well as there are following processes. There are many different semiconductor manufacturers and for each process of those, production is divided in different parts or the locations throughout the world.

對於來自原材料的半導體，這將轉移到（聽不清）過程以及以下過程。有許多不同的半導體製造商，並且對於這些製造商的每個過程，生產被劃分在不同的部分或世界各地的位置。

And even if one element of the semiconductor is in short supply or eliminated, a single car cannot be built.

而且即使半導體中的一個元素供不應求或被淘汰，也無法製造出一輛汽車。

With respect to the current situation of a semiconductor supply, for the automotive semiconductors, in terms of the total semiconductor market, which accounts for about 10%.

就目前的半導體供應情況來看，對於汽車半導體而言，就整個半導體市場而言，約佔10%左右。

So about 10% is for automotive use and the majority of the semiconductor market is accounted for by telecommunications or data processing and also combined our electronic consumer usage.

因此，大約 10% 用於汽車用途，而半導體市場的大部分由電信或數據處理佔據，並且還結合了我們的電子消費用途。

For electronic consumer semiconductors, because of the active investment, the supply and demand situation has relaxed. And in the case of automotive semiconductors, somewhat stability of supply was restored in those areas, semiconductors that are also used for (inaudible) consumers.

電子消費半導體方面，由於投資活躍，供需形勢有所緩和。在汽車半導體的情況下，這些領域的供應恢復了一定程度的穩定性，這些半導體也用於（聽不清）消費者。

But in the case of the semiconductors for which the capital investment is not really getting up or CapEx are not being done. In this area, the supply is still in shortage, very tight supply demand condition continues.

但是對於資本投資並沒有真正增加或資本支出沒有完成的半導體。在這一領域，供應依然短缺，供需十分緊張的狀況仍在繼續。

And in that collaborating with the Tier 1 suppliers and strengthening communication with the semiconductor manufacturers, extending support for logistics and production and also switching to substitute products.

並在這方面與一級供應商合作，加強與半導體製造商的溝通，擴大對物流和生產的支持，並轉向替代產品。

We have been able to steadily decrease the number of semiconductor items with inherent risks. But at the same time, as I mentioned earlier, for some parts, the inventory is very short.

我們已經能夠穩步減少具有固有風險的半導體產品的數量。但同時，正如我前面提到的，對於某些零件，庫存非常短缺。

And in the overall process of semiconductor manufacturing process, which extends for several months, if a single day production is impeded, that will result in stoppage of supply. And this situation is likely to continue.

而在長達數月的半導體製造過程的整個過程中，如果一天的生產受到阻礙，就會導致供應中斷。而且這種情況很可能會持續下去。

As I mentioned, the external environment remains tough, but we have been able to visualize the semiconductor products with risks apparent and working with Tier 1 manufacturers of semiconductor producers we'll implement every possible measures to address them.

正如我所提到的，外部環境仍然嚴峻，但我們已經能夠將具有明顯風險的半導體產品可視化，並與半導體生產商的一級製造商合作，我們將採取一切可能的措施來解決這些問題。

In this manner, for 2 years and half, every single day, we have been conducting supply measure conference and meetings. We discussed not just the semiconductors, with natural disasters, the COVID impact among others, which resulted in difficult supply conditions.

就這樣，兩年半以來，我們每天都在進行供應措施會議。我們不僅討論了半導體，還討論了自然災害、COVID 影響等導致供應困難的情況。

So every day, we had emergency supply measures for the past 2.5 years, and therefore, there's no longer emergency. It is in constant air. But at the same time, in the procurement with the suppliers, both in Japan and overseas, we are conducting overall stock taking of parts and components.

所以在過去的 2.5 年裡，我們每天都有緊急供應措施，因此不再有緊急情況。它在恆定的空氣中。但同時，在與日本國內外供應商的採購中，我們正在對零部件進行全面盤點。

And how best we can maximize the production of vehicles is discussed every day and measures are implemented so that, that can be referred to the actual production and assembly plant.

每天都在討論如何最大限度地提高車輛的產量，並採取措施，以便可以參考實際的生產和裝配廠。

And in the sales area, although we are not able to foresee the future, but trying to minimize the inconveniences caused by customers on possible, we are trying to change the supply.

而在銷售領域，雖然我們無法預見未來，但盡量減少可能給客戶帶來的不便，我們正在努力改變供應。

And in the design area, how quickly the substitute products and components can be used are studied every day. For suppliers for a long period of time, we caused impact from our decrease of production, and we cause inconveniences to suppliers, among others.

在設計領域，每天都在研究替代產品和組件的使用速度。對於供應商而言，長期受到減產的影響，給供應商帶來不便等。

But that notwithstanding, in line with the production plan, they have been making efforts alongside. And the impact of semiconductors continues to have impact.

但儘管如此，按照生產計劃，他們一直在努力。半導體的影響繼續產生影響。

And as I said, we are anxious to produce as many vehicles as possible. But contacting customers, we are explaining the reasons why the delivery date is extended among others. So in this manner, all of us are working hard and working together to overcome the current difficult period.

正如我所說，我們渴望生產盡可能多的車輛。但是在聯繫客戶時，我們正在解釋交貨日期延長的原因等。所以就這樣，我們大家都在努力，共同努力，克服當前的困難時期。

And I personally do have the serious efforts -- serious feeling that we feel sorry for customers for inconveniences. But at the same time, I'm full of grateful features because everyone is making serious efforts working together. So I hope you'll understand the situation. Thank you very much.

我個人確實做出了認真的努力——認真地感覺到我們為給客戶帶來的不便感到抱歉。但同時，我也充滿了感激之情，因為每個人都在認真努力地共同努力。所以我希望你能了解情況。非常感謝。

Thank you, Mr. Yamamoto. Let us move on to the next question. From Asahi Shimbun, Mr. Narabe. We will switch the screens. So when you see your base on the screen, please start asking the question. Mr. Narabe, thank you for waiting. Mr. Narabe, your microphone is not on. Now can you hear me?

謝謝山本先生。讓我們繼續下一個問題。來自朝日新聞，Narabe先生。我們將切換屏幕。所以當你在屏幕上看到你的基地時，請開始提問。 Narabe先生，謝謝您的等待。奈良部先生，您的麥克風沒有打開。現在你能聽到我了嗎？

Now can you hear me?

現在你能聽到我了嗎？

Yes.

是的。

My name is Narabe from Asahi Shimbun. I have 2 questions. The first question is electricity charges and the other material charges increase. Toyota has supported its suppliers in the past, and they have announced that they will support them.

我叫朝日新聞的奈良部。我有 2 個問題。第一個問題是電費和其他材料費增加。豐田過去曾支持其供應商，他們已宣布將支持他們。

And if you go down the tier, like secondary or tertiary tiers, they are struggling more. So what are the support measures to the parts manufacturers and suppliers? And how do you deliver this support?

如果你走下一層，比如二級或三級，他們會更加掙扎。那麼對零部件製造商和供應商有哪些支持措施呢？您如何提供這種支持？

And overall for support, how much will it cost on an amount basis? And the second question is, as you mentioned in your presentation, worldwide, we are seeing an increase in interest rates.

總體而言，對於支持，按金額計算將花費多少？第二個問題是，正如您在演講中提到的，在全球範圍內，我們看到利率在上升。

For North America, I think this will have a direct impact on your lease business. And this may bring down consumption. So what is your outlook for the global economy?

對於北美，我認為這將對您的租賃業務產生直接影響。這可能會降低消費。那麼，您對全球經濟有何展望？

Thank you very much, Mr. Narabe. Your first question was about soaring material prices and how to support the supply chain and the suppliers with which we have a business relationship and in particular, how to support the secondary and tertiary suppliers.

非常感謝您，Narabe 先生。您的第一個問題是關於飆升的材料價格以及如何支持供應鍊和與我們有業務關係的供應商，特別是如何支持二級和三級供應商。

So what kind of support and how much of the support will we give, Mr. Kumakura from procurement will answer that question. Your second question was about the interest rates, in particular in North America and globally.

那麼我們將給予什麼樣的支持，給予多少支持，採購部的熊倉先生將回答這個問題。你的第二個問題是關於利率的，特別是在北美和全球。

So global economy or global market forecast, how will it change in the future. So I will answer that question.

那麼全球經濟或全球市場預測，未來將如何變化。所以我會回答這個問題。

I will talk about soaring material prices.

我會談談飆升的材料價格。

So there are many changes and it's very difficult to predict the future. Many materials are tight in supply and rising in prices. So the surrounding environment is very difficult.

所以有很多變化，很難預測未來。許多材料供不應求，價格上漲。所以周邊環境非常艱苦。

Now for the concern of deceleration of the global economy, depending on the material, the market is becoming more stable. But overall, still the prices are very high. And in Japan, because of the weaker yen, the import prices are going up.

現在出於對全球經濟減速的擔憂，根據不同的材料，市場正在變得更加穩定。但總的來說，價格仍然很高。而在日本，由於日元貶值，進口價格正在上漲。

In particular, our raw material and energy prices are going up, which is a burden to our suppliers. Our basic stance is that we aim at coexistence and mutual prosperity with the suppliers.

特別是我們的原材料和能源價格正在上漲，這對我們的供應商來說是一個負擔。我們的基本立場是我們的目標是與供應商共存共榮。

Cars consists of tens of thousands of parts, and there are about 60,000 suppliers, including the very deep tier suppliers. So there are many suppliers supporting us. A single part or a single company missing will not allow us to produce vehicles, and that will lead to reduction in competitiveness in the future.

汽車由數以萬計的零部件組成，供應商大約有6萬家，其中包括非常深的供應商。所以有很多供應商支持我們。缺少一個零件或一個公司將不允許我們生產車輛，這將導致未來競爭力下降。

So it is a difficult time now. So rather than short-term measures, we have to look at the medium to long term, and the supply chain as a whole will have to collaborate with each other. So with a sense of purpose, we will move forward.

所以現在是一個艱難的時期。因此，我們必須著眼於中長期，而不是短期措施，整個供應鏈必須相互協作。因此，我們將帶著使命感向前邁進。

For measure materials, which market data we will look at and when that data will be reflected in parts prices has been discussed with the suppliers and we set a rule. And the 100% of the changes are reflected in the parts prices.

對於測量材料，我們將查看哪些市場數據以及何時將這些數據反映在零件價格中，我們已經與供應商進行了討論並製定了規則。而100%的變化都體現在零件價格上。

However, the speed and the scope of increasing prices in the short term is unprecedented. So the burden on the suppliers is much larger than what we have incorporated into the rules.

但是，短期內物價上漲的速度和幅度是前所未有的。因此，供應商的負擔比我們納入規則的負擔要大得多。

So the timings for reflecting our prices in the parts, our prices are reviewed to reduce the burden, and we try to come closer to the reality so that the burden on the suppliers will be weaker. We take the necessary countermeasures.

因此，在零件中反映我們的價格的時機，我們的價格被審查以減輕負擔，我們努力接近現實，以便減輕供應商的負擔。我們採取必要的對策。

Now on the energy cost. In the past, there were no drastic changes. And we haven't had any voices from the suppliers to reflect those changes in the prices. So regardless of the market, that was not reflected in the prices.

現在談談能源成本。過去，並沒有太大的變化。而且我們還沒有從供應商那裡得到任何反映價格變化的聲音。因此，無論市場如何，這都沒有反映在價格中。

However, because of recent sudden interest rate changes that the suppliers are telling us that they are struggling. From the viewpoint of protecting the suppliers, this time, we decided to take measures.

然而，由於最近突然的利率變化，供應商告訴我們他們正在苦苦掙扎。從保護供應商的角度出發，這次我們決定採取措施。

So we will continue to look at the market production status and the profitability of our suppliers in detail to take the necessary responses. So we are taking these responses, but the effects will have to be permeated to all suppliers because of the commercial practices. So we will not be directly talking with Tier 2 suppliers on prices.

因此，我們將繼續詳細研究市場生產狀況和供應商的盈利能力，以採取必要的應對措施。所以我們正在採取這些回應，但由於商業慣例，這些影響必須滲透到所有供應商。因此，我們不會直接與二級供應商討論價格問題。

In order to maintain competitiveness in the future, we have to make sure that the effects will be felt by tiers at all levels.

為了在未來保持競爭力，我們必須確保各個層級都能感受到效果。

From Tier 1 to Tier 2, from Tier 2 to Tier 3 suppliers, we are asking them to swiftly reflect the market change in the price changes. And I believe this will lead to enhancing competitive in the future. And that is why we are taking these measures.

從一級供應商到二級供應商，從二級供應商到三級供應商，我們要求他們在價格變化中迅速反映市場變化。我相信這將在未來提高競爭力。這就是我們採取這些措施的原因。

There may be further changes. We will look at the situation each time to take the necessary responses. Overall, we have to make sure that the supply chain is not impaired. If that happens, we'll not be able to produce vehicles.

可能會有進一步的變化。我們將每次查看情況以採取必要的應對措施。總的來說，我們必須確保供應鏈不受損害。如果發生這種情況，我們將無法生產車輛。

And therefore, we need to make sure that the suppliers become stronger. So please understand that situation.

因此，我們需要確保供應商變得更強大。所以請理解這種情況。

Mr. Narabe. Your next question was about the global market. I think I should talk about each region specifically rather than talking about the totality. First, the overall economy.

奈良部先生。你的下一個問題是關於全球市場的。我認為我應該具體談談每個地區，而不是談論整體。一是整體經濟。

Frankly speaking, as you mentioned, Mr. Narabe, the energy supply issue leads to inflation, and that leads to a hike in interest rates. So that is the spiral that we are in now. What we are struggling with is that from the second half of 2022 to 2023, recovery from COVID has been the general trend.

坦率地說，正如你提到的，Narabe 先生，能源供應問題導致通貨膨脹，從而導致利率上升。這就是我們現在所處的螺旋。我們正在苦苦掙扎的是，從2022年下半年到2023年，從疫情中復蘇是大勢所趨。

But the recovery trend and the interest rate hike and the inflation increase leading to less disposable income of our consumers. If you look at that balance, it's very difficult to determine what will be the overall balance. And based on that, we created our forecast.

但復甦趨勢以及加息和通脹增加導致我們消費者的可支配收入減少。如果您查看該平衡，則很難確定總體平衡是什麼。在此基礎上，我們創建了我們的預測。

If you look at America, Europe and Japan, so I would like to talk about these markets in comparison to 2022. For 2022, for these 3 regions, there has been supply constraints. So we saw global supply constraints.

如果你看看美國、歐洲和日本，那麼我想談談這些市場與 2022 年的比較。對於 2022 年，這三個地區一直存在供應限制。因此，我們看到了全球供應限制。

For 2023, the current outlook is that for Japan, United States and Europe, the market will increase. But as was mentioned in your presentation, interest rates will go up. And the customers are thinking about lease and loans.

對於 2023 年，目前的展望是日本、美國和歐洲的市場將會增加。但正如你在演講中提到的，利率會上升。客戶正在考慮租賃和貸款。

So how much impact this will have on the lease and loans is something that we have to watch carefully. On the second point, which is China. Just the same level as 2022 is what we forecast. Now among zero-COVID -- for COVID -- because of COVID, there has been some subsidies activating the market.

因此，這將對租賃和貸款產生多大的影響是我們必須仔細觀察的。第二點，中國。我們預測的水平與 2022 年相同。現在在零新冠病毒（對於新冠病毒）中，由於新冠病毒，已經有一些補貼激活了市場。

So how that will change and how the market will move, including the real estate situation, will have to be watched closely in China.

因此，這將如何變化以及市場將如何變化，包括房地產情況，都必須在中國密切關注。

And for Asia, India probably will be higher than this year. But for the other countries and regions, just the same level as this year. On the other hand, for Asia, the risk is weaker currencies and how that will impact the local economy is something that we will watch closely.

而對於亞洲，印度可能會高於今年。但對於其他國家和地區，與今年持平。另一方面，對於亞洲而言，風險在於貨幣疲軟，我們將密切關注這將如何影響當地經濟。

For 2022 -- so 2022, we saw supply shortage but if compared to 2019 before COVID, overall, the market will achieve about 80% to 90% of 2019 in 2023. So we will look at the situation in 2023 and make our business decisions. So I mention this is difficult at the outset.

對於 2022 年——所以 2022 年，我們看到供應短缺，但如果與 COVID 之前的 2019 年相比，總體而言，2023 年市場將達到 2019 年的 80% 到 90% 左右。因此，我們將審視 2023 年的情況並做出我們的業務決策.所以我一開始就提到這很困難。

Last year this time, I don't think anyone has expected where we are in now. So every month, or at least every quarter, we will get information from the local markets and make the decisions as necessary. That is all.

去年的這個時候，我認為沒有人預料到我們現在所處的位置。所以每個月，或者至少每個季度，我們都會從當地市場獲取信息，並根據需要做出決定。就這些。

Thank you, Mr. Narabe, for your questions. Let us move on to the next question. Mr Oka of NewsPicks. I will switch the screen. So if you see yourself on the screen, please start speaking. Mr. Oka, please.

Narabe 先生，謝謝您的提問。讓我們繼續下一個問題。 NewsPicks 的 Oka 先生。我會切換畫面。因此，如果您在屏幕上看到自己，請開始講話。奧卡先生，請。

Oka of NewsPicks. I have 2 questions, if I may. First question, which relates to the operating income of different regions, especially in relation to North America, conspicuous is the decrease in profit in North America. Could you explain to us the reason behind that? So that's the first question.

新聞精選的 Oka。如果可以的話，我有 2 個問題。第一個問題，涉及不同地區的營業收入，尤其是與北美有關的，北美地區利潤下降最為明顯。您能向我們解釋一下這背後的原因嗎？所以這是第一個問題。

The second question is relating to the restrictions of gasoline vehicles. In California and Europe, there has been rather rapid progress in restricting gasoline engines.

第二個問題是關於汽油車的限制。在加利福尼亞和歐洲，在限制汽油發動機方面取得了相當快的進展。

You referred to the change in production of BEVs. And if there is an initial explanation relating to your BEV strategy, I would like to be enlightened on that?

您提到了 BEV 生產的變化。如果有關於您的 BEV 策略的初步解釋，我想對此有所啟發嗎？

With respect to your question amongst the geographical income, you asked about the factor behind the profit decrease in North America. So Yamamoto, the Chief Operating Officer for accounting, will explain to you.

關於你在地域收入中的問題，你問了北美利潤下降的原因。因此，會計首席運營官山本將向您解釋。

In California and Europe, there has been a restriction of vehicles relating to the achievement of carbon neutrality. And you asked about whether there has been any change in Toyota's battery EV strategy, and I will respond to that question.

在加利福尼亞和歐洲，與實現碳中和有關的車輛受到限制。你問豐田的電池電動汽車戰略是否有任何變化，我會回答這個問題。

Thank you for your question, Ms. Oka. And we would like to share the screen with you about the geographical regions. As you currently pointed out, the second one from the left that shows North America last year, it decreased from JPY 395.1 billion to JPY 23 billion. So there has been significant decrease in profit.

謝謝你的提問，Oka 女士。我們想與您分享有關地理區域的屏幕。正如您目前所指出的，左起第二個顯示去年的北美，從 3951 億日元減少到 230 億日元。所以利潤明顯下降。

The biggest factor behind that was the soaring raw materials prices or materials prices. Through cost improvement efforts in the production plants and also the selling prices adjustment or modifications, more than we do every year, we have been making pricing changes for once or twice a year.

其背後的最大因素是原材料價格或材料價格的飆升。通過生產工廠的成本改進工作以及銷售價格的調整或修改，比我們每年做的更多，我們每年都會進行一次或兩次價格調整。

And by increasing the frequency of the pricing change, we would like to reflect those higher prices. Of course, this is not something that we alone can decide.

通過增加定價變化的頻率，我們想反映這些更高的價格。當然，這不是我們一個人可以決定的。

We would like to work with customers to achieve the better pricing and local do the people are making efforts to that. So we are making every effort to recover the impact of higher prices and -- every effort is made.

我們願意與客戶一起努力實現更好的定價和當地人正在為此而努力。因此，我們正在盡一切努力恢復更高價格的影響，並且 - 盡一切努力。

But this JPY 63 billion includes the Financial Services Business as well. And the environment remains very tough. But with respect to North American business, how are we going to restore its strength is something that we have begun discussing right now. Thank you.

但是，這 630 億日元也包括金融服務業務。環境仍然非常艱難。但對於北美業務，我們如何恢復實力，這是我們現在開始討論的事情。謝謝你。

Now with respect to the battery EV or I would like to talk about our plan for electrification, electric vehicles. But before that, I would like to talk about what we have been explaining -- explained in the past. We talk about carbon free world or how to reduce carbon, how to achieve carbon neutrality.

現在關於電池電動汽車，或者我想談談我們的電動化計劃，電動汽車。但在此之前，我想談談我們一直在解釋的——過去解釋過的。我們談論無碳世界或如何減少碳，如何實現碳中和。

I would like to start describing that, in trying to achieve over neutrality for different regions, the energy conditions vary from country to country. And the degree of a transition to green energy is totally different from region to region throughout the world.

我想開始描述，在試圖實現不同地區的過度中立時，能源條件因國家而異。向綠色能源過渡的程度在世界各地是完全不同的。

And as you mentioned in your question, in California, The United States or especially in Europe, in those regions compared with Japan or Asian countries, quite significantly, there has been a transition made to greener energy using renewable energy more and more.

正如你在問題中提到的，在加利福尼亞、美國，尤其是歐洲，與日本或亞洲國家相比，在這些地區，相當顯著的是，越來越多地使用可再生能源向綠色能源過渡。

So based upon that in Europe, by 2035, including battery EV, they are talking about achieving 100% zero-emission vehicles. So therefore, Japan has its own way of achieving carbon neutrality.

因此，基於歐洲，到 2035 年，包括電動汽車在內，他們正在談論實現 100% 零排放汽車。因此，日本有自己的方式來實現碳中和。

And as I mentioned, the Europeans will have their own way of achieving carbon neutrality, the way to climb the mountain called carbon neutrality.

正如我所提到的，歐洲人將有自己的方式來實現碳中和，爬山的方式叫做碳中和。

So in line with the energy situation in each region, of course, the battery EV will be extremely formidable [wealth]. But at the same time, other power trains, including hybrid EVs or plug-in EVs, the fuel cell electric vehicles or the hydrogen engines that we have embraced as a new energy.

所以根據各個地區的能源情況，當然，電池電動汽車將是極其強大的[財富]。但與此同時，其他動力傳動系統，包括混合動力電動汽車或插電式電動汽車、燃料電池電動汽車或我們已經接受為新能源的氫發動機。

And also the synthetic fuels, I think there are many options that could be used in the future. And which one of that is going to be adopted would vary from country to country and to reduce the CO2 as much as possible by using different options is something that we are considering in the local and regional context.

還有合成燃料，我認為未來可以使用很多選擇。將採用哪一種將因國家/地區而異，通過使用不同的選項盡可能減少二氧化碳是我們在當地和區域背景下考慮的事情。

Now has Toyota changed its strategy or policy with respect to the battery EV? In December last year, we had the forum in which we made a presentation or a strategy for BEV. And we talked about 3.5 million units of BEVs to be achieved by 2030.

現在豐田是否改變了其在電池電動汽車方面的戰略或政策？去年 12 月，我們舉辦了一個論壇，我們在論壇上做了 BEV 的演示或戰略。我們談到到 2030 年要實現 350 萬輛 BEV。

And in the case of Lexus, we cited a figure of 1 million. And those basic figures of baselines have not been changed. And with that in mind, we introduced bZ4X, which is the battery dedicated EV. And in China, this month, we introduced bZ3 in China, which is the dedicated Chinese vehicle in the battery EV.

在雷克薩斯的案例中，我們引用了 100 萬輛這個數字。那些基本的基線數字並沒有改變。考慮到這一點，我們推出了電池專用電動汽車 bZ4X。而在中國，本月，我們在中國推出了 bZ3，這是電池 EV 中的中國專用車輛。

In China, we work with the BYD in developing the battery EVs by taking advantage of the strong technology. And this China example would be quite easy to understand.

在中國，我們與比亞迪合作，利用強大的技術開發電池電動汽車。這個中國的例子很容易理解。

In China, where the battery EV will grow going forward, we will introduce those products going forward. And in Japan and the United States, as we explained to you in your battery presentation forum, in order to reduce CO2 emission, we'll introduce and launch those BEVs or other vehicles are in line with the local and regional requirements.

在中國，電池電動汽車將繼續發展，我們將在未來推出這些產品。而在日本和美國，正如我們在電池演示論壇上向您解釋的那樣，為了減少二氧化碳排放，我們將推出和推出符合當地和地區要求的 BEV 或其他車輛。

So in line with the local conditions we introduced BEVs so that we can achieve carbon neutrality altogether. So I would appreciate it if you could understand Toyota's strategy from that perspective.

因此，我們因地制宜地引入了純電動汽車，這樣我們就可以完全實現碳中和。因此，如果您能從這個角度理解豐田的戰略，我將不勝感激。

Thank you very much to Ms. Oka. Now to the next question. From NHK, Mr. Mashima, we will switch the screens. So when you see your face on the screen, please start asking the question.

非常感謝Oka女士。現在到下一個問題。 NHK真島先生，我們將切換屏幕。所以當你在屏幕上看到你的臉時，請開始提問。

My name is Mashima from NHK. I have 2 questions. First is about the impact of the weaker yen. This -- so the results reflect the weaker yen, but tell me about impact of the weaker yen on the business results.

我叫 NHK 的真島。我有 2 個問題。首先是日元貶值的影響。這 - 所以結果反映了日元疲軟，但請告訴我日元疲軟對業務結果的影響。

The second point is about the cost of termination of production in Russia. You have about JPY 90 billion reflected in the financial results. So is there a possibility that related costs will be added to the expenses in the future?

第二點是關於俄羅斯終止生產的成本。財務業績中反映了大約 900 億日元。那麼未來是否有可能將相關成本添加到費用中？

Thank you very much for your question, Mr. Mashima. Your first question was about the impact of the weaker yen. And this will be answered by Mr. Kon, the Executive Vice President.

真島先生，非常感謝您的提問。您的第一個問題是關於日元貶值的影響。這將由執行副總裁 Kon 先生回答。

The second point was about the cost of termination of Russian production and the potential of future losses in relation to this. So this will be discussed by Mr. Yamamoto from the accounting group.

第二點是關於終止俄羅斯生產的成本以及與此相關的未來損失的可能性。所以這將由會計組的山本先生討論。

Thank you very much, Mr. Mashima, as always. I will talk about the impact of the weaker yen on the financial results. So whether the weaker yen has an impact on our results, we are an OEM, and we do production in Japan, and we export our products.

非常感謝真島先生，一如既往。我將談談日元疲軟對財務業績的影響。所以日元貶值是否對我們的業績有影響，我們是代工企業，我們在日本生產，我們出口我們的產品。

So foreign currency received from the customers. So the weaker yen means more sales and more profits.

所以從客戶那裡收到外幣。所以日元貶值意味著更多的銷售和更多的利潤。

But if you look at the suppliers, there are differences between suppliers, but some suppliers have overseas affiliates and they send parts to their overseas affiliates. So in that case, they will be profiting from the weaker yen.

但是如果你看一下供應商，供應商之間是有區別的，但是有些供應商有海外分支機構，他們將零件發送給他們的海外分支機構。因此，在這種情況下，他們將從日元貶值中獲利。

On the other hand, there are suppliers that import material from overseas, in that case, the weaker yen means purchasing prices will go up, and they will incur losses.

另一方面，有供應商從海外進口材料，在這種情況下，日元貶值意味著採購價格會上漲，他們會蒙受損失。

So -- we are talking about Toyota financial results here, but we work with suppliers and distributors. So there will be impacts felt in -- on various fronts. So we cannot say the impact is positive or negative from across the board.

所以——我們在這裡談論的是豐田的財務業績，但我們與供應商和分銷商合作。因此，在各個方面都會產生影響。因此，我們不能說影響是全面的正面或負面的。

In the short term, over the past 6 months, the yen came down by JPY 30. And 10 years ago, there was a time when it was JPY 75 to JPY 80 to the dollar. At that time, several manufacturing companies transferred their sites -- manufacturing sites overseas to eliminate the impact from ForEx.

短期來看，過去 6 個月，日元貶值 30 日元。而 10 年前，曾一度是 75 日元兌 80 日元兌美元。當時，有幾家製造公司將他們的場地——製造場地轉移到海外，以消除外匯交易的影響。

Back then, Toyota and other automotive companies in Japan, according to Toyota's words, "have tried to protect the domestic production at any cost." JPY 8 million to 9 million for the industry, JPY 3 million for Toyota, was the amount of production in Japan.

當年，豐田等日本汽車企業，用豐田的話說，“不惜一切代價保護國內生產”。工業800萬至900萬日元，豐田300萬日元，是日本的生產量。

The supplier base and the employment, including that of suppliers was protected by maintaining production in Japan.

通過維持在日本的生產，供應商基礎和就業，包括供應商的就業受到保護。

So if there is an impact of foreign exchange rates, that would mean that you are producing a lot in Japan. This time, there was a negative impact on the suppliers. So that is true.

所以如果有外匯匯率的影響，那就意味著你在日本生產了很多東西。這一次，對供應商產生了負面影響。所以這是真的。

So as Mr. Kumakura mentioned, in order to maintain medium- to long-term competitiveness, we will look at where they can enhance competitiveness and where they can improve the structure of their business.

所以正如熊倉先生所說，為了保持中長期競爭力，我們將研究他們在哪些方面可以提高競爭力，在哪些方面可以改善他們的業務結構。

Thank you very much, Ms. Mashima. Your second question was about Russia. We had a bar chart in the presentation, JPY 96.9 billion. This is the amount of losses incurred in the first half.

非常感謝真島女士。你的第二個問題是關於俄羅斯的。我們在演示文稿中有一個條形圖，969 億日元。這是上半年發生的損失金額。

And that includes retirement costs for retiring people and asset impairment costs. These are included in this number. Since the conflict, the stakeholders, including the employers should be protected. That has been what we were discussing every day and every week.

這包括退休人員的退休成本和資產減值成本。這些都包含在這個數字中。由於衝突，利益相關者，包括雇主應該受到保護。這就是我們每天和每週都在討論的內容。

So for the employers, we wanted to secure them a second career or the next job. And lead time and funds would be necessary for that.

因此，對於雇主而言，我們希望確保他們獲得第二職業或下一份工作。為此，需要準備時間和資金。

So the money that we keep in Russia, could be transferred to the employees when we decided that, that could be achievable or we decided upon this. So there may be some additional costs, but there will be no additional major costs incurred.

所以我們留在俄羅斯的錢可以在我們決定可以實現或者我們決定的時候轉移給員工。所以可能會有一些額外的成本，但不會產生額外的主要成本。

Thank you very much, Ms. Mashima. Now let us move on to the next question from Wall Street Journal, Ms. River Davis, please. I will switch the screen. So if you see yourself on the screen, please start speaking.

非常感謝真島女士。現在讓我們繼續討論《華爾街日報》的下一個問題，River Davis 女士。我會切換畫面。因此，如果您在屏幕上看到自己，請開始講話。

This is River Davis for the Wall Street Journal. I have one follow-up question on the chips issue. Last week, I think the Mood in Detroit was sort of that we've made it through the worst of the chip shortage, and I see that you're taking a little bit more of a conservative forecast.

這是華爾街日報的River Davis。我有一個關於芯片問題的後續問題。上週，我認為底特律的氣氛有點像我們已經度過了芯片短缺最嚴重的時期，我看到你的預測有點保守。

Could you talk a little bit about why there's a difference there. And Kumakura-san, I believe you're referring to perhaps analog chips when you're talking about chips that don't have as much investment in them. Is that a particular bottleneck at the moment?

你能談談為什麼會有不同嗎？還有 Kumakura 先生，我相信您在談論沒有太多投資的芯片時可能指的是模擬芯片。目前這是一個特殊的瓶頸嗎？

And my second question is about vehicle pricing. Nagata-san, you spoke a little bit about interest rates and inflation. And I'm wondering how that's impacting car prices at the moment and how you foresee it impacting car prices through the end of the year.

我的第二個問題是關於車輛定價。永田先生，您談到了利率和通貨膨脹。我想知道這對目前的汽車價格有何影響，以及您預計它將如何影響今年年底的汽車價格。

[Interpreted] Thank you very much, Ms. Davis. With respect to the first question relating to the chip. Mr. Kumakura, the Chief Officer for Purchasing Group will respond. And your second question, Jun Nagata will respond to that.

[翻譯] 非常感謝戴維斯女士。關於第一個關於芯片的問題。採購組長熊倉先生將作出回應。您的第二個問題，Jun Nagata 將對此作出回應。

[Interpreted] Could you refer to Page 18? Could you share with us the screen of Page 18 of the slide once again? This is the slide that I shared with you earlier. As you correctly pointed out, there are different types of semiconductors and chips. And at this juncture, I cannot officially refer to analog semiconductor as was a key issue. But in some semiconductors, the supply is getting better and in other semiconductors the chips remains in short supply.

[解釋]你能參考第18頁嗎？能否再次分享一下幻燈片第 18 頁的畫面？這是我之前與您分享的幻燈片。正如您正確指出的那樣，有不同類型的半導體和芯片。在這個關頭，我不能正式將模擬半導體稱為關鍵問題。但在一些半導體中，供應正在好轉，而在其他半導體中，芯片仍然供不應求。

And generally speaking, all in all, the worst situation I believe we have already overcome with, as it was mentioned in the question. But at the same time, earlier, I talked about 9.2 million units, which is the result of a downward reduction and the background to that is we are now discussing with our suppliers, one by one, and we are identifying the risks for specific semiconductors and that are incorporated in that figure. And including those unforeseeable figures, including those areas difficult to predict, we arrived at the figure of 9.2 million, as was explained by Mr. Nakamura.

一般來說，總而言之，我相信我們已經克服了最糟糕的情況，正如問題中提到的那樣。但同時，之前我講了920萬顆，這是下調的結果，其背景是我們現在正在與我們的供應商一一討論，我們正在確定特定半導體的風險並包含在該圖中。包括那些不可預見的數字，包括那些難以預測的領域，我們得出了 920 萬的數字，正如中村先生所解釋的那樣。

And every day, we have been following the situation of each types of chips. And I guess, we simply have to continue doing this going forward. Overall, as I mentioned earlier, if I may repeat myself, we have emerged from the risk situation, but if we look at each type of semiconductors, the supplies are not necessarily recovered to the satisfactory level.

而每一天，我們都在關注著各類芯片的情況。我想，我們只需要繼續這樣做。總的來說，正如我之前提到的，如果我可以重複自己的話，我們已經擺脫了風險狀況，但如果我們查看每種類型的半導體，供應不一定恢復到令人滿意的水平。

And therefore, suppliers are using different types of semiconductors for different parts of the vehicle. So by following the situation in great detail, we would like to refer that situation in the actual production activities. That's all. Thank you.

因此，供應商正在為汽車的不同部件使用不同類型的半導體。因此，通過非常詳細地跟踪情況，我們希望在實際生產活動中參考這種情況。就這樣。謝謝你。

[Interpreted] With respect to the vehicle pricing, allow me to explain in greater detail. In the first presentation, as Mr. Yamamoto mentioned, substantial amount of inflation-related impact is included, and this is not limited to the United States. But as far as we are concerned, I think the prices that has risen because of the inflation for -- in terms of vehicle prices, we have begun to reflect those higher cost of prices to the vehicle price as much as possible, but it's not that we can pass on those higher costs to the vehicle price.

[解釋] 關於車輛定價，請允許我更詳細地解釋一下。在第一次介紹中，正如山本先生所提到的，包括大量與通貨膨脹相關的影響，這不僅限於美國。但就我們而言，我認為由於通貨膨脹而上漲的價格 - 就車輛價格而言，我們已經開始盡可能地將那些較高的價格成本反映到車輛價格中，但它不是我們可以將這些較高的成本轉嫁到車輛價格上。

As I mentioned earlier, the economic conditions vary from region to region and also the vehicles offered in the market is quite different from region to region because of the different acceptability of customers. And therefore, for different regions, the models and brand, we examine them in great detail in deciding on the price adjustment.

正如我之前提到的，不同地區的經濟狀況各不相同，而且由於客戶的接受程度不同，市場上提供的車輛也因地區而異。因此，針對不同的地區、車型和品牌，我們在決定價格調整時會非常詳細地研究它們。

Let me explain to you the situation region by region. The price revision or price adjustment in the United States and Europe, even in the past, we had a price reduction or model for that price every year in terms of year model. So aligned with that year model timing, we made adjustments to the vehicle prices. And therefore, in Europe and the United States, in the inflationary situation, we actually feel that we have risen the prices significantly. But also in Japan, Asia, there is commonality between these 2 regions.

讓我按地區向您解釋情況。美國和歐洲的調價或調價，即使在過去，我們每年都有針對該價格的降價或車型，以年份車型來看。因此，與當年的車型時間一致，我們對車輛價格進行了調整。因此，在歐洲和美國，在通貨膨脹的情況下，我們實際上覺得我們已經大幅提高了價格。但在日本、亞洲，這兩個地區也有共同點。

The vehicle mix and the lineup have shifted towards compact vehicles and substantial amount of the vehicle mix is comprised by compact vehicles. And in the case of Japan, the economic growth I have been seeing increase in income levels, the rural income has not risen in Japan. That's the reality.

車輛組合和陣容已轉向緊湊型車輛，並且大量車輛組合由緊湊型車輛組成。就日本而言，我看到經濟增長提高了收入水平，但日本農村收入並沒有增加。這就是現實。

And therefore, the higher models such as Lexus vehicles or higher brand vehicles, we charged higher prices. But in those areas where the vehicle is really essential for customers' lifestyle and -- but it's essential for a living, we have been trying to moderate those price increase adjustments.

因此，對於雷克薩斯等高檔車型或高檔品牌車，我們收取更高的價格。但在那些車輛對客戶的生活方式非常重要的領域——但它對生活至關重要，我們一直在努力緩和這些價格上漲的調整。

But in the case of a vehicle in the Toyota brand, many are long-selling vehicles, [tran] or Land Cruiser or Hiace, the Corolla, the Camry. Those models have been in existence for over 30 years. Be it in the United States or in Japan, in the case of long-selling vehicles, customers do have very strong attachment to specific models. And therefore, they have their clear -- market clearing view of the appropriate level of prices, in the case of the U.S. market, it is 25,000 to 30,000 Corolla.

但就豐田品牌的車輛而言，許多是長期銷售的車輛，[tran] 或陸地巡洋艦或海獅、卡羅拉、凱美瑞。這些模型已經存在了 30 多年。無論是在美國還是在日本，對於暢銷車型來說，客戶確實對特定車型有著非常強烈的依戀。因此，他們對適當的價格水平有明確的市場出清觀點，就美國市場而言，它是 25,000 到 30,000 輛卡羅拉。

And with that, those models have been accepted and loved by customers. So we would like to keep those general image of the vehicle and prices in that relationship. So we are really racking our brains to come up with the appropriate level of pricings. Thank you very much. Thank you, Ms. Davis for your question.

因此，這些模型已被客戶接受和喜愛。因此，我們希望將車輛的一般形象和價格保持在這種關係中。所以我們真的在絞盡腦汁想出合適的定價水平。非常感謝。謝謝戴維斯女士的提問。

[Interpreted] Let us move to the next question. From Jiji, Toyoda-san, we will switch the screen. So when you see your face on the screen, please start asking the question.

[解釋] 讓我們進入下一個問題。來自Toyoda-san Jiji，我們將切換屏幕。所以當你在屏幕上看到你的臉時，請開始提問。

[Interpreted] My name is Toyoda from Jiji. Can you hear my voice?

[解釋] 我的名字是時事的豐田章男。你能聽到我的聲音？

[Interpreted] Yes.

[解釋] 是的。

[Interpreted] So about the full year forecast. For the full year forecast, sales has been revised upward. Is this because of the weaker Japanese yen? Or are there other factors behind this upward revision?

[解釋]所以關於全年預測。對於全年預測，銷售額已向上修正。這是因為日元貶值嗎？還是這次上調的背後還有其他因素？

And if you look at operating income, you have maintained the previous forecast, JPY 220 billion from ForEx and for product mix, that has had a negative impact, I believe. So what do you mean by aggravating product mix? And you've been talking about the impact of the weaker yen. Among the Japanese manufacturers, manufacturing sites are coming back to Japan and exports levels may be changing. So what is your thinking towards the future?

如果你看一下營業收入，我相信你維持了之前的預測，即來自外彙和產品組合的 2200 億日元，這產生了負面影響。那麼你所說的加劇產品組合是什麼意思呢？你一直在談論日元貶值的影響。在日本製造商中，生產基地正在返回日本，出口水平可能會發生變化。那麼你對未來的想法是什麼？

[Interpreted] Thank you very much for your questions. Your first question was about the upward revision of sales is the weaker yen, the only factor. And -- for the negative impact, the product mix has had a negative impact. And what are the details of the aggravating product mix? This will be explained by Mr. Yamamoto from the Accounting Group. And with weaker yen, manufactures and manufacturing sites are coming back to Japan. And what does Toyota think of this general trend? Mr. Kon, EVP, will answer that question.

[翻譯] 非常感謝您的提問。您的第一個問題是關於銷售額向上修正的唯一因素是日元走弱。而且——對於負面影響，產品組合產生了負面影響。加重產品組合的細節是什麼？這將由會計集團的山本先生解釋。隨著日元貶值，製造商和製造基地正在返回日本。豐田如何看待這一大趨勢？執行副總裁 Kon 先生將回答這個問題。

[Interpreted] Thank you very much to Ms. Toyoda. Our full year forecast, JPY 3.6 trillion. So that is a change of JPY 1.5 trillion upward revision in sales revenue. The dollar was JPY 130, and that went to JPY 135. This JPY 5 difference is behind this upward revision. And your second question was about operating income.

[翻譯] 非常感謝豐田女士。我們的全年預測為 3.6 萬億日元。因此，這是銷售收入向上修正 1.5 萬億日元的變化。美元是 130 日元，然後是 135 日元。這 5 日元的差異是這次向上修正的原因。你的第二個問題是關於營業收入。

And if you look at the product mix, this has had a negative impact. So the product mix and revision is a part of a revision. So for the product mix, as we have a global business, for -- depending on the region, the profitability differs. So there are region-to-region differences, and there is also models that have higher profitability and those with lower profitability.

如果你看一下產品組合，這會產生負面影響。所以產品組合和修訂是修訂的一部分。因此，對於產品組合，由於我們擁有全球業務，因此 - 根據地區的不同，盈利能力會有所不同。所以存在地區差異，也有盈利能力高的車型，也有盈利能力低的車型。

So in relation to the different regions, China Lexus volume has come down, and that has had a negative impact in product mix. Alphard and Vellfire volume in Japan has come down for various reasons. The main reason is semiconductor chips. Supply to these models was not sufficient, and therefore, it has had a negative impact, and that is all from my side.

因此，相對於不同的地區，中國雷克薩斯的銷量有所下降，這對產品結構產生了負面影響。由於各種原因，日本的 Alphard 和 Vellfire 銷量有所下降。主要原因是半導體芯片。這些模型的供應不足，因此產生了負面影響，而這一切都來自我這邊。

[Interpreted] So related to weaker yen, there are some manufacturing companies moving back to Japan. In the case of the automotive industry, once you start operation in one country, primary, secondary, tertiary suppliers will also go to that area. So the supplier chain or the supply chain of the automotive industry is like that. And each company has many employees. And sometimes schools, hospitals or cities may be created around that company.

【解讀】因此與日元走弱有關，有一些製造企業遷回日本。以汽車行業為例，一旦你在一個國家開始運營，一級、二級、三級供應商也會去那個地區。所以汽車行業的供應鍊或者供應鏈就是這樣。每個公司都有很多員工。有時學校、醫院或城市可能會圍繞該公司創建。

So with the short-term changes in ForEx rate, it will be very difficult to switch quickly the location of the manufacturing sites. So each region will have to enhance their competitiveness, so that they can respond to short-term changes. So they will need to maintain strength so that they can respond to those changes.

因此，隨著外匯匯率的短期變化，製造地點的快速切換將非常困難。所以每個地區都必須增強自己的競爭力，這樣才能應對短期的變化。因此，他們需要保持實力，以便能夠應對這些變化。

On the other hand, if you look at the supplier base manpower -- it is true that manufacturing industry in Japan is very strong. So there will be no drastic changes in production. But to the extent possible, we will try to improve the productivity in Japan to produce products to deliver them to our customers.

另一方面，如果你看一下供應商基礎人力——確實，日本的製造業非常強大。因此，生產不會發生劇烈變化。但在可能的範圍內，我們將努力提高日本的生產力，生產產品以交付給我們的客戶。

In order to achieve that, the efficiency then productivity in Japan will have to be focused on. So we can produce as much as possible in Japan. That will be necessary under the current business environment, and we will continue to work on that. That is all.

為了實現這一目標，必須關注日本的效率和生產力。所以我們可以盡可能在日本生產。在當前的商業環境下，這將是必要的，我們將繼續努力。就這些。

[Interpreted] Thank you, Ms. Toyoda, for your question. There seems to be other questions, but since the scheduled closing time is approaching, I would like to dedicate only 2 persons to ask questions. Mr. Hans Greimel of Automotive News. I will switch the screens. So if you see yourself on the screen, please start your question.

[翻譯] 謝謝豐田女士的提問。好像還有其他問題，但由於預定的關閉時間臨近，我想只安排2人提問。汽車新聞的 Hans Greimel 先生。我會切換畫面。因此，如果您在屏幕上看到自己，請開始您的問題。

Toyota is at a stage now where it is introducing several newly developed cars and new kinds of cars. We have the Crown series coming out. We have some new BEVs coming out. I think we will soon have a new Prius coming out. These are all cars that rely a lot on the semiconductors and special materials for the batteries especially. To what degree are these price increases and the semiconductor supply problems impacting product development?

豐田現在正處於推出幾款新開發的汽車和新型汽車的階段。我們推出了皇冠系列。我們推出了一些新的 BEV。我想我們很快就會有一款新的普銳斯問世。這些都是非常依賴半導體和電池特殊材料的汽車。這些價格上漲和半導體供應問題對產品開發的影響程度如何？

Is it slowing down the rollout of these cars? And how is the chip shortage affecting your prioritization of which kinds of models you prioritize for production and sale over other kinds? Is there a prioritization of the mix that you are trying to achieve because of the shortage? And finally, can you give us any kind of an idea about when you expect the shortage to eventually end, 2023, 2024, 2025, I hope not. But what kind of timeline do you see?

是否會減慢這些汽車的推出速度？芯片短缺如何影響您優先考慮生產和銷售哪種型號而不是其他型號？由於短缺，您嘗試實現的組合是否有優先級？最後，您能否告訴我們您預計短缺何時會最終結束，2023 年、2024 年、2025 年，我希望不是。但是你看到什麼樣的時間線？

[Interpreted] Thank you very much, Hans. The first question must be responded by several answers with respect to semiconductor shortage. You also asked about the usage of new materials used for batteries to what extent that would impact the vehicle development and what would affect the priority of the development. So this will be responded by Kumakura in charge of our procurement. The second question is very difficult, but Kumakura-san will respond to that question as well.

[解釋] 非常感謝你，漢斯。第一個問題必須通過關於半導體短缺的幾個答案來回答。您還詢問了用於電池的新材料的使用對車輛開發的影響程度以及對開發優先級的影響。所以這將由負責我們採購的熊倉做出回應。第二個問題非常難，但熊倉同學也會回答這個問題。

[Interpreted] Thank you very much. Kumakura is my name. Let me respond to that question. With respect to the shortage of semiconductors or the materials used for batteries to what extent do they impact the development of vehicles or launch of vehicles but they alone would not impact those. For the development of vehicles, if the volume is assembled, we can start the stage of development. And therefore, the development itself will not be affected or slowed by the factors you have mentioned.

[解釋] 非常感謝。熊倉是我的名字。讓我來回答這個問題。至於半導體或電池用材料的短缺，它們對汽車的發展或汽車的投放有多大的影響，但它們本身不會影響這些。對於車輛的開發，如果量體齊備，就可以開始開發階段。因此，發展本身不會受到你提到的因素的影響或減緩。

But with respect to the models to be manufactured and produced, to what extent and how the supply situation is improved and what will be introduced -- or different models. And what is even more important, it relates to the customers who are waiting for the vehicles to be delivered. They have purchased vehicles, but the supply has not kept up with the demand, and therefore, they have been kept waiting and waiting.

但對於要製造和生產的車型，供應狀況改善到什麼程度，如何改善，將推出什麼——或不同的車型。更重要的是，它與等待車輛交付的客戶有關。他們購買了車輛，但供應跟不上需求，因此，他們一直在等待和等待。

And there are many customers in queue. So to those customers who are waiting, we would like to deliver vehicles as quickly as possible. So that perspective is always kept in mind in looking at the semiconductors and the parts comprising semiconductors and it's supply are considered. So that is the sequence of our thinking.

而且排隊的顧客很多。所以對於那些等待的客戶，我們希望盡快交付車輛。因此，在研究半導體和構成半導體的部件及其供應時，始終牢記這一觀點。這就是我們思考的順序。

With respect to your second question, the shortage of semiconductors when that is going to be removed or recovered. That's a very good question. But I personally have not expected that the supply shortage will continue this long. Earlier, I mentioned that we have been conducting emergency [company] meetings since 2.5 years ago. I never expected this to last for 2.5 years. But looking at individual elements, out of 1,000 semiconductor, some will still reflect the situation whose supply will remain in short.

關於你的第二個問題，半導體的短缺何時將被移除或恢復。這是一個非常好的問題。但我個人沒想到供應短缺會持續這麼長時間。早些時候，我提到我們從 2.5 年前開始就一直在召開緊急 [公司] 會議。我從沒想過這會持續2.5年。但從個別元素來看，1000個半導體中，仍有一些會反映供應短缺的情況。

And of course, I would like to see this shortage to be eliminated and removed as quickly as possible. As mentioned in the question, is it going to be '23, '24 for us to see the end to this shortage situation? I have not been able to predict the future and when the problem will be eliminated. So I do not know is my answer.

當然，我希望盡快消除和消除這種短缺。正如問題中所提到的，我們會在 23 年、24 年看到這種短缺情況的結束嗎？我無法預測未來以及何時會消除問題。所以我不知道是我的答案。

In this uncertain world, every day, all of us working together and strengthening our relationship with the semiconductor suppliers. We are making every effort to obtain the supply of the semiconductors. Probably my response is not really up to your expectations, but I hope that's the best I can do. Thank you.

在這個充滿不確定性的世界裡，每一天，我們所有人都在共同努力，加強與半導體供應商的關係。我們正在盡一切努力獲得半導體的供應。可能我的回答並沒有達到你的期望，但我希望這是我能做的最好的。謝謝你。

[Interpreted] Now let us move on to the last question from Nikkan Kogyo, Masatoshi-san, we will switch the screens. So when you see your face on the screen, please ask your question.

[解釋] 現在讓我們繼續討論日刊工業的最後一個問題，Masatoshi-san，我們將切換畫面。所以當你在屏幕上看到你的臉時，請提出你的問題。

[Interpreted] This is Masatoshi from Nikkan Kogyo. I have 2 questions. First is the return to the suppliers. For the full year, the material cost rise has -- impact is reduced from JPY 1.7 trillion to JPY 1.65 trillion. So do you intend to continue to provide support to the suppliers next year?

【解說】我是日刊工業的雅聰。我有 2 個問題。首先是對供應商的回報。全年，材料成本上升的影響從 1.7 萬億日元減少到 1.65 萬億日元。那麼您是否打算明年繼續為供應商提供支持？

And second, Toyota has been adamant about protecting supply chain in Japan, and you've talked about 3.5 million in Japan. But there are external factors as well. And you have not been able to maintain that number. As Mr. Kon mentioned, there are complex economic risks, and manufacturing sites and procurement strategy of Toyota. What is your strategy over the medium to long term?

其次，豐田一直堅持保護日本的供應鏈，你在日本談到了 350 萬輛。但也有外部因素。而你一直無法保持這個數字。正如Kon先生所說，豐田的經濟風險、生產基地和採購策略複雜。您的中長期戰略是什麼？

[Interpreted] Thank you very much, Ms. Masatoshi. The first question was (inaudible) the impact of material cost rise has been reduced at least by JPY 50 billion. And you also asked whether the supplier support will continue next year, and Mr. Yamamoto will answer that question.

[翻譯] 非常感謝，Masatoshi 女士。第一個問題是（聽不清）材料成本上升的影響至少減少了 500 億日元。您還問到供應商支持是否會在明年繼續，山本先生將回答這個問題。

Your second question was about for maintaining supply chain in Japan, what is our medium- to long-term strategy. That will be explained by Mr. Kumakura. And if necessary, EVP, Mr. Kon will respond.

您的第二個問題是關於維持日本的供應鏈，我們的中長期戰略是什麼。這將由熊倉先生解釋。如有必要，執行副總裁 Kon 先生將作出回應。

[Interpreted] Thank you very much to Ms. Masatoshi. The full year forecast for this year, we made a revision by JPY 60 billion. And iron, aluminum, these materials market has come down slightly from the highest level, and that has been reflected in that revision. And the impact of the change in volume has also had an impact on the revision of JPY 50 billion.

[翻譯]非常感謝Masatoshi女士。今年的全年預測，我們修正了600億日元。而鐵、鋁，這些材料市場已經從最高水平略有回落，這已經反映在那個修正中。而交易量變化的影響也對500億日元的修正產生了影響。

On our relationship with our suppliers, basically, there is no change. JPY 1.65 trillion within this supplier, the market ups and downs and other factors are included stable quality and stable production will have to be done. And also, for manufacturing of Kaizen activities will have to be continued. So a stable environment is necessary for operations, and that is included in these numbers.

關於我們與供應商的關係，基本上沒有變化。 1.65萬億日元在這家供應商中，市場起伏等因素包括穩定的質量和穩定的生產將不得不做。而且，為了製造改善活動，必須繼續進行。因此，運營需要一個穩定的環境，這包括在這些數字中。

And carbon neutral -- when it comes to carbon neutral, the suppliers will also have to take action. Now the supply chain as a whole, we'll have to think about carbon neutrality. Some suppliers are wondering what carbon neutrality is about. And sometimes the suppliers may not have meters in their production lines to measure CO2.

還有碳中和——說到碳中和，供應商也必須採取行動。現在作為一個整體的供應鏈，我們將不得不考慮碳中和。一些供應商想知道什麼是碳中和。有時供應商可能在其生產線上沒有測量二氧化碳的儀表。

So time to consider and time to prepare if necessary for the automobile industry as a whole. And in order to prepare, we have JPY 1.65 trillion. We will work on activities hard this year, and we will think again about what we will do next year.

因此，如果有必要，需要為整個汽車行業考慮和準備時間。為了做好準備，我們有 1.65 萬億日元。今年我們會努力開展活動，明年我們會重新思考我們要做什麼。

Next year, we will continue support to the suppliers. Protecting the supply chain, as I mentioned before, is something that we have to continue to work on. And each one will strive hard to enhance competitiveness. So how changes will come about? We cannot predict that. So if we have to continue supporting the suppliers, we will, and if things become stable, we will look at the situation and take the necessary response looking at the changes.

明年，我們將繼續支持供應商。正如我之前提到的，保護供應鍊是我們必須繼續努力的事情。每個人都將努力提高競爭力。那麼變化將如何發生？我們無法預測。因此，如果我們必須繼續支持供應商，我們會的，如果事情變得穩定，我們會看情況，並根據變化採取必要的應對措施。

Now 3 million in Japan -- 3 million or more in to be produced in Japan was the plan, but semiconductors, floods, earthquakes, we had these natural disasters plus COVID. So unfortunately, we were not able to achieve 3 million.

現在日本有 300 萬個——計劃在日本生產 300 萬個或更多，但是半導體、洪水、地震，我們遇到了這些自然災害和 COVID。所以很遺憾，我們沒能達到300萬。

So it's not a matter of whether this is good or bad, but we have to keep 3 million in mind and look at the overall picture of supporting the supply chain. Over the medium to long term, that perspective will remain unchanged. So I have almost nothing to add to what Mr. Kumakura mentioned, but I may be repeating things. This year's production in Japan was -- will be about 2.7 million or so. But basically, we will continue to keep 3 million in mind.

所以這不是好壞的問題，但我們要牢記300萬，並著眼於支持供應鏈的整體情況。從中長期來看，這種觀點將保持不變。因此，對於熊倉先生所說的話，我幾乎沒有什麼要補充的，但我可能會重複一些事情。今年在日本的產量是——將是大約 270 萬輛左右。但基本上，我們將繼續牢記 300 萬。

There are some factors in Japan that lead to lower production. But over the medium to long term, we want to maintain 3 million in Japan. And our thinking remains the same. There was a reference to the weaker yen. And there was a question about going out overseas and then coming back to Japan, but that is not easy and that will not happen. But we will use the source of competitiveness so that we can create the value of mobility.

日本有一些因素導致產量下降。但從中長期來看，我們希望在日本保持 300 萬。我們的想法保持不變。有人提到日元疲軟。還有一個關於出國然後回到日本的問題，但這並不容易，也不會發生。但我們會利用競爭力的源泉，創造出行的價值。

[Interpreted] Thank you very much to Mr. Masatoshi. With this, we conclude the financial results meeting. Thank you very much for listening despite your busy schedules.

[翻譯] 非常感謝 Masatoshi 先生。至此，我們結束了財務結果會議。非常感謝您在百忙之中收聽。

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

[本成績單上的英文陳述由現場通話中的一名口譯員說出。]