豐田汽車 (TM) 2024 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you all for coming. And I'd like to start this 2024, the Financial Results Debriefing Meeting. And I'm (inaudible) and I'd like to serve as MC for today's session. I really appreciate you for coming.

女士們、先生們，午安。謝謝大家的到來。我想開始 2024 年財務業績匯報會議。我（聽不清楚）想擔任今天會議的主持人。我真的很感謝你的到來。

But first, I would like to introduce Masahiro Yamamoto, the Chief Head of the Accounting Division to report on the financial results over the FY 2024 Second Quarter.

首先，我想介紹一下會計部門首席部長 Masahiro Yamamoto，他將報告 2024 財年第二季的財務表現。

We would like to express our heartfelt appreciation to our customers around the world who chose us, as well as the shareholders, dealers and suppliers who support us.

我們向選擇我們的全球客戶，以及支持我們的股東、經銷商和供應商表示衷心的感謝。

First, let me provide a summary of the second quarter of the fiscal year ending March 2024.

首先，讓我提供截至 2024 年 3 月的財年第二季的摘要。

Operating income was [JPY 2,559.2 billion]. We are grateful for the support of many stakeholders, including suppliers and production to logistics, sales and services.

營業收入為[25,592億日圓]。我們感謝許多利害關係人的支持，包括供應商和生產到物流、銷售和服務。

In addition, our operating income increased compared to the same period of the previous fiscal year as a result of selling each car with care, and at prices that match the product appeal, we have refined of "making even better cars."

此外，透過精心銷售每輛車，並以與產品吸引力相匹配的價格，我們的營業收入與上一財年同期相比有所增加，我們精煉了「製造更好的汽車」。

As for the full year forecast, we have revised the forecast upward from the previous forecast to [JPY 4,500 billion] in light of the impact with exchange rate fluctuation as well as our efforts to improve profitability.

對於全年預測，考慮到匯率波動的影響以及我們為提高獲利能力所做的努力，我們將預測從先前的預測上調至[45,000億日圓]。

The interim dividend will be JPY 30 per share year-on-year, increase of JPY 5, and we plan to proceed with JPY 100 billion as the maximum as for the share repurchases.

中期股利為每股30日圓，年增5日圓，併計劃進行最高1,000億日圓的股份回購。

We intend to continuously evolve our cycle of growth together with stakeholders aiming to realize mobility society through the business foundation we have built up, and through frontline efforts that maximize the effectiveness of such.

我們打算與利益相關者一起不斷發展我們的成長週期，旨在透過我們建立的業務基礎和最大限度地提高其有效性的一線努力來實現移動社會。

First, let me explain our financial results for the first half ended September 2023, covering 6 months from April to September. Consolidated vehicle sales for the period was up 4,744,000 units, which was 114.1% of consolidated vehicle sales for the same period of the previous fiscal year.

首先，讓我解釋一下我們截至 2023 年 9 月的上半年財務業績，涵蓋 4 月至 9 月的 6 個月。期內綜合汽車銷量成長4,744,000輛，佔上一財年同期綜合汽車銷量的114.1%。

Toyota and Lexus brand vehicle sales was at 5,172,000 units, which is 109.1% of such sales for the same period of the previous fiscal year.

豐田和雷克薩斯品牌汽車銷量為517.2萬輛，佔上一財年同期銷量的109.1%。

The sales volume increased in all regions also. We increased the sale of electrified vehicles, mainly HEVs, with electrified vehicles constituting 35.3% of sales.

所有地區的銷量也都有所成長。電動車銷量增加，以混合動力車為主，電動車銷量佔35.3%。

Consolidated financial results for sales revenue of JPY 21,981.6 billion. Operating income, 2,559.2 billion. Income before income taxes of JPY 3,521.5 billion, and net income was JPY 2,589.4 billion. I would like to explain the factors which impacted operating income year-on-year. First, effects of foreign exchange rates increased operating income by JPY 260 billion. Cost reduction efforts decreased operating income by JPY 110 billion due to the impact of soaring materials prices.

合併財務業績銷售收入為 219,816 億日圓。營業收入25592億元。所得稅前利潤為 35,215 億日元，淨利潤為 25,894 億日元。我想解釋一下影響營業收入年比的因素。首先，受匯率影響，營業收入增加2,600億日圓。由於材料價格飆升的影響，成本削減措施使營業收入減少了1,100億日圓。

Marketing efforts increased operating income by JPY 1,290 billion due to an increase in sales volume, improvement of sales mix and price revisions mainly outside of Japan.

由於銷量增加、銷售組合改善以及主要在日本以外地區的價格調整，行銷工作使營業收入增加了 12,900 億日元。

An increase in expenses decreased operating income by JPY 220 billion due to an increase in labor cost and investments in areas such as digitalization.

由於勞動成本和數位化等領域的投資增加，費用增加導致營業收入減少 2,200 億日圓。

We also experienced a positive uplift of JPY 197.8 billion, largely due to swap valuation gains and losses.

我們也經歷了 1,978 億日圓的正成長，這主要是由於掉期估值損益。

As a result, including overall impact foreign exchange rates, swap valuation gains and losses and other factors, operating income increased by JPY 960 billion year-on-year.

結果，包括外匯匯率、掉期估值損益等因素的整體影響，營業收入較去年同期增加9,600億日圓。

Let me explain the operating income for each region. Japan increased year-on-year due to strong sales. North America, Europe, Asia and other regions also increased year-on-year, supported by strong sales and price revisions based on product competitiveness.

我來解釋一下每個地區的營業收入。日本由於銷售強勁，年成長。北美、歐洲、亞洲和其他地區也較去年同期成長，這得益於強勁的銷售和基於產品競爭力的價格調整。

In the next slide, let me explain about the business in China as well as financial services business. As for business in China, due to steady demand for HEVs, our strength, we are maintaining Toyota and Lexus sales volume.

在下一張投影片中，讓我解釋一下在中國的業務以及金融服務業務。至於中國業務，由於混合動力車需求穩定，這是我們的優勢，我們維持豐田和雷克薩斯的銷售。

The operating income consolidated subsidiaries and our share of profit of investment accounted for using the equity method cost decreased year-on-year due to the fluctuation in foreign exchange rates and increase in selling expenses.

受匯率波動及銷售費用增加影響，合併子公司營業收入及以權益法成本計算的投資利潤較去年同期減少。

Regarding the Financial Services business, operating income, excluding swap valuation gains and losses for the fiscal year decreased year-on-year, largely due to the decrease in our margins.

金融服務業務方面，本財年營業收入（不包括掉期估值損益）年減，主要是因為我們的利潤率下降。

Let us now move on to the shareholder returns. The interim dividend for the current fiscal year will be JPY 30 per share, an increase of JPY 5 compared to the previous fiscal year.

現在讓我們轉向股東回報。本財年中期股利為每股30日圓，較上一財年增加5日圓。

We will focus more on dividends and aim to increase dividends stably and continuously in order to reward our long-term shareholders. As for share purchases during the current interim period, we will conduct share repurchases flexibly, taking into account our share price levels and so forth with the maximum acquisition limit of JPY 100 billion.

我們將更加重視股息，穩定、持續地增加股息，以回報我們的長期股東。至於本中期的股份收購，我們將根據股價水準等彈性進行股份回購，收購上限為1,000億日圓。

Now let me talk about the outlook for the 2024 fiscal year for both consolidated vehicle sales volume and Toyota and Lexus brand vehicle sales volume. Our previous forecast remains unchanged. For the regional breakdown, while Asia will decrease, reflecting the uncertainty in markets such as China, Thailand and Vietnam, we forecast an increase in North America and other regions where robust market is expected, and in Europe, where we expect a recovery in supply.

現在讓我談談2024財年綜合汽車銷售以及豐田和雷克薩斯品牌汽車銷售的展望。我們先前的預測保持不變。就地區細分而言，雖然亞洲將減少，反映出中國、泰國和越南等市場的不確定性，但我們預計北美和其他預計市場強勁的地區以及歐洲的供應將有所恢復，而歐洲將增加。

Although BEVs will decrease, reflecting the decline in the Chinese market, we expect the total electrification rate of 37.2%. Next, the full year consolidated financial forecast. We have adopted a full year foreign exchange rate assumption of JPY 141 per U.S. dollar, JPY 152 per euro. Based on this, we forecast for the full year consolidated financial performances and revised upwards, resulting in sales revenues of JPY 43 trillion, operating income of JPY 4,500 billion. Income before income taxes of JPY 5,500 billion, and net income of JPY 3,950 billion.

儘管純電動車將會減少，反映出中國市場的下滑，但我們預期總電動化率為37.2%。接下來是全年綜合財務預測。我們採用全年外匯匯率假設為：美元兌日圓 141，歐元兌日圓 152。據此，我們將全年合併財務業績預測上調，預計銷售收入為43兆日圓，營業收入為4.5兆日圓。所得稅前利潤5.5兆日元，淨利3.95兆日圓。

I'd like to explain the factors that we believe will impact operating income. First, we expect the effects of foreign exchange rates will increase operating income by JPY 1,180 billion. Cost reduction efforts will increase operating income by JPY 100 billion. We expect marketing efforts will increase operating income by JPY 370 billion due to an improvement in sales mix as well as price revision, especially outside of Japan. Increase in expenses will decrease operating income by JPY 110 billion.

我想解釋一下我們認為會影響營業收入的因素。首先，我們預期匯率的影響將使營業收入增加11,800億日圓。降低成本的努力將使營業收入增加1000億日圓。由於銷售組合的改善以及價格調整（尤其是在日本以外的地區），我們預計行銷工作將使營業收入增加 3,700 億日圓。費用增加將導致營業收入減少1,100億日圓。

The factors that we expect will impact operating income compared to the same period of the previous fiscal year are as shown. Thank you very much.

與上一財年同期相比，我們預期影響營業收入的因素如下所示。非常感謝。

Now, we would like to introduce the Executive Vice President and CFO; Mr. Yoichi Miyazaki, who will tell us about our growth strategy of the company that we aim at. Next speaker is Mr. Miyazaki.

現在，我們介紹執行副總裁兼財務長；宮崎洋一先生將向我們介紹我們的目標公司的發展策略。下一位發言者是宮崎先生。

Thank you very much. I'm Miyazaki, the CFO. Regarding our financial results, of course, Yamamoto has already explained. However, our profit structure is steadily improving. We believe that the foundation for such a singular growth has been laid, thanks to our customers around the world who chose us, as well as our shareholders, dealers and suppliers and all other stakeholders who support us.

非常感謝。我是財務長宮崎。當然，關於我們的財務業績，山本已經解釋過。不過，我們的利潤結構正在穩定改善。我們相信，這種非凡成長的基礎已經奠定，這要歸功於選擇我們的世界各地的客戶，以及支持我們的股東、經銷商和供應商以及所有其他利害關係人。

Once again, I would like to express my deepest gratitude. We intend to further strengthen this foundation with our many stakeholders who support and sustain us from a medium- to long-term perspective from the past present and into the future. Today, I would like to talk about the kind of growth we aim to achieve. First, let me talk about the characteristics of our business foundation.

再次表達我最深切的謝意。我們打算與眾多利害關係人進一步加強這一基礎，他們從過去、現在和未來的中長期角度支持和支持我們。今天，我想談談我們的目標是實現什麼樣的成長。首先我講一下我們業務基礎的特色。

Our business has 3 characteristics. First, we have a full lineup of vehicles worldwide in the balanced regional representation. Second, we have a global customer base of more than 100 million units. And third, we offer hybrids, which provide both CO2 emission reduction and profitability. These characteristics lead to the stabilization of our earning power, which is less susceptible to the effects of fluctuations in the economic and market environment in each country. And that the major point is the careful timing of our investment decisions, a comprehensive assessment of investment in BEVs and batteries, while considering the energy situation in infrastructure of each country, the evolution of technology and changes in actual customer demand has enabled us to achieve a strong financial foundation, upon which we can promote investment for the future.

我們的業務有3個特色。首先，我們在全球範圍內擁有完整的車輛陣容，並且區域代表性均衡。第二，我們擁有超過1億台的全球客戶群。第三，我們提供混合動力車，既能減少二氧化碳排放，也能提高獲利能力。這些特點導致我們的獲利能力穩定，不易受到各國經濟和市場環境波動的影響。其中最重要的一點是，我們對投資決策的把握時機非常謹慎，對純電動車和電池的投資進行了全面評估，同時考慮到各國基礎設施的能源狀況、技術的演變和實際客戶需求的變化，這使我們能夠實現強大的財政基礎，我們可以在此基礎上促進未來投資。

This financial foundation has been made even more successful by steady continuous improvement activities of our suppliers in those on the frontlines of manufacturing and logistics, as well as our dealers. On the frontlines of manufacturing, we are working to improve quality and productivity by accumulating second-by-second improvement, reducing the burden on workers through digitalization and visualization, visualizing the skills of our skilled craft people.

透過我們在製造和物流一線的供應商以及我們的經銷商的穩步持續改進活動，這項財務基礎變得更加成功。在製造業的第一線，我們透過逐秒的改進累積來提高品質和生產力，透過數位化和視覺化減輕工人的負擔，使我們熟練技工的技能可視化。

On the frontline, the logistics meet shortage of truck drivers and ships, we have been making improvements by drawing on wisdom of related companies. As a result, in power distribution, we have simplified routes and increased loading capacity. And in finished car logistics, we have reduced vacant space rates by jointly transporting vehicles with other companies on the front lines of sales, we are utilizing digital transformation to build a system that links production, transport and sales to provide customers with accurate delivery date information and to deliver vehicles quickly and without waste.

在第一線，物流遇到卡車司機和船舶短缺的情況，我們一直在藉鏡相關企業的智慧進行改進。因此，在配電方面，我們簡化了線路並提高了負載能力。而在整車物流方面，我們透過與銷售一線的其他公司聯合運輸車輛來降低空置率，我們正在利用數位轉型建立生產、運輸和銷售的連結系統，為客戶提供準確的交貨期資訊并快速且無浪費地交付車輛。

We intend to continuously evolve our cycle of growing together with stakeholders. Through the business foundation we have built based on making ever-better cars initiative. And through inbound or frontline efforts that maximize the effectiveness, including the efforts of related parties, we will continue striving to deliver ever-better cars that meet the needs of our customers in each region, develop new customers in emerging markets and further strengthen our unique and solid business foundation.

我們打算不斷發展與利害關係人共同成長的循環。透過我們建立的業務基礎，我們致力於製造更好的汽車。並透過內線或一線的效率最大化的努力，包括相關方的努力，我們將繼續努力提供更好的汽車，滿足各地區客戶的需求，在新興市場開發新客戶，進一步強化我們的獨特優勢。和紮實的​​業務基礎。

We also plan to expand and strengthen our investment in the future, including in BEVs, hydrogen, software and energy, and increase touch points with our customers and alliance partners beyond the automotive industry with a total package. That should lead to the expansion of our business domain towards becoming a mobility company and the transformation of our corporate group's business structure.

我們也計劃在未來擴大和加強我們的投資，包括純電動車、氫能、軟體和能源，並透過整體方案增加與汽車產業以外的客戶和聯盟夥伴的接觸點。這應該會導致我們的業務領域向行動公司的方向擴展，並導致我們企業集團業務結構的轉變。

Next is investment for the future. At our technical and manufacturing or monozukuri workshops, we have shown you our technologies and skills that have been accumulated over the years. We don't just wake up to find yourself in the future. The future is made up of the steady accumulation of day-to-day activities of today.

接下來是對未來的投資。在我們的技術和製造車間，我們向您展示了我們多年來累積的技術和技能。我們醒來不僅僅是為了發現未來的自己。未來是由今天的日常活動的穩定累積組成的。

To leave many options open for the future, our engineering efforts will drive investment in various advanced areas, and we plan to actively sow the seeds for the future by combining manufacturing techniques with digital and innovative technologies. And for key investments in mass production, we plan to determine investment timing based on the technologies and skills we have honed from a long-term perspective, while closely watching market trends. When it comes to shareholder returns, we aim to continue to increase dividends to reward long-term shareholders.

為了在未來留下許多選擇，我們的工程工作將推動對各個先進領域的投資，我們計劃透過將製造技術與數位和創新技術相結合，積極為未來播下種子。對於大規模生產的關鍵投資，我們計劃根據我們從長遠角度磨練的技術和技能來確定投資時機，同時密切關注市場趨勢。在股東回報方面，我們的目標是繼續增加股利以回報長期股東。

Finally, here is our capital strategy. Our transformation into a mobility company requires a muscular balance sheet, while selling strategic stocks that have declining significance to our holdings and conducting home and away activities within our corporate group. We have been building alliances to accelerate our transformation. By continuing to reduce our number of strategic shares, reviewing growth, group's cross shareholdings and utilizing more effectively treasury stock and cash on hand, we aim to build the optimal structure as a mobility company and maintain and improve our competitiveness.

最後，這是我們的資本策略。我們向行動公司的轉型需要強大的資產負債表，同時出售對我們持股重要性下降的策略性股票，並在我們的企業集團內進行家庭和客場活動。我們一直在建立聯盟來加速我們的轉型。透過持續減少策略性股份數量、審查成長、集團交叉持股以及更有效地利用庫存股和手頭現金，我們的目標是建立作為行動公司的最佳結構，並保持和提高我們的競爭力。

In summary, to realize a cycle of growing with our stakeholders, we will continue striving to strengthen our earning power accelerate investment for the future, utilize more effectively our accumulated assets and create a new structure as a mobility company to gain a competitive edge. Precisely because this is an age in which it is hard to predict the future, we have to work together with your support and encouragement to create the future of mobility.

總而言之，為了實現與利害關係人共同成長的循環，我們將繼續努力增強獲利能力，加快對未來的投資，更有效地利用我們累積的資產，並創建移動出行公司的新結構，以獲得競爭優勢。正因為這是一個未來難以預測的時代，我們需要大家的支持與鼓勵，共同創造出行的未來。

To this end, we would like to use the results we have been able to generate, thanks to our many stakeholders as a source of growth, together with our customers, shareholders, suppliers, employees and local communities.

為此，我們希望利用我們已經取得的成果，這要歸功於我們的眾多利益相關者，以及我們的客戶、股東、供應商、員工和當地社區，作為成長的來源。

If you do not act, we will not be able to carve out a future for ourselves. We hope that you will continue to look forward to what Toyota will achieve and support us in the future. Thank you very much for your attention today.

如果你不行動，我們就無法開創自己的未來。我們希望您繼續期待豐田未來的成就並支持我們。非常感謝您今天的關注。

Thank you very much. We would like to entertain questions.

非常感謝。我們願意接受提問。

So please wait for a few minutes until we prepare for them. Thank you.

因此，請稍等幾分鐘，我們將為他們做好準備。謝謝。

Now we would like to start the question-and-answer session. So the people who be responding to the questions, please come up to the stage.

現在我們開始問答環節。請回答問題的人上台。

I'd like to introduce the speakers today. The Executive Vice President and Chief Financial Officer, Yoichi Miyazaki; Chief Officer and the Chief Communication Officer, Jun Nagata; and Masahiro Yamamoto, Chief Officer of the Accounting Group.

我想介紹一下今天的演講嘉賓。執行副總裁兼財務長宮崎洋一；首席官兼首席通訊官永田淳 (Jun Nagata)；和會計組首席官 Masahiro Yamamoto。

So please excuse us to be seated. So the speakers will be seated as well. Now we'd like to entertain the questions so from the floor as well from online participants. So we'd like to have a separate session.

所以請原諒我們入座。因此，演講者也將就座。現在我們想回答現場以及線上參與者提出的問題。所以我們想舉行一次單獨的會議。

The first is the question to entertain from the people in this room. Those of you who have a question, please raise your hand and speak to the microphone. And we'd like to give chance to as many people as possible. So please refrain from asking more than 2 questions. So 2 questions per person, please, and thanks for understanding.

第一個是要請在座的人提出的問題。有疑問的請舉手對著麥克風發言。我們希望為盡可能多的人提供機會。因此，請不要提出超過 2 個問題。請各回答 2 個問題，感謝您的理解。

And the person in the middle row please.

請中間排的人。

Inagaki of (inaudible). Thank you very much for this opportunity. So about this outlook of this full year, JPY 1.18 trillion is a good figure. But the JPY 141 to the dollar, that is the current depreciation of Yen is still ongoing. So what about the outlook on the foreign exchange rate? Do you think that will further be adjusted upward?

稻垣（聽不清楚）。非常感謝您給我這個機會。因此，就今年全年的前景而言，1.18兆日圓是一個不錯的數字。但日圓兌美元為141，也就是說目前日圓的貶值仍在持續。那麼外匯匯率的前景如何呢？您認為還會進一步向上調整嗎？

And the second question is related to this foreign exchange rate. Yen is weak, and which is actually pushing up this raw material expense. So that's a negative factor of the weak Yen. How do you perceive that, the negative impact on behalf of TMC because the exporting of the companies tend to enjoy the benefit of this weak Yen. However, what is the optimal level of the foreign exchange rate? How do you perceive that?

第二個問題與這個外匯匯率有關。日圓疲軟，實際上推高了原料成本。所以這是日圓疲軟的負面因素。您如何看待 TMC 的負面影響，因為出口企業往往會享受日圓疲軟的好處。然而，外匯匯率的最優水準是多少呢？您對此有何看法？

Thank you very much for your question. Well, as to this fluctuating foreign exchange rate and what is our assumption in our company, like automatically that we just based upon the past results. And then the future assumption is based upon that. So in the remaining 6 months, JPY 140 to the dollar is the current assumption. So that is the level of this assumption. However, and to the fluctuating exchange rates, what is the impact upon the company? Well, Yen is weak, Yen is good or bad is not the issue. But foreign exchange rates. I think the stability is something we want to happen. That's something we appreciate, stable exchange rates.

非常感謝您的提問。嗯，對於這種波動的匯率以及我們公司的假設是什麼，就像我們自動基於過去的結果一樣。然後未來的假設就是基於此。因此，在剩下的 6 個月內，目前假設為日圓兌美元 140。這就是這個假設的層次。然而，匯率波動對公司有何影響？嗯，日圓疲軟，日圓好壞不是問題。但外匯匯率。我認為穩定是我們希望發生的事情。這是我們所讚賞的，穩定的匯率。

TMC in another country in Japan, we would like to produce the automotive industry, and we'd like to continue to produce here in Japan. In the past, the (inaudible) year was so hot, and then the great East Japan earthquakes, during that difficult time, rather than shifting the plants to overseas, we continue to be creative in employment by building the plants and continuing operation to continue to the local and regional communities in Japan.

TMC在日本的另一個國家，我們想生產汽車工業，我們想繼續在日本這裡生產。過去（聽不清楚）的一年很熱，然後發生了東日本大地震，在那段困難時期，我們沒有將工廠轉移到海外，而是透過建造工廠和繼續運營來繼續創造性地創造就業機會日本當地和地區社區。

So we have a strong basis here in Japan. That means that when we export vehicles from Japan, of course, in the current phase of the weak Yen, there is the effect, then it might push up the income and the revenue. When you look at the overall supply chain. The Yen is weak might be positive or it could be negative in some other regions. So it does depend upon which region you are talking about.

所以我們在日本擁有堅實的基礎。這意味著當我們從日本出口汽車時，當然在當前日圓疲軟的階段，​​有效果，那麼它可能會推高收入和收入。當你觀察整個供應鏈。日圓疲軟對於其他一些地區可能是利好，也可能是利空。因此，這確實取決於您所談論的地區。

So what we want is a more stable, the fluctuation of this exchange rate to rebuild this production plant and take a deep root in that community, and we cannot quickly shift the production sites easily. That's my answer.

所以我們想要的是一個更穩定的，這個匯率的波動來重建這個生產工廠，並在那個社區紮根，我們不能輕易地快速轉移生產地點。這就是我的答案。

Next question, please. Yes, I see a hand in the first row.

請下一個問題。是的，我看到第一排有一隻手。

Ikeda from Sankei Newspaper. Now, I'd like to ask you about the Chinese market for the second half of the year. What is your outlook for the market? In the first half, the production level was rather low. And the sales level was maintained from the previous year, as I understand. But after the second half of the year and onwards, what will be the competitive landscape? And what would be your sales projections?

產經新聞的池田。現在我想問一下下半年中國市場的情況。您對市場前景有何看法？上半年，生產水準較低。據我了解，銷售量與前一年持平。但下半年以後，競爭格局會變成怎樣呢？您的銷售預測是多少？

And the related question to that would be about your BEVs sales forecast, 200,000 vehicles was the original plan. Now you've reduced that amount in your new forecast. Is it because the demand for BEVs has declined? Or is it because of Toyota's product plans, something specific to Toyota itself rather than the market?

與此相關的問題是關於您的純電動車銷量預測，原計劃是 20 萬輛。現在您已在新的預測中減少了該金額。是因為純電動車的需求下降了嗎？還是因為豐田的產品計劃是豐田本身而不是市場特有的？

So these 2 questions related to the Chinese market. That's the first part of my question. The second is the hybrid, including PHEV are growing in your business. Earlier, Toyota's hybrid has garnered the same profitability as ICE vehicles. Now in terms of the plug-in hybrid vehicles, is the profitability on par with the ICE vehicles? The profitability of BEV is the second question of mine.

所以這兩個問題都跟中國市場有關。這是我問題的第一部分。第二個是混合動力，包括PHEV在你的業務中不斷成長。此前，豐田的混合動力汽車已獲得與內燃機汽車相同的獲利能力。現在插電式混合動力汽車的獲利能力是否與內燃機汽車持平？純電動車的獲利能力是我的第二個問題。

Thank you very much for your questions. In terms of the Chinese market, I'd like to respond. First of all, as for the market itself, BEVs market is growing, centering around domestic OEMs. And Ikeda-san has mentioned, we are maintaining our share of the market and remains stable. As Yamamoto mentioned earlier, the very strong intensive discount competition has begun, especially in the area of BEVs. Under such circumstances, local OEMs in China, as well as incumbent OEMs are competing very fiercely in terms of prices. Therefore, the discount rate had started.

非常感謝您的提問。關於中國市場，我想回應一下。首先，就市場本身而言，純電動車市場正在成長，以國內整車廠為中心。池田先生提到，我們正在保持市場份額並保持穩定。正如山本之前提到的，非常強烈的密集折扣競爭已經開始，特別是在純電動車領域。在這種情況下，中國本土整車廠以及老牌整車廠在價格上的競爭非常激烈。因此，折扣率開始了。

We plan to maintain our share of the market. And currently, we are maintaining it, and going forward, that would remain our assumption going forward in our business in China. Our BEVs, as has been mentioned, is the area we have downgraded our forecast, but then our hybrid vehicles are expected to increase. So the total number of vehicles that we can sell in the market will remain. And that is one of the ways of avoiding the price competition.

我們計劃維持我們的市場份額。目前，我們正在維持它，並且展望未來，這仍然是我們在中國業務中的假設。正如已經提到的，我們的純電動車是我們下調預測的領域，但我們的混合動力汽車預計會增加。因此，我們可以在市場上銷售的車輛總數將保持不變。這是避免價格競爭的方法之一。

So BEV units are declining, why? Well, because of the fierce price competition is one factor. Actually, in the eyes of the customers, they have more choices and options, bZ4X and other Toyota vehicles still have room for improvement. And that's the message we are receiving from the market.

那麼純電動車銷量正在下降，為什麼呢？嗯，因為激烈的價格競爭是因素之一。其實，在消費者眼中，他們有更多的選擇和選擇，bZ4X等豐田汽車還有進步的空間。這就是我們從市場收到的訊息。

We are talking about cars. We improve our models periodically. And therefore, going forward, we will continue to do so, responding to what the market tells us. As for the second point, I'd like to ask Yamamoto-san to respond.

我們正在談論汽車。我們定期改進我們的模型。因此，展望未來，我們將繼續這樣做，回應市場告訴我們的訊息。關於第二點，我想請山本先生回應。

Thank you very much for your question. But the profitability of (inaudible) hybrid, which is on par with hybrid vehicles.

非常感謝您的提問。但（聽不清楚）混合動力汽車的獲利能力與混合動力汽車相當。

Next is the person wearing a white jacket around the middle row, please?

接下來是中間一排穿著白色夾克的人嗎？

(inaudible) of TV Tokyo. I have 2 parts of questions. First about this strategy and policy-based shareholding. Mr. Miyazaki mentioned that you had reduced the cross holding, and you would like to revise that with even within the group companies. But you refer to that now, at this time. What is the time scale that you would like to further revise or reduce the holding of the cross holding of those policy related share?

（聽不清楚）東京電視台。我有兩個部分問題。首先是這個策略和政策性持股。宮崎先生提到，您已經減少了交叉持股，並且您希望在集團公司內部也對此進行修改。但你現在、此時提到了這一點。您希望在多長時間內進一步修改或減持該保單相關股票的交叉持股？

The second is idea on this pay raise. Different companies in the latter part of the half of this year they would like to raise this labor cost and then they will have additional spending for that. But what is the policies? And what is this cost related to the labor cost of the some of these suppliers and others? What do you think of that?

第二個是關於這次加薪的想法。今年下半年，不同的公司希望提高勞動成本，然後為此增加支出。但政策是什麼？這個成本與這些供應商和其他供應商的勞動成本有什麼關係？你對那個怎麼想的？

Well, as to the policy and strategy related cost holding of shares, during the previous quarter, the announcement of this financial results, I already mentioned our philosophy and concept on that. And you really urged that we should be more clear about that the shareholding. After the end of the first quarter, the announcement that we gave you our idea. And this time, again, including even the group cross shareholding that we touched upon this policy on this shareholding.

那麼關於政策和策略相關的持股成本，在上個季度，公佈這個財務表現的時候，我已經提到了我們的理念和理念。您確實敦促我們應該更清楚地了解股權。第一季結束後，我們向您宣布了我們的想法。這一次，甚至包括集團交叉持股，我們談到了這個持股政策。

And the graph I showed you also shows is the first -- we have done some of the measures and implemented measures. Our thought is unchanged. The (inaudible) is no longer any significance of cross holding the share and so on. We revise it, we might make that last money and then we will be the financial resources was investing in the other new areas.

我向你們展示的圖表也顯示了第一個——我們已經採取了一些措施並實施了措施。我們的思想不變。 （聽不清楚）交叉持股等不再有任何意義。我們修改它，我們可能會賺到最後的錢，然後我們會將財務資源投資到其他新領域。

We will switch the asset mix and then we find the new partners. We will invest in new areas. That is why we'd like to revise the cross-holding of share. As to this group shareholding of -- we applied the same cost. Optimal business within the group. We'd like to achieve that optimal active business and information, the structure should be revised accordingly. And together with other companies, we are implementing this home and away concept. And when our lineup is changing, we would like to really promote the concept in the future as well.

我們將改變資產組合，然後尋找新的合作夥伴。我們將投資新領域。這就是我們要修改交叉持股的原因。對於該集團的股權——我們採用了相同的成本。集團內的最佳業務。我們要實現業務和資訊最活躍，結構也要隨之修改。我們正在與其他公司一起實施這一主客場概念。當我們的陣容改變時，我們也希望在未來真正推廣這個概念。

Answering the question about timing, when we will implement that. Well, the when the need rises, we will immediately implement that needed action. That's our thought. And therefore, it's not something for the sake of this particular cause, but we have the basic concept that when the need arises, quickly, we will implement our action. That's what we'd like to do. As to the second question, Nagata will respond.

回答有關時間安排的問題，即我們何時實施該計劃。那麼，當需要出現時，我們將立即採取必要的行動。這就是我們的想法。因此，這並不是為了某個特定的原因，而是我們有一個基本概念，當需要出現時，我們會迅速地實施我們的行動。這就是我們想做的事。關於第二個問題，永田會回答。

As to this thought on the salary hike or pay raise. So as Miyazaki also touched upon that at the beginning. For the stakeholders, we've been building a cost together with other stakeholders. Our message is because that we like to create the future together. Automobile is something that we work together and build together.

至於這個關於加薪或加薪的想法。宮崎駿一開始也談到了這一點。對於利害關係人來說，我們一直在與其他利害關係人一起制定成本。我們的訊息是因為我們喜歡共同創造未來。汽車是我們共同努力、共同打造的東西。

So the first question is our concept on the pay rates within TMC. Of course, naturally, that our employees and we are their partner, so that for this term to the next fiscal term, the inflation is taken and other factors pushing up the living cost. So they have worked so hard and then we, of course, appreciate their hard work. Taking all those stuff into account, we like to really have a good talk with the employees. Once a year, we have a spring [label feasible]. That's not all. Every month, we have a dialogue with the labor union members to try improve the situation. And another improvement, and one after another, we improve. So taking that into account, the pay raise level will be considered to next year.

所以第一個問題是我們對 TMC 內部薪資水準的概念。當然，自然地，我們的員工和我們是他們的合作夥伴，因此從這個學期到下一個財政學期，通貨膨脹和其他因素都推高了生活成本。所以他們工作如此努力，我們當然感謝他們的辛勤工作。考慮到所有這些因素，我們希望與員工進行良好的交談。每年一次，我們有一個春天[標籤可行]。那不是全部。每個月，我們都會與工會成員對話，並努力改善這種情況。一次又一次的改進，我們一次又一次地改進。因此考慮到這一點，加薪水準將考慮到明年。

As for the second question, about how do we respond to that, with regard to the suppliers, employees because the raw materials and all these things, the costs increased due to the weak Yen, I think this procurement became so expensive, especially raw materials, electricity supply, as the pay rate related area. Since last year, we have taken that into account. And then we paid accordingly to the suppliers. And we will maintain that stance at the policy this fiscal time. So that to the people around the -- our stakeholders and suppliers, we will pay them accordingly.

至於第二個問題，關於我們如何應對，對於供應商、員工來說，因為原材料和所有這些東西，成本因日元疲軟而增加，我認為這次採購變得如此昂貴，特別是原材料、電力供應，視相關地區繳費率而定。自去年以來，我們已經考慮到了這一點。然後我們向供應商支付相應的費用。我們將在本財年的政策上維持這一立場。因此，對於我們的利害關係人和供應商周圍的人，我們將向他們支付相應的費用。

And then how should we push that up for the Tier 2 and other suppliers. So eventually, our message will be conveyed to all the suppliers, including Tier 1 to the rest.

然後我們應該如何提高二級供應商和其他供應商的水平。因此，最終，我們的訊息將傳達給所有供應商，包括一級供應商和其他供應商。

I have added to about this specific question. Just additional comments. In my presentation, we talked about a shortage of truck drivers and logistics and transportation is the issue. So in that sense, of course, for the logistics costs, this is area we want the improvement, and we will extend the cooperation as to the transportation costs. We are negotiating with the logistics company to raise the fee so that the effect should be the increased reward for the truck drivers. So that's something we're talking with the logistics and transportation company. So we hope that we will really pay accordingly.

我已經添加了關於這個具體問題的內容。只是補充評論。在我的演講中，我們談到了卡車司機短缺以及物流和運輸的問題。所以從這個意義上說，當然，對於物流成本，這是我們希望改進的領域，我們將擴大在運輸成本方面的合作。我們正在和物流公司協商提高費用，效果應該是增加卡車司機的報酬。這就是我們正在與物流運輸公司討論的事情。所以我們希望我們能夠真正付出相應的代價。

Next question, please. The fourth row alongside the aisle, please.

請下一個問題。請坐在靠走道的第四排。

Inajima from Bloomberg. EV exports from China is something that I'd like to ask about. In addition to that, would that have impact to Southeastern Toyota businesses? What is the immediate situation and new outlook going forward?

來自彭博社的稻島。我想問的是中國的電動車出口狀況。除此之外，這會對東南豐田業務產生影響嗎？目前的情況和未來的新前景如何？

And also higher interest rate, will that have any impact to your procurement as well as sales? Once again, the immediate situation and the outlook, I would like to ask. Do you have any responses to those developments?

還有更高的利率，對你們的採購和銷售有影響嗎？我想再問一下目前的情況和前景。中方對此有何回應？

I'd like to respond to the first question of yours. The BEV exports from China was the question, and how that would impact our operations in Southeast Asia. Now BEV exports from China is increasing, and we have confirmed that with that. Thailand and other countries have seen batteries becoming a certain industry segment.

我想回答你的第一個問題。中國的純電動車出口是一個問題，這將如何影響我們在東南亞的業務。現在中國的純電動車出口正在增加，我們也證實了這一點。泰國和其他國家的電池已成為一個特定的行業領域。

Now, for the future outlook, most probably, Chinese BEVs and other OEMs will continue to strengthen their exports or expand their operations overseas. That's something we have to expect. What do we do about it? Well, I'm sure you all know, it's not that we don't have the battery EV lineups. The question is when we actually introduced them and launch them as products. I cannot be too specific, but from Japan to Southeast Asia, and the Chinese exports have different levels of tariffs in different countries.

現在，展望未來，中國純電動車和其他整車廠很可能會繼續加強出口或擴大海外業務。這是我們必須期待的。我們該怎麼辦？嗯，我相信你們都知道，我們並不是沒有電池電動車產品線。問題是我們什麼時候真正引入它們並將它們作為產品推出。我不能說得太具體，但從日本到東南亞，中國的出口在不同的國家有不同程度的關稅。

At what timing we consider local production or which timing we start exporting Japan to Southeast Asia, our BEVs, we really have to be watchful of the market situation as well as the competitive landscape going forward.

我們什麼時候考慮本地生產，什麼時候開始向東南亞出口我們的純電動車，我們確實必須密切注意市場狀況以及未來的競爭格局。

Thank you for your question. In terms of the higher interest rates, especially in the area of sales and financing services, I believe, you are very right, especially in the United States. Interest rates are being raised. And in terms of procurement, the margin of profit is declining. But the financing business of ours is not really losing steam, which is still stable because of the residual value that is the cost or the value of the used car remains very strong. Overall, the used cars have maintained a higher price point. So what we hear from the market is the power of the products, which maintains the residual value of the used cars contributing to profitability.

謝謝你的問題。在更高的利率方面，特別是在銷售和融資服務領域，我相信，你是對的，尤其是在美國。利率正在上調。而在採購方面，利潤率正在下降。但我們的融資業務並沒有真正失去動力，仍然穩定，因為殘值，即二手車的成本或價值仍然非常強勁。整體而言，二手車價格一直保持在高水準。所以我們從市場上聽到的是產品的力量，它保持了二手車的殘值，有助於獲利。

So that's the value of coming up with powerful products, and that certainly has a positive impact to the profitability.

這就是推出強大產品的價值，這肯定會對獲利能力產生正面影響。

Person in the second row from the back.

後排第二排的人。

My name is [Shiroka]. Will there be any change to the investment practice because the first is that in this financial related to cash seems to be accumulated a lot in your company. 6 months ago, at the press conference, you said that the share price was a bit down, so that you mentioned about the shareholders. But as of now, share prices went up to a high level. But of course, it's not something you would determine by your company. I'm aware, but the share price is high. The shareholders are really expecting the further growth in your company. And then so, the more investment means the more return, and the shareholder price is so high.

我的名字是[白香]。投資實務是否會有任何變化，因為首先是在這個與現金相關的財務中，你的公司似乎累積了很多。 6個月前，在記者會上，你說股價有點跌，所以你提到了股東的事情。但截至目前，股價已升至高點。但當然，這不是由您的公司決定的。我知道，但股價很高。股東們衷心期待貴公司的進一步發展。那麼投資越多代表回報越多，股東價格就這麼高。

So maybe capital cost, funding cost is going down for your company, I recognized. So you have abundant cash, and it might be spent as a dividend payout to the shareholders. But maybe shareholders really expect the companies to grow further. Maybe you can invest that into R&D? That is for the sake of the future, is it likely you invest more for R&D and other future projects?

我體認到，也許貴公司的資本成本、融資成本正在下降。所以你有充裕的現金，可以用來派發股息給股東。但也許股東確實希望公司能進一步發展。也許你可以將其投資於研發？那就是為了未來，你們會不會在研發和其他未來項目上投入更多？

In this interim announcement figure, our feeling on that is something I'd like to touch about because in your presentation, I have also tried to convey you this message. But in this announcement of the financial results, of course, the people who protested the model and then allot them, we should really appreciate the users so that the number really refers that we should really express our gratitude. There are lots customers who are waiting for our vehicle.

在這個臨時公告圖中，我想談談我們對此的感受，因為在您的演示中，我也試圖向您傳達這一訊息。但是在這個財務結果的公佈中，當然，那些抗議模型然後分配的人，我們應該真正感謝用戶，這樣數字才真正指我們應該真正表達我們的感謝。有很多顧客在等待我們的車輛。

As soon as possible, we like to deliver the vehicles. Therefore, the suppliers and the manufacturing plants and the logistics company people and others are working hard to deliver it as soon as possible, dealers as well. So I'd like to take this opportunity to thank all the stakeholders because of the hard work, we finally achieved this good number this time. As a result, and in vision, in each of the offices and the frontline fields, these partners are supported by the local community residents and other stakeholders. So it's all thanks to all these people who contributed to these numbers.

我們希望盡快交付車輛。因此，供應商、製造廠、物流公司等人員都在努力盡快出貨，經銷商也是如此。所以我想藉此機會感謝所有利害關係人，因為經過大家的努力，我們這次終於取得了這個好成績。因此，在願景中，在每個辦事處和前線領域，這些合作夥伴都得到了當地社區居民和其他利害關係人的支持。所以這都要感謝所有為這些數字做出貢獻的人。

I cannot really think of the better word. But anyway, these earnings, the profits are not to be used for our own sake. But rather, we'd like to spend it to transform the Japanese automotive industry. How can we create for a new mobility business here in Japan and so on. So that's where we'd like to make further investment so that we can return this to the society at large. So one company alone cannot change the future of automobile, multiple companies and we should form a partnership. And we like to actively invest in new areas. So that how can it change, transform the future of automobile business, something we'd like to explore.

我實在想不出更好的字了。但無論如何，這些收入、這些利潤不是用來為我們自己著想的。相反，我們希望用它來改變日本汽車工業。我們如何在日本創造新的行動業務等等。因此，我們希望在這方面進行進一步的投資，以便我們能夠將其回報給整個社會。所以一家公司無法單獨改變汽車的未來，多家公司應該結成夥伴關係。我們喜歡積極投資新領域。那麼它如何改變、改變汽車產業的未來，這也是我們想要探索的。

And the result of these efforts, we'd like to further strengthen our earnings power. As I said, again I would like to return the benefit back to the stakeholders, and with their support, we'd like to go up this next step. So we'd like to steadily turn this good cycle. That's something we'd like to do. That is the basis of our foundation. And then we decide on where to invest further. We have to really sow different plants, and work on seeds needed is not yet clear.

透過這些努力，我們希望進一步增強我們的獲利能力。正如我所說，我想再次將利益返還給利害關係人，在他們的支持下，我們希望繼續邁出下一步。所以我們希望穩步扭轉這個良好的循環。這是我們想做的事。這是我們的基礎。然後我們決定在哪裡進一步投資。我們必須真正播種不同的植物，而所需種子的工作尚不清楚。

We will plan to see -- sow the seeds in many places, explore different profitabilities. And then we might create a new species of plants and so forth. That's something we'd like to try.

我們將計劃看到—在許多地方播下種子，探索不同的獲利能力。然後我們可能會創造出新的植物物種等等。這是我們想要嘗試的事情。

Another question is that the domestic production. Foreign exchange rates are likely to really change, it fluctuates much. But 10 years ago or so, Yen used to be strong. So the domestic employment and suppliers had to be protected and then -- as a mother plant. In the short term, it's not really a positive situation, but you still endured through the difficulty. But now the foreign exchange rate has changed. So clearly, you have a high quality and producing changes makes it the most competitive situation for you. To continue to bring change, Japan is the most competitive. What do you think of the competitive edge of the domestic production?

另一個問題是國內生產。外匯匯率可能真的會發生變化，波動很大。但大約10年前，日圓曾經一度走強。因此，必須保護國內就業和供應商，然後——作為母工廠。短期來看，情況並不樂觀，但你還是撐過來了。但現在外匯匯率發生了變化。很明顯，你擁有高素質，並且產生變化，這對你來說是最具競爭力的情況。要持續帶來變革，日本是最具競爭力的。您認為國產的競爭優勢如何？

Thank you for your question. As to the competitive edge, or before that, talking about competition goes to 3 million units of the domestic production level has been maintained for a long time because TMC or the even trend we had on production company because we were the company born in Japan, we've been a Japanese company. And we were in the Japanese society, and to the nation of Japan.

謝謝你的問題。至於競爭優勢，還是之前說的競爭，國內生產300萬台的水平已經維持了很長一段時間了，因為TMC或者我們在生產公司上有均勻的趨勢，因為我們是在日本出生的公司，我們一直是一家日本公司。我們身處日本社會，也身處日本民族。

How can we continue to make contribution to people in Japan? That is an important mission several -- about dozen years ago. The great earthquake occurred in Tohoku and then yen was so strong. There were 6 hardships we suffered, and then lots of plants that are moved to overseas. So after that aftermath of that earthquake, we created the East Japan Toyota models, and we wanted to contribute to this local community Tohoku by automotive production.

我們如何繼續為日本人民做出貢獻？這是大約十幾年前的重要使命。東北發生大地震，日圓走強。我們經歷了6次磨難，然後很多工廠都搬到了海外。因此，地震發生後，我們創建了東日本豐田車型，我們希望透過汽車生產為東北當地社區做出貢獻。

So we did something, reverse the trend as compared to other parties. But now East Japan, in Tohoku, we believe that we have made a contribution to Tohoku region, and we still do. And we would like to maintain the policy, 3 million units to be -- continue to be producing in Japan.

所以我們做了一些事情，扭轉了與其他政黨相比的趨勢。但現在東日本，在東北，我們相信我們已經為東北地區做出了貢獻，而且我們仍然這樣做。我們希望維持這項政策，即繼續在日本生產 300 萬台。

In terms of the numbers, of course, the JAMA is also relevant to hear. But anyway, as you're aware that in Japan, the JPY 15 trillion income for Japan, thanks to this export automotive. So the energy cost is going up here in Japan as well due to inflation. But still, it's kind of a difficult situation. But 2 or 3 years ago, the JPY 15 trillion was spent to really procure the energy in Japan imported. So in order for Japan to economically be feasible, I think you have to continue to earn foreign currency. So Toyota should really support that kind of system as a company, and the number should really approve that. So as Mr. Nagata mentioned, what about the future? Well, we should never deviate from this policy. We'd like to keep the stronghold here in Japan and continue to make contribution to the local community and regional communities in Japan.

當然，就數字而言，JAMA 也有相關報導。但無論如何，如你所知，在日本，日本15兆日圓的收入，得益於這種出口車。由於通貨膨脹，日本的能源成本也在上漲。但這仍然是一個困難的情況。但兩、三年前，日本真正花了15兆日圓來採購進口能源。因此，為了讓日本在經濟上可行，我認為你必須繼續賺取外匯。因此，豐田作為一家公司應該真正支持這種系統，並且數字應該真正批准這一點。那麼正如永田先生所說，未來呢？好吧，我們永遠不應該偏離這項政策。我們希望保持在日本的據點，並繼續為日本當地社區和地區社區做出貢獻。

Next question, please. Person in the second row, from the front, please?

請下一個問題。請問第二排的人，從前面來嗎？

I am [Katsumata] from (inaudible). I have one question for you. As for April to September, repricing efforts. Over the past recent years, it seems it has had major impact. So would you be more concrete in telling us what you have done? And as Nagata-san mentioned earlier, rewarding your suppliers is something that you have done. Now based on that, cost reduction efforts together with the suppliers is another area of interest that I would like you to elaborate on.

我是來自（聽不清楚）的[Katsumata]。我有一個問題想問你。至於4月至9月，重新定價的力道。近年來，它似乎產生了重大影響。那麼您能更具體地告訴我們您做了什麼嗎？正如永田先生之前提到的，獎勵供應商是你所做的事情。基於此，與供應商一起降低成本的努力是我希望您詳細闡述的另一個感興趣的領域。

Improvement efforts at genba can take multiple forms, as you've seen in Miyazaki-san's slide. I listened to people in genba, and I'm feeling the advancement of digitalization. I'm referring to a specific slide here, in terms of machined parts, the initial inspection of the surface finds 1 out of 10,000, some defector parts. And people in the genba have a very intense job because they should not overlook such defects.

正如您在宮崎先生的幻燈片中所看到的那樣，genba 的改進工作可以採取多種形式。我聽了現場的人的發言，感受到了數位化的進步。我在這裡指的是一個具體的幻燈片，就機械加工零件而言，對錶面的初步檢查發現萬分之一是一些缺陷零件。現場工作人員的工作非常緊張，因為他們不應該忽視這些缺陷。

But then you introduce AI camera. It can really be effective. On the right, you see sealers being applied, sealers that you're paying to reduce water leaks. It really takes skills. And then there are seasoned craftsman who are so good at it, VR algorithms can read in what seasoned craftsman would do, and newcomers can mimic what the seasoned craftsman would do, and that results in reduction in training hours. And some specific techniques can be handed down to next generations. But 3 years ago, together with our labor union, we decided to catch up with others in implementing such digital technologies.

但接下來你介紹了人工智慧相機。它確實可以有效。在右側，您可以看到正在使用的密封劑，您付費使用密封劑來減少洩漏。這確實需要技巧。還有經驗豐富的工匠非常擅長，VR演算法可以讀取經驗豐富的工匠會做什麼，新人可以模仿經驗豐富的工匠會做什麼，從而減少了培訓時間。而且一些具體的技術是可以傳承給下一代的。但三年前，我們與工會一起決定在實施此類數位技術方面趕上其他人。

And certainly, production area, our engineers and technicians are really eager to learn all our employees. Over the past couple of years during the pandemic, we have seen such results. With very strong workload in genba use of technologies as such certainly has proven quite effective. This is something Toyota does, this is something that we do together with our suppliers. Now, what was your second question? Would you repeat your question?

當然，在生產區域，我們的工程師和技術人員非常渴望學習我們所有的員工。過去幾年的疫情期間，我們已經看到了這樣的結果。由於現場工作量非常大，因此技術的使用無疑被證明是非常有效的。這是豐田所做的事情，這是我們與供應商一起做的事情。現在，你的第二個問題是什麼？你能重複一下你的問題嗎？

No, it's okay. You have addressed my question.

不，沒關係。你已經回答我的問題了。

Well, in terms of our suppliers, I've given you several examples. We have direct touch with Tier 1, Tier 2 suppliers of ours. So we have direct touch points with them. And that probably the physical limit of our reach. But then, if improvement efforts should cascade it down to further down in the pyramid, then JAMA and part suppliers associations together should work together in implementing such improvement efforts.

嗯，就我們的供應商而言，我給了你幾個例子。我們與我們的一級、二級供應商有直接聯繫。所以我們與他們有直接的接觸點。這可能是我們所能達到的物理極限。但是，如果改進工作應該級聯到金字塔的更底層，那麼 JAMA 和零件供應商協會應該共同努力實施此類改進工作。

Nagata-san is working on that. Nagata-san, do you have anything to add?

永田先生正在研究這個問題。永田同學，您還有什麼要補充的嗎？

This is also an activity of JAMA. As Miyazaki-san mentioned. JAMA supply chain committee is the forum that we work together, especially in a deeper down in our supply chain, what they should do is something that JAMA can communicate very well, and parts suppliers association as well. In terms of the creative ideas of what can be implemented and of course, sometimes we can visit genba of those lower tier suppliers. And that the efforts made by the entire industry association, not only by Toyota. And our activities are aligned with those with JAMA, and I think that's extremely important right now.

這也是JAMA的一項活動。正如宮崎先生所說。 JAMA供應鏈委員會是我們一起工作的論壇，特別是在我們供應鏈的更深處，他們應該做的事情是JAMA可以很好溝通的，零件供應商協會也是如此。就可以實施的創意而言，當然，有時我們可以參觀那些較低級別供應商的genba。而且這是整個行業協會所做的努力，而不僅僅是豐田一家。我們的活動與 JAMA 的活動保持一致，我認為這現在非常重要。

Now in the future, as has been mentioned, electrification and transition to BEV, how should we go about that? As you go down in our supply chain, especially the smaller suppliers, they are at loss what to do. And especially in the area of carbon neutrality, they are at a loss what to do. So not only our direct suppliers, but JAMA and part suppliers associations network should be leveraged so that we can work from both directions.

現在，未來，正如前面提到的，電氣化和向純電動車的過渡，我們該如何去做？當你進入我們的供應鏈時，尤其是較小的供應商，他們不知所措。尤其是在碳中和領域，他們不知所措。因此，不僅我們的直接供應商，還應該利用 JAMA 和零件供應商協會網絡，以便我們可以從兩個方向開展工作。

Now, I would like to shift to the online participants to entertain their questions.

下面我請線上嘉賓回答大家的問題。

(Operator Instructions)

（操作員說明）

Online participants, no one has raised a question. So we'd like to return to the people on the floor in this hall to entertain questions directly from them.

網上參會，沒有人提出疑問。因此，我們想回到這個大廳的與會者那裡，直接回答他們提出的問題。

The person on the third row.

第三排的人。

I'm Hayakawa from NHK. So for this financial results, you presented the operating income and then the profit, you have achieved a record high. And as (inaudible) mentioned, the expense is gratitude. However, how do you foresee over this 6 months, the financial results? But of course, the raw materials and other prices are going up. So for the future the outlook, you have upwardly revised the future outlook? However, what are some of the concerns and some of the factors you are considering carefully?

我是 NHK 的早川。那麼這個財務業績，你提出了營業收入，然後是利潤，你達到了歷史新高。正如（聽不清楚）所提到的，費用是感激之情。但是，您如何預測這 6 個月的財務表現？但當然，原料和其他價格正在上漲。那麼對於未來的展望，您是否向上修正了未來的展望？然而，您有哪些擔憂和正在仔細考慮的一些因素？

Earlier, I have made some summary statements in my remarks, but the actual numbers we have seen -- we are seeing, well, of course, each fuels in each of the people work so hard to come to this good result in the last 6 months. And now as to the full year outlook we have presented, of course, we have the resolve that we will continue to execute work by working hard.

早些時候，我在發言中做了一些總結性的陳述，但我們看到的實際數字——我們看到，當然，每個人都在努力工作，才能在過去的6 場比賽中取得如此好的成績。幾個月。現在我們提出了全年的展望，當然我們有決心繼續努力工作。

However, the efforts we observed in this marketing sales, this number is so good. So what is the backdrop for this good marketing sales. We have introduced company system to build ever-better cost, the appearing the product lineup have been prepared already. That is a major important basis. The second factor is that many changes occurring. However, every day, in the daily operations, the accuracy is going up and then we have to make a quick decision. But local specification has been tailored made for each area. And then the fact in the field and front line has been considered to make a quick decision. And those results have been referred in this good result. More than ever to build ever-better cost in the local community that the local -- the genba base decision is made quickly. In others, the audit people involved in this production and logistics and so on, the United efforts of these people were reflected in discrete number.

不過，從我們在這次行銷銷售的努力觀察來看，這個數字是那麼的好。那麼這種良好的行銷銷售的背景是什麼呢？我們引入了公司製度來建立更好的成本，即將出現的產品陣容已經準備好了。這是一個非常重要的基礎。第二個因素是發生了許多變化。然而，每天，在日常操作中，準確性都在提高，然後我們必須快速做出決定。但當地的規範是針對每個地區量身訂做的。然後考慮了場上和前線的事實，並迅速做出了決定。而這些成果都在這個好成績中得到了體現。比以往任何時候都更需要在當地社區建立更好的成本，以便當地 - genba 基地的決策能夠迅速做出。在其他方面，審核人員涉及生產和物流等方面，這些人的共同努力則體現在離散的數量上。

So anyway, it cannot be done overnight. It's been of all these accumulated hard work and daily improvement and united efforts. All these results are reflected in this good result that we are announcing today. And so we are faced with a good situation now. We'd like to continue this good practice from now on. We have just completed the half of this full year business, and we can never feel so easy because we still have a lot of risks that we have to be prepared, as Hayakaw-san has pointed out. And the full year, the production is [110.5 million] units. So we haven't changed the production outlook, but from my standpoint, we might have kind of a positive outlook.

所以無論如何，這都不是一朝一夕就能完成的。這一切都是日積月累、日復一日的進步和團結努力的成果。所有這些結果都反映在我們今天宣布的這一良好結果中。所以我們現在面臨著一個很好的情況。我們希望從現在開始繼續這種好的做法。我們剛剛完成了全年業務的一半，我們從來沒有感到如此輕鬆，因為我們仍然有很多風險，我們必須做好準備，正如早川先生所指出的那樣。全年產量為[1.105億]台。因此，我們沒有改變生產前景，但從我的角度來看，我們可能有積極的前景。

However, as you pointed out, there are lots of concern. This market behavior is changing in China or in China. The real estate situation is uncertain, impacting the Southeast Asia and Thailand. And in those Vietnam and Thailand, the market itself is going through some changes.

然而，正如您所指出的，存在許多擔憂。這種市場行為在中國或在中國正在改變。房地產形勢不明朗，影響東南亞和泰國。而在越南和泰國，市場本身正經歷一些變化。

We can never feel too optimistic. We really have to be careful. But still, anyway, the uncertainty in front of us and that uncertainty is getting more serious. So we should really have the spread antenna to have a good communication with the local CEOs and others to supply these good cars, which will please the customer there and then we adjust the cars according to the customer in each situation. That's what we'd like to be prepared.

我們永遠不能感到太樂觀。我們真的必須小心。但無論如何，我們面前的不確定性而且這種不確定性正變得越來越嚴重。所以我們真的應該有傳播天線，與當地的執行長和其他人有良好的溝通，以提供這些好車，這會讓那裡的客戶滿意，然後我們根據客戶的每種情況調整汽車。這就是我們想要做好的準備。

Next question, please. Person in the front row, please.

請下一個問題。請前排的人。

[kata from] I have 2 questions. Now, Miyazaki-san, you talked about the contribution to the future mobility industry, the future automotive industry. And yesterday, you made an announcement about the additional investment in the United States, in production, hydrogen, battery, carbon neutrality areas will become the focus of our future investment. And the second question is, earlier, you experienced some accident at your suppliers factory, which caused some holding of your production line. Has it had any impact in your production plans going forward?

[kata from] 我有 2 個問題。現在，宮崎先生，您談到了對未來行動產業、未來汽車產業的貢獻。而昨天你們又宣佈在美國追加投資，在生產、氫能、電池、碳中和領域將成為我們未來投資的重點。第二個問題是，早些時候，你們的供應商工廠發生了一些事故，導致你們的生產線停工。這對你們今後的生產計畫有影響嗎？

Now, the investment for the future. Of course, carbon neutrality is a major focus area. And going forward, battery EVs as well as hydrogen will become important areas as well because they will lead to new business domains. There are multiple options for investments during the technical workshops in monozukuri manufacturing workshops, you have witnessed all those endeavors that we are making. Investment simply is made into the areas where we have a basis of technologies and engineering and capabilities and technical workshops have demonstrated that we do have such a foundation. And in monozukuri workshops, you have witnessed our engineering prowess, which would enable further investment in such areas.

現在，是對未來的投資。當然，碳中和是一個主要關注領域。展望未來，電池電動車和氫也將成為重要領域，因為它們將帶來新的業務領域。在製造工廠的技術研討會上有多種投資選擇，您已經見證了我們所做的所有努力。投資只是投資於我們擁有技術、工程和能力基礎的領域，技術研討會已經證明我們確實擁有這樣的基礎。在monozukuri車間，您見證了我們的工程實力，這將使我們能夠在這些領域進行進一步的投資。

Now the question, I'm sure, would be what about ROI and profitability. How can we connect those different pieces of technologies and engineering prowess, and how to make -- allocate our investment going forward is something that we will still have to determine going forward.

我確信現在的問題是投資報酬率和獲利能力。我們如何將這些不同的技術和工程能力連結起來，以及如何分配我們的投資，是我們未來仍需要確定的事情。

You asked about the accident at Chuo Spring company. Now, actually, because of the data deficiencies we have experienced halting of our assembly line. At the Chuo Spring company, they have resumed production, so bringing them up to speed and certainly would be the current focus.

您詢問了中央彈簧公司發生的事故。現在，實際上，由於資料缺陷，我們的裝配線已經停止。中央彈簧公司已經恢復生產，因此加快生產速度肯定是目前的重點。

As of now, we haven't changed our production plans. So before the end of the year, we will make some recoveries. So that's something that we do to respond to that particular accident. But what we have to do is -- because frequent incidents like this or accidents like this would only inconvenience our customers. So how to manage aging manufacturing equipment and facilities is something that we really have to go through together with our suppliers.

截至目前，我們尚未改變生產計劃。所以在年底之前，我們會做出一些恢復。這就是我們為應對該特定事故所採取的措施。但我們要做的是——因為頻繁發生這樣的事件或事故只會給我們的客戶帶來不便。所以如何管理老化的生產設備和設施，是我們和供應商真正要共同解決的問題。

And we've already begun our endeavors so that going forward, we will not cause any inconvenience to the future customer of ours. We will continue steadily for the improvement.

我們已經開始努力，以便今後不會給我們未來的客戶帶來任何不便。我們將繼續穩步改進。

We'd like to just entertain 2 more questions because time is getting short, please.

由於時間緊迫，我們想再回答 2 個問題。

(inaudible) In the U.S.A. about the American market? That's my question. 3 months ago, when you announced the first quarter, the results that there are some risk factors, and then you mentioned about the risk. But what is the outlook of the U.S. market from now on? The second question, is the UAW strike has finally been settled? So what will be the impact and the rippling effect due to the strike in the U.S.A. because U.S. automakers, their burden was -- is going up. And some people say that it will be advantageous for the Japanese companies that maybe investment cost will go up because of the overall impact. So what do you think of that settled labor union strike in the U.S.A.?

（聽不清楚）在美國關於美國市場？這就是我的問題。 3個月前，當您公佈第一季業績時，認為存在一些風險因素，然後您提到了風險。但今後美國市場的前景如何呢？第二個問題，UAW罷工終於解決了嗎？那麼美國罷工會產生什麼影響和連鎖反應，因為美國汽車製造商的負擔正在增加。也有人說，由於整體影響，投資成本可能會上升，這對日本企業來說是有利的。那麼您對美國工會罷工的解決有何看法？

As for the outlook for the U.S. market, let me respond to that part of the question. First, economic numbers themselves, I think we might present and make us feel a bit cautious. But actual operator in the U.S. market that is not yet being felt directly in the market because the inventory level, stock level might have been improved slightly, but there's a shortage of products in the -- inventory level, that's the U.S. market situation. And the market demand is strong, so that analysis as of now.

至於美國市場的前景，我回答一下這部分問題。首先，我認為我們可能會呈現經濟數據本身，並讓我們感到有點謹慎。但美國市場的實際操作者還沒有直接在市場上感受到，因為庫存水平，庫存水平可能略有改善，但庫存水平上存在產品短缺，這就是美國市場的情況。而且市場需求旺盛，所以分析截至目前為止。

Fairly looking at the other OEMs, maybe it's not the case wherever. Differentiation amongst different OEMs in the U.S. So what we actually feel is a strong market tendency right now. That is because of a good powerful lineup and appeal of our products. And because of that good line of products, we are in a good position now.

公平地看看其他整車廠，也許情況並非如此。美國不同原始設備製造商之間存在差異，因此我們實際上感受到的是目前強勁的市場趨勢。這是因為我們產品的強大陣容和吸引力。由於擁有良好的產品線，我們現在處於有利的地位。

As to the overall market condition, we still have to be cautious and we need to monitor closely as to the U.S. market itself is in that kind of condition right now. But what about the global situation, the U.S. or the European market, strong markets. On the other hand, as I said, China, the economic situation is getting a bit stagnant and then the market is changing in some of the emerging countries as well.

對於整體的市場狀況，我們還是要保持謹慎，我們需要密切注意美國市場本身目前處於這樣的狀況。但全球情勢如何，美國或歐洲市場，強勁的市場。另一方面，正如我所說，中國的經濟狀況有些停滯，一些新興國家的市場也在改變。

So when you look at the overall global situation, we have a real balanced portfolio around the world. Where we should do what kind of operation should be really scrutinized by us. As to your second question, Nagata will respond to your second question.

因此，當你審視全球整體情勢時，我們在全球範圍內擁有真正平衡的投資組合。我們應該在哪裡進行什麼樣的操作，真正應該由我們來審視。關於你的第二個問題，永田將回答你的第二個問題。

Obviously, the UAW strike, would that have any impact on Toyota or in other companies in the future? Well, we are not so sure about the possible impact on us. However, we feel after the strike that basically the U.S. operations, like TMNA basically should have the dialogue with the employees like Toyotas, the intracompany level union. We should have a good dialogue with the employees, their hard work. And company competitiveness should be discussed between the management and the labor union members.

顯然，UAW的罷工，會對豐田或其他公司未來產生什麼影響嗎？好吧，我們不太確定這對我們可能產生的影響。然而，罷工之後我們覺得基本上美國的業務，例如TMNA，基本上應該與像豐田這樣的公司內部工會這樣的員工進行對話。我們應該與員工、他們的辛勤工作進行良好的對話。公司的競爭力應該由管理階層和工會成員來討論。

What about the pay rates. What is a good optimal level pay rate in order to improve the productivity and competitiveness. So we have a good dialogue with employees. The local entity announced yesterday for the North American company, they have the regular pay rates. And then they announced the result of the settlement. As I said, the employees made a great contribution in comparison to the other company's pay level, that's how we decided to revise and increase our pay level.

薪資水準又如何呢。為了提高生產力和競爭力，最佳的薪資水平是多少。所以我們與員工進行了良好的對話。當地實體昨天宣布，對於這家北美公司，他們有正常的薪資水平。然後他們宣布了和解結果。正如我所說，與其他公司的薪資水平相比，員工做出了巨大的貢獻，這就是我們決定修改和提高薪資水平的原因。

So we'd like to enhance a competitive edge, and it should be a quick cycle. And in the North America, the company should really upgrade itself to the better future. We would like to create a good cycle toward a better future. As Miyazaki said, he intends to make an investment in many new areas. That's what we'd like to do. And that's the belief of Toyota for the future.

所以我們想要增強競爭優勢，這應該是一個快速的周期。而在北美，公司確實應該升級自己，走向更美好的未來。我們願創造一個好的循環，走向更美好的未來。正如宮崎駿所說，他打算在許多新領域進行投資。這就是我們想做的事。這就是豐田對未來的信念。

Let us entertain the last question for the day.

讓我們來解答今天的最後一個問題。

I am Yamamoto Shina, a freelance journalist. Now your numbers overwhelming. Chairman Akio has saw the seeds for the over the past 14 years, and those numbers indicate the results of that.

我是山本志奈，自由撰稿人。現在你的人數壓倒性的。 Akio 董事長在過去 14 年裡看到了這些種子，這些數字表明了其結果。

I'm sure a new management executive group will do something that is unique to them. What sort of seeds do you think they will saw? And also, what would be the weaknesses that Toyota has to continue working for?

我確信新的管理執行團隊將會做一些他們獨特的事情。你認為他們會看到什麼樣的種子？另外，豐田還需要繼續努力克服哪些弱點？

It's a very tough question, as a matter of fact. Sowing the seeds, when it comes to this new executive group, as you've seen at the Tokyo Mobility show, there are new areas that we are working on right now. When you saw seeds, you cannot expect it to burgeon immediately. And you don't know whether the seeds were sown by yourself or someone who are before you. But anyway, it's an all-out effort of the entire company under the new executive team, nurturing new ideas. We would like to explore new possible business domains. And as we do so daily, several years later, we will look back at what we did and what we discussed and find that we have done several years ago. That's been a very good decision and have flourished.

事實上，這是一個非常棘手的問題。播下種子，當談到這個新的執行團隊時，正如您在東京移動展會上看到的那樣，我們現在正在研究新的領域。當你看到種子時，你不能期望它立即發芽。而且你不知道這些種子是你自己播下的還是你之前的人播下的。但無論如何，這是新的管理團隊領導下整個公司全力以赴、培育新想法的結果。我們希望探索新的可能的業務領域。當我們每天這樣做時，幾年後，我們會回顧我們所做的事情和我們討論的事情，並發現我們幾年前所做的事情。這是一個非常好的決定並且已經蓬勃發展。

So what are the weaknesses of Toyota, as you asked. As I mentioned earlier, if we become complacent and lose focus in what we do, that will turn out to be a major weakness. So what is our cause? Why do we work each and every day? And why do we make strides forward? Those are the things that we would like to continue talking with our employees to make sure that we are aligned.

那麼，正如您所問，豐田的弱點是什麼？正如我之前提到的，如果我們變得自滿並失去對所做事情的專注，那將成為一個主要弱點。那我們的原因是什麼呢？我們為什麼每天都在工作？為什麼我們能夠大步前進？這些是我們希望繼續與員工討論的事情，以確保我們保持一致。

We'd like to raise the level of the entire automotive industry in this country, and we will do our very best in contributing to that end and for that purpose. And thank you in advance for your understanding and your cooperation.

我們希望提高這個國家整個汽車工業的水平，我們將盡最大努力為此目的做出貢獻。預先感謝您的理解與合作。

Thank you very much. So this concludes all the question-and-answer session. So we would like to ask the speakers to stand up. We again like to thank you very much for your participation. Thank you.

非常感謝。所有問答環節到此結束。所以我們想請發言者起立。我們再次非常感謝您的參與。謝謝。

So the speakers will now step down from the stage. Thank you. This concludes all the programs of this announced briefing session on the financial results. Thank you very much for your participation.

因此，演講者現在將走下講台。謝謝。本次公佈的財務業績說明會的所有議程到此結束。非常感謝您的參與。

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

[本筆錄中的英語陳述是由現場通話中的口譯員說出的。]