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，下午好。感謝各位的光臨。首先，我想開始2024年財務業績報告會。我（聽不清楚）想擔任今天會議的主持人。非常感謝各位的到來。

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.

但首先，我想介紹會計部門首席主管 Masahiro Yamamoto 來報告 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最誠摯的感謝。

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

首先，讓我對截至 2024 年 3 月的財政年度第二季進行總結。

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.

營業利潤為[25,592億日圓]。我們感謝供應商、生產、物流、銷售、服務等眾多利害關係人的支持。

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，透過精心銷售每輛汽車，並以與產品吸引力相匹配的價格銷售，我們精益求精地“製造更好的汽車”，因此我們的營業收入與上一財年同期相比有所增長。

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.

至於全年預測，考慮到匯率波動的影響以及我們提高獲利能力的努力，我們將預測從先前的預測上調至[4,5000億日圓]。

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.

中期股利每股30日圓，年增5日圓，計畫股票回購金額最高為1,000億日圓。

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.

我們計劃透過已建立的業務基礎以及最大限度提高其有效性的一線努力，與利益相關者一起不斷發展我們的成長週期，以實現移動社會。

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，請容我介紹一下截至2023年9月的上半年（涵蓋4月至9月的六個月）的財務表現。本季合併汽車銷量成長了4,744,000輛，相當於上一財年同期合併汽車銷量的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.

豐田及雷克薩斯品牌汽車銷量為517.2萬輛，較去年同期成長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.

所有地區的銷量均有所成長。我們增加了電動車（主要是混合動力車）的銷量，電動車佔總銷量的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.

合併財務績效：銷售收入21.9816兆日元，營業利潤2.5592兆日圓，稅前利潤3.5215兆日元，淨利2.5894兆日圓。我想解釋一下影響營業收入年比的主要因素。首先，匯率影響導致營業收入增加2,600億日圓。受原物料價格飆漲的影響，成本削減措施導致營業收入減少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.

由於銷售量增加、銷售組合改善以及價格調整（主要在日本以外），行銷努力使營業收入增加了 1,2900 億日圓。

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.

由於勞動成本增加以及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，這主要歸因於掉期估值收益和損失。

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.

因此，計入匯率、掉期估值損益等因素的綜合影響，營業收入較去年同期增加了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.

我來解釋一下各地區的營業利潤。日本由於銷售強勁，年成長。北美、歐洲、亞洲等地區也因強勁的銷售和基於產品競爭力的價格調整，較去年同期成長。

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.

下一張投影片，我來介紹一下我們在中國的業務以及金融服務業務。至於中國業務，由於混合動力車的需求穩定，這是我們的優勢，因此我們保持了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核算的投資收益份額較去年同期減少。

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.

就金融服務業務而言，本財年的營業收入（不包括掉期估值損益）年減，主要是由於利潤率下降所致。

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.

現在我們來談談股東回報。本財年的中期股利為每股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.

我們將更重視股息，力求穩定且持續地增加股息，以回報我們的長期股東。至於目前中期的股票回購，我們將根據股價水準等彈性進行，最高回購限額為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，我來談談2024財年合併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，雖然亞洲銷售將下降，這反映了中國、泰國和越南等市場的不確定性，但我們預測北美和其他預計市場強勁的地區以及歐洲的銷量將有所增長，因為我們預計這些地區的供應將出現復甦。

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 5,550 billion, and net income of JPY 3,950 billion.

儘管純電動車銷量將下降，反映出中國市場的下滑，但我們預計整體電動化率將達到37.2%。接下來，我們進行全年合併財務預測。我們採用的全年匯率假設為：美元兌日圓141，歐元兌日圓152。基於此，我們預測並上調了全年合併財務業績，最終銷售收入為43兆日元，營業收入為4.5兆日元，稅前利潤為5.5兆日元，淨利為3.9兆日元。

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1.18兆日圓。成本削減措施將使營業收入增加1000億日圓。我們預計，由於銷售組合的改善以及價格調整（尤其是在日本以外地區），行銷工作將使營業收入增加3,700億日圓。費用的增加將使營業收入減少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.

我們預期與上一財年同期相比，對營業收入產生影響的因素如下。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，我們想介紹一下執行副總裁兼財務長宮崎洋一先生，他將為我們介紹公司的發展策略。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。我是宮崎，財務長。關於我們的財務業績，山本先生當然已經解釋過了。不過，我們的利潤結構正在穩定改善。我們相信，這種強勁成長的基礎已經奠定，這要感謝選擇我們的全球客戶，以及股東、經銷商、供應商和所有其他利害關係人的支持。

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.

我再次向各位致以最深切的謝意。我們將與各位利害關係人一道，從過去、現在到未來，從中長期角度給予我們支持與支持，進一步鞏固此基礎。今天，我想談談我們力求實現的成長目標。首先，我想談談我們事業基礎的特質。

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.

我們的業務有三大特色。首先，我們擁有涵蓋全球、均衡分佈的全系列車型。其次，我們擁有超過1億輛的全球客戶群。第三，我們提供混合動力車型，既能減少二氧化碳排放，也能提高獲利能力。這些特點使我們的獲利能力保持穩定，不易受到各國經濟和市場環境波動的影響。而其中最重要的一點是，我們謹慎地選擇投資時機，全面評估對純電動車和電池的投資，同時考慮各國基礎設施的能源狀況、技術發展和實際客戶需求的變化，這使我們能夠建立強大的財務基礎，並在此基礎上推動面向未來的投資。

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.

這項財務基礎的鞏固，得益於我們生產和物流第一線的供應商以及經銷商持續不斷的改進活動。在生產一線，我們正透過不斷累積改進來提高品質和生產效率，透過數位化和視覺化來減輕工人的負擔，並將熟練工匠的技能視覺化。

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.

在物流一線，我們面臨卡車司機和船舶短缺的問題，並藉鑒相關公司的智慧不斷改進。在配電方面，我們簡化了路線，並提高了裝載能力。在整車物流方面，我們透過與其他公司聯合運輸車輛，降低了空置率。在銷售一線，我們正利用數位轉型，建立一個連接生產、運輸和銷售的系統，為客戶提供準確的交貨日期信息，并快速、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.

我們致力於持續改善與利害關係人共同成長的循環。透過我們以「製造更優質的汽車」為目標所建構的事業基礎，並透過包括相關方在內的內部及一線努力，最大限度地提高效率，我們將繼續致力於提供更優質的汽車，滿足各地區客戶的需求，並在新興市場開拓新客戶，進一步鞏固我們獨特而穩固的事業基礎。

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.

我們也計劃擴大和加強未來的投資，包括純電動車、氫能、軟體和能源等領域，並透過全方位服務，增加與汽車產業以外客戶和聯盟夥伴的連結。這將推動我們業務領域的拓展，成為一家出行公司，並實現集團業務結構的轉型。

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。在我們的技術與製造（或「製造」）工坊中，我們向大家展示了我們多年累積的技術和技能。我們並非一覺醒來就發現自己身處未來。未來是由今天日復一日的辛勤工作累積而成的。

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.

為了在未來留下更多選擇，我們將透過工程技術驅動對各個先進領域的投資，並計劃透過將製造技術與數位化和創新技術相結合，積極播下未來發展的種子。對於量產領域的重點投資，我們計劃在密切關注市場趨勢的同時，根據我們長期累積的技術和技能來確定投資時機。在股東回報方面，我們的目標是持續增加股息，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，談談我們的資本策略。轉型為旅遊公司需要強勁的資產負債表，同時出售對我們持股比例下降的策略性股票，並在集團內部開展主場和客場業務。我們一直在建立聯盟，以加速轉型。透過持續減少策略性股票數量，審視成長、集團交叉持股，以及更有效地利用庫存股和庫存現金，我們的目標是建立作為出行公司的最佳架構，並維持和提升我們的競爭力。

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，加快面向未來的投資，更有效地運用累積的資產，並建構作為出行公司的新架構，從而獲得競爭優勢。正因為這是一個難以預測未來的時代，我們必須在各位的支持與鼓勵下攜手共創出行的未來。

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，我們希望與客戶、股東、供應商、員工和當地社區一起，將我們眾多利害關係人共同創造的成果作為成長的來源。

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.

如果你們不行動，我們就無法開創自己的未來。希望你們繼續期待豐田的成就，並在未來給予我們支持。非常感謝你們今天的關注。

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

非常感謝。我們很樂意回答您的問題。

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

請稍等幾分鐘，我們會為您做好準備。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。請負責回答問題的各位上台。

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.

我想介紹今天的演講者。執行副總裁兼財務長宮崎洋一 (Yoichi Miyazaki)、執行長兼首席傳播官永田淳 (Jun Nagata) 以及會計組執行長山本正弘 (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，請原諒我們先入座。發言者也需要入座。現在，我們想回答現場和線上與會者提出的問題。因此，我們想安排一個單獨的會議。

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.

第一個問題是想請教在座各位。有問題的請舉手對著麥克風發言。我們希望盡可能多問各位提問的機會。所以請盡量避免提問超過兩個問題。每人限問兩個問題，謝謝理解。

And the person in the middle row please.

還有中間一排的那位。

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?

稻垣先生（聽不清楚）。非常感謝您提供的這次機會。關於今年全年的展望，1.18兆日圓是一個不錯的數字。但是，141日圓兌1美元的匯率，也就是日圓目前的貶值趨勢仍在持續。那麼，外匯匯率的前景如何？您認為匯率會進一步上調嗎？

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。您如何看待這對TMC的負面影響，因為出口企業往往會享受日圓疲軟的好處。那麼，外匯匯率的最佳水準是多少呢？您如何看待這個問題？

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。那麼，關於匯率波動，我們公司的假設是什麼呢？我們通常是基於過去的結果，而未來的假設也基於此。所以，在接下來的6個月裡，目前的假設是140日圓兌1美元。這就是我們假設的匯率水準。那麼，匯率波動對公司有什麼影響呢？日圓疲軟，日圓好壞都不是問題。問題在於匯率。我認為我們希望匯率保持穩定。穩定的匯率是我們珍惜的。

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，我們希望生產汽車產業產品，並且希望繼續在日本生產。過去，（聽不清楚）那年非常炎熱，然後又發生了東日本大地震。在那段艱難時期，我們沒有將工廠遷往海外，而是繼續在就業方面發揮創造力，在當地建設工廠並持續運營，繼續為日本當地和地區社區服務。

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.

因此，我們在日本擁有強大的基礎。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，會有影響，這可能會推高收入和收益。從整個供應鏈來看，日圓疲軟對其他地區來說可能是利好，也可能是利空。所以這取決於你談論的是哪個地區。

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，我們希望匯率波動更穩定，以便重建生產工廠，並在當地社區紮根。我們不能輕易地迅速遷移生產基地。這就是我的答案。

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

請問下一個問題。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?

產經新聞的池田先生，現在我想問您關於下半年中國市場的情況。您對市場有什麼展望？上半年的生產水準比較低，據我了解，銷售量與去年持平。下半年以後，競爭格局會是怎樣？您的銷售預測又是如何？

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，您對純電動車的銷售預測。最初的計劃是20萬輛。現在您在新的預測中下調了這個數字。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，是豐田本身的原因，而非市場因素？

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.

所以這兩個問題與中國市場有關。這是我問題的第一部分。第二個問題是，混合動力汽車，包括插電式混合動力汽車（PHEV），在你們的業務中正在成長。此前，豐田的混合動力汽車的獲利能力與燃油汽車相當。那麼，就插電式混合動力汽車而言，其獲利能力是否與燃油汽車相當？我的第二個問題是純電動車的獲利能力。

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，我想回答一下。首先，就市場本身而言，純電動車市場正在成長，主要集中在國內整車廠。池田先生提到，我們的市佔率保持穩定。正如山本之前提到的，非常激烈的折扣競爭已經開始，尤其是在純電動車領域。在這種情況下，中國本土整車廠以及現有的整車廠在價格方面競爭非常激烈。因此，折扣率已經開始上升。

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.

我們計劃保持我們的市場份額。目前，我們正在保持這一份額，未來，這仍將是我們對中國業務的預期。正如之前提到的，我們下調了純電動車的預測，但預計混合動力車的銷量將會增加。因此，我們在市場上的銷售總量將保持不變。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，原因何在？嗯，價格競爭激烈是其中一個因素。實際上，在消費者眼中，他們擁有更多選擇，而bZ4X和其他豐田車型仍有改進空間。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.

我們談論的是汽車。我們會定期改進車型。因此，未來我們將繼續這樣做，並根據市場反饋做出回應。關於第二點，我想請山本先生作答。

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。但是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?

接下來是坐在中間一排穿白色夾克的人，是嗎？

(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。我有兩個問題。首先是關於這項策略和政策性持股。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進行調整。但您現在提到了這一點。您希望在什麼時間範圍內進一步調整或減少這些政策性股份的交叉持股？

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?

第二是關於加薪的想法。今年下半年，不同的公司可能會提高勞動成本，進而增加支出。但具體政策是什麼？這些成本與一些供應商和其他公司的勞動成本有什麼關係？您對此有何看法？

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.

關於與持股成本相關的政策和策略，在上一季財報發佈時，我已經提到了我們在這方面的理念和理念。您確實敦促我們更明確地闡述持股。在第一季結束後，我們發布了我們的想法。這次，我們再次提到了集團交叉持股，我們談到了這項持股政策。

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.

我給你看的圖表也表明了這一點——我們已經採取了一些措施，並已付諸實施。我們的想法沒有改變。交叉持股等等（聽不清楚）不再有任何意義。我們會進行修改，我們可能會賺到最後的錢，然後我們會把財務資源投資到其他新的領域。

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.

我們將調整資產組合，然後尋找新的合作夥伴。我們將投資新的領域。因此，我們想修改交叉持股制度。至於集團持股，我們採用了相同的成本。為了優化集團內部的業務。我們希望實現最佳的活躍業務和訊息，架構也應該進行相應的修改。我們正在與其他公司合作，實施「主客場」的營運理念。當我們的陣容改變時，我們也希望在未來真正推廣這個理念。

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.

關於時間安排的問題，也就是我們什麼時候實施。嗯，當需要時，我們會立即採取必要的行動。這是我們的想法。因此，這不是為了某個特定的事業而採取的行動，但我們有一個基本理念，那就是當需要出現時，我們會迅速採取行動。這就是我們想要做的。關於第二個問題，永田將作出回應。

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.

關於加薪或薪資成長的想法，正如宮崎駿一開始提到的。對於利害關係人，我們一直在與其他利害關係人共同製定成本。我們想要傳達的訊息是，我們喜歡共同創造未來。汽車是我們共同努力、共同打造的。

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內部薪資水準的設想。當然，我們和員工是合作夥伴，因此從本財年到下一財年，通貨膨脹和其他推高生活成本的因素都會被考慮。所以員工們工作非常努力，我們當然感謝他們的辛勤付出。考慮到所有這些因素，我們喜歡與員工進行一次認真的溝通。每年春季，我們都會舉行一次[標籤可行]。但這還不是全部。我們每個月都會與工會成員對話，試圖改善現狀。我們不斷改進，不斷進步。因此，考慮到這些因素，我們會考慮明年的加薪幅度。

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，關於供應商、員工，由於日圓疲軟導致原材料等成本上漲，我們該如何應對？我認為採購成本非常高，尤其是在原材料、電力供應以及與工資率相關的領域。自去年以來，我們已經考慮到了這些因素，並相應地向供應商支付了費用。本財年，我們將保持這項政策立場。這樣，我們周圍的人們——我們的利害關係人和供應商——都將獲得相應的報酬。

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.

那麼，我們該如何推動二級供應商和其他供應商的參與呢？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.

關於這個具體問題，我已經補充了一些內容。只是補充一下。在我的演講中，我們談到了卡車司機短缺的問題，物流和運輸就是其中的問題。所以，從這個意義上講，物流成本當然是我們希望改進的領域，我們將在運輸成本方面繼續合作。我們正在與物流公司協商提高費用，希望能提高卡車司機的報酬。所以，我們正在與物流和運輸公司就此進行溝通。我們希望我們能夠真正支付相應的費用。

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

下一個問題，請問靠近走道的第四排。

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?

彭博社的稻島先生。我想問中國電動車出口的問題。此外，這會對豐田東南部的業務產生影響嗎？目前的情況如何？未來的發展前景如何？

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?

還有利率上調，這會對您的採購和銷售產生影響嗎？我想再次問一下當前局勢和未來展望。您對這些發展有何回應？

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.

我想回答您的第一個問題。我之前問的是中國純電動車出口量，以及這將如何影響我們在東南亞的業務。現在，中國純電動車出口量正在成長，我們已經確認了這一點。泰國和其他國家已經將電池視為一個重要的產業領域。

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，就未來前景而言，中國純電動汽車廠商和其他原始設備製造商很可能會繼續加強出口或擴大海外業務。這是我們必須預料到的。我們該怎麼做呢？我相信大家都知道，我們並非沒有純電動車產品線。問題在於我們何時真正推出這些產品並將其作為產品推出。我無法透露太具體，但從日本到東南亞，中國出口產品在不同國家的關稅水平各不相同。

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，或什麼時候開始將我們的純電動車從日本出口到東南亞，我們真的必須專注於未來的市場狀況和競爭格局。

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.

感謝您的提問。關於利率上漲，尤其是在銷售和融資服務領域，我認為您說得非常正確，尤其是在美國。利率正在上升。採購方面的利潤率正在下降。但我們的融資業務並沒有真正失去動力，仍然保持穩定，因為二手車的殘值，也就是成本或價值，仍然非常強勁。總體而言，二手車的價格一直保持在較高水準。因此，我們從市場聽到的是產品的力量，這維持了二手車的殘值，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，而且這肯定會對獲利能力產生正面的影響。

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.

我叫[Shiroka]。投資策略會有什麼改變嗎？首先，貴公司在財務方面似乎累積了大量現金。六個月前，在新聞發布會上，您提到股價略有下跌，所以您提到了股東的問題。但截至目前，股價已經上漲到了一個高點。當然，這不是貴公司能夠決定的事情。我知道，但股價確實很高。股東確實期待貴公司進一步成長。因此，投資越多，回報就越高，股東價值也因此很高。

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?

所以，我承認，貴公司的資本成本、融資成本可能正在下降。所以，你們有充足的現金，可以用來派息給股東。但也許股東真的希望公司能進一步發展。你們可以把這些資金投資於研發嗎？這是為了未來發展，你們有可能在研發和其他未來專案上投入更多資金嗎？

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.

在這份中期業績報告中，我想談談我們對此的感受，因為在您的演講中，我也試著傳達這個訊息。但在本次財務表現報告中，當然，對於那些對該車型提出異議並給予獎勵的用戶，我們應該由衷地感謝他們，這個數字真正體現了我們應該表達的感激之情。有很多客戶正在等待我們的車款。

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、製造工廠、物流公司員工以及其他相關人員都在努力工作，爭取盡快交付，經銷商也是如此。我想藉此機會感謝所有利害關係人，正是因為大家的辛勤工作，我們終於取得瞭如此好的業績。因此，在願景中，在每個辦公室和第一線工作中，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。這一切都要感謝所有為這些業績做出貢獻的人。

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詞來形容。但無論如何，這些收益、利潤不應為我們自己使用。相反，我們希望將其用於改變日本汽車產業。我們如何在日本開創新的旅遊業務等等。因此，我們希望在這方面進一步投資，以便回饋整個社會。單靠一家公司無法改變汽車產業的未來，我們應該與多家公司建立合作關係。我們樂於積極投資新領域。如何改變、革新汽車產業的未來，這是我們想要探索的。

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.

這些努力的成果是，我們希望進一步增強獲利能力。正如我所說，我再次希望將收益回饋給利害關係人，並在他們的支持下，我們能夠更上一層樓。因此，我們希望穩步推進這個良性循環。這是我們想要做的事情，也是我們業務的基石。之後，我們會決定進一步投資的方向。我們必須真正播下不同的種子，目前尚不清楚需要哪些工作。

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.

我們計劃在各地播種，探索不同的獲利方式。然後我們可能會培育新的植物品種等等。這是我們想嘗試的。

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。外匯匯率很可能真的會發生變化，波動很大。但大約10年前，日圓曾經堅挺。因此，作為母工廠，國內就業和供應商必須受到保護。短期來看，情況並不樂觀，但你們還是撐過了難關。但現在匯率已經改變了。顯然，你們擁有高品質產品，並不斷進行變革，這對你們來說最具競爭力。要繼續帶來變革，日本是最具競爭力的。您如何看待國內生產的競爭優勢？

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.

謝謝你的提問。至於競爭優勢，或者說在此之前，我們談到競爭，提到300萬輛的國內產量水準長期保持穩定，這得益於豐田汽車公司（TMC），或者說我們一直以來在生產方面的趨勢，因為我們是一家在日本誕生的公司，我們一直是一家日本公司。我們融入了日本社會，也融入了日本民族。

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？這是幾十年前的一個重大任務。當時東北地區發生了大地震，日圓匯率非常堅挺。我們經歷了六次艱難困苦，之後許多工廠被遷往海外。地震過後，我們打造了東日本豐田車型，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，扭轉了與其他公司相比的趨勢。但現在在東日本，在東北地區，我們相信我們已經為東北地區做出了貢獻，而且我們仍在繼續。我們希望維持在日本生產300萬輛汽車的政策。

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 的數據也值得一聽。不過，如您所知，在日本，由於汽車出口，日本的收入達到了 15 兆日圓。因此，由於通貨膨脹，日本的能源成本也在上漲。但這仍然是一種困難的局面。兩、三年前，日本花了 15 兆日圓來採購進口能源。因此，為了使日本經濟可行，我認為必須繼續賺取外匯。豐田公司應該大力支持這個體系，而數據也應該足以證明這一點。那麼，正如永田先生所提到的，未來會怎麼樣呢？我們永遠不會偏離這項政策。我們希望在日本保持據點，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?

下一個問題，請問第二排，從前面開始，是嗎？

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[Katsumata]，來自[聽不清楚]。我有一個問題想問您。關於4月到9月的重新定價工作。近年來，這似乎產生了重大影響。您能否更具體地告訴我們您採取了哪些措施？正如Nagata先生之前提到的，您已經對供應商進行了獎勵。基於此，與供應商共同努力降低成本是另一個值得關注的領域，我想請您詳細說明。

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看到的，現場的改進工作可以採取多種形式。我聽取了現場人員的意見，感受到了數位化的進步。我指的是一張具體的幻燈片，就機械加工零件而言，表面的初步檢查會在10,000個零件中發現1個缺陷零件。現場人員的工作非常緊張，因為他們不能忽視這些缺陷。

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.

但當你引入人工智慧攝影機後，它真的非常有效。在右側，你可以看到正在塗抹密封劑，這些密封劑是花錢購買的，用於減少洩漏。這確實需要技能。而且，有些經驗豐富的工匠非常擅長這項技術，VR演算法可以讀取這些工匠的操作，新手可以模仿他們，從而減少訓練時間。而且一些特定的技術可以傳承給下一代。但三年前，我們和工會一起決定在應用此類數位技術方面趕上其他同行。

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，在生產領域，我們的工程師和技術人員都非常渴望向所有員工學習。過去幾年疫情期間，我們已經看到了這樣的成果。在現場工作量巨大的情況下，使用這樣的技術無疑已被證明非常有效。這是豐田正在做的事情，也是我們與供應商共同努力的事情。現在，您的第二個問題是什麼？您能重複一下嗎？

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，我已經舉了幾個例子。我們與一級和二級供應商都有直接聯繫。所以我們與他們有直接的接觸點。這或許是我們觸及範圍的物理極限。但是，如果改進工作需要層層遞進，深入到金字塔的底層，那麼JAMA 和零件供應商協會應該攜手合作，共同實施這些改進工作。

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

永田先生正在處理這件事。永田先生，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合作的平台，尤其是在供應鏈的深層環節，他們應該做的事情是JAMA和零件供應商協會能夠很好地溝通的。就可實施的創意而言，當然，有時我們會造訪那些低階供應商的現場。這體現了整個行業協會的努力，而不僅僅是豐田。我們的活動與JAMA的活動保持一致，我認為這在當前至關重要。

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.

如同先前所提到的，未來我們該如何推動電氣化和向純電動車的轉型？隨著供應鏈的深入，尤其是小型供應商，他們不知所措。尤其是在碳中和領域，他們更是茫然無措。因此，我們不僅應該利用直接供應商，還應該利用JAMA和零件供應商協會的網絡，以便我們可以雙向合作。

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

現在我想轉向線上參與者來回答他們的問題。

(Operator Instructions)

（操作員指示）

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.

各位線上與會者，目前還沒有人提出問題。因此，我們想請現場的各位直接提問。

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。您先前公佈的財務業績，包括營業收入和利潤，都創下了歷史新高。如（聽不清楚）所提到的，這部分支出是值得慶賀的。但是，您如何預測未來六個月的財務表現？當然，原料和其他價格都在上漲。所以，對於未來的展望，您已經上調了預期。但是，您目前有哪些擔憂，以及哪些因素正在認真考慮？

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.

之前，我在演講中做了一些總結，但我們看到的實際數字——當然，我們看到的是過去六個月裡，每一位員工辛勤工作，才取得瞭如此好的成績。至於我們之前提出的全年展望，我們當然有決心繼續努力。

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.

然而，我們觀察到，在市場銷售方面所做的努力，以及如此出色的業績表現，究竟是什麼促成瞭如此出色的市場銷售業績呢？我們引入了公司係統來建立更優的成本控制，產品陣容也已準備就緒。這是一個重要的基礎。第二個因素是，公司每天都在發生許多變化。然而，在日常營運中，準確性每天都在提高，因此我們必須快速做出決策。我們針對每個地區制定了本地化規範，並充分考慮了現場和第一線的實際情況，以便快速做出決策。這些成果都體現在了我們所取得的良好業績中。我們比以往任何時候都更努力地在當地社區建立更優的成本控制，從而快速做出決策。此外，參與生產和物流等工作的審計人員，這些人員的共同努力也體現在離散的數字中。

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，這並非一朝一夕就能實現的。這是我們日積月累的辛勤工作、日復一日的改進和共同努力的成果。所有這些成果都體現在我們今天宣布的良好業績中。所以，我們現在面臨著良好的局面。我們希望從現在開始繼續保持這種良好的勢頭。我們剛剛完成了全年業務的一半，正如Hayakaw先生所指出的那樣，我們永遠不能感到輕鬆，因為我們仍然面臨許多風險，需要做好準備。全年產量為[1.105億]輛。因此，我們沒有改變產量預期，但從我的角度來看，我們的前景可能比較樂觀。

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。中國市場行為正在改變。房地產市場情勢不確定，影響東南亞和泰國。而在越南和泰國，市場本身也正在經歷一些變化。

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.

我們永遠不能過於樂觀。我們真的必須謹慎行事。但無論如何，我們面臨的不確定性正在加劇。因此，我們應該真正擴大影響力，與當地執行長和其他人員保持良好的溝通，提供優質的汽車，讓當地客戶滿意，然後根據客戶的具體情況調整車輛。這就是我們希望做好準備的方式。

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

下一個問題，請問前排的一位。

[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] 我有兩個問題。宮崎先生，您剛才談到了對未來旅遊產業、未來汽車產業的貢獻。昨天，您宣布將在美國增加投資，在生產、氫能、電池和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，導致生產線暫時停產。這對你們未來的生產計畫有什麼影響嗎？

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，我們來談談面向未來的投資。當然，碳中和是一個重點關注領域。展望未來，純電動車和氫能也將成為重要領域，因為它們將引領新的業務領域。在產品製造（monozukuri）製造車間的技術研討會上，我們提供了多種投資選擇，各位也見證了我們正在做出的所有努力。投資只會投向那些我們擁有技術、工程和能力基礎的領域，而技術研討會已經證明了我們確實擁有這樣的基礎。在產品製造車間，各位也見證了我們卓越的工程實力，這將促使我們進一步投資這些領域。

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.

現在的問題，我確信是投資報酬率和獲利能力如何。我們如何將這些不同的技術和工程實力結合起來，以及如何分配未來的投資，這些都是我們未來仍需確定的問題。

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.

您問到中央發條公司的事故。實際上，由於數據缺陷，我們的裝配線已經停產。中央發條公司已經恢復生產，因此，提高生產速度無疑是目前的重點。

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，我們還沒有改變生產計劃。所以在年底之前，我們會進行一些恢復。這是我們為了應對那起特殊事故而採取的措施。但我們必須這樣做——因為頻繁發生此類事件只會給我們的客戶帶來不便。因此，如何管理老化的生產設備和設施，是我們必須與供應商共同努力解決的問題。

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，確保未來不會對未來的客戶造成任何不便。我們將繼續穩步改進。

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

由於時間不多了，我們想再回答兩個問題。

(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）關於美國市場，您怎麼看？這是我的問題。三個月前，您公佈第一季業績時，提到了一些風險因素，您也提到了這些風險。但從現在開始，美國市場的前景如何？第二個問題是，UAW罷工最終解決了嗎？罷工對美國汽車製造商的影響和連鎖反應是什麼？因為美國汽車製造商的負擔正在增加。有人說，罷工對日本公司有利，因為整體影響可能會導致投資成本上升。那麼您如何看待美國工會罷工最終得到解決？

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.

關於美國市場的前景，讓我來回答這個問題。首先，我認為我們公佈的經濟數據本身可能會讓我們感到有些謹慎。但美國市場的實際經營者尚未直接感受到這種影響，因為庫存水準可能略有改善，但庫存水準的產品短缺，這就是美國市場的現狀。市場需求強勁，目前的分析也是如此。

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.

公平地看看其他原始設備製造商，情況可能並非如此。美國不同原始設備製造商之間存在差異。因此，我們目前實際感受到的是強勁的市場趨勢。這是因為我們擁有強大的產品陣容和產品吸引力。正因為這些優秀的產品線，我們現在處於有利地位。

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.

至於整體市場狀況，我們仍然需要保持謹慎，並密切注意美國市場本身目前的狀況。但全球市場狀況如何呢？美國市場和歐洲市場表現強勁。另一方面，正如我所說，中國的經濟情勢略顯停滯，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.

所以，縱觀全球整體情勢，我們在全球的投資組合非常均衡。我們應該在哪裡開展什麼樣的業務，這需要我們認真審視。關於您的第二個問題，Nagata 會回答您的第二個問題。

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罷工會對豐田或其他公司未來產生影響嗎？嗯，我們不太確定它對我們可能產生的影響。但是，我們認為罷工之後，像豐田北美汽車公司（TMNA）這樣的美國公司應該與員工，例如豐田公司內部的工會，進行對話。我們應該與員工進行良好的對話，並專注於他們的辛勤工作。管理階層和工會成員之間應該討論公司競爭力的問題。

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.

那麼工資率呢？為了提高生產力和競爭力，理想的工資率應該是多少？所以我們與員工進行了良好的溝通。當地實體昨天宣布了北美公司的正常工資率。然後他們公佈了和解結果。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，因此我們決定修改並提高我們的薪資水平。

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.

所以我們希望提升競爭優勢，這應該是一個快速的循環。在北美，公司應該真正提升自身，邁向更美好的未來。我們希望創造一個良性循環，邁向更美好的未來。正如宮崎駿所說，他打算在許多新領域進行投資。這正是我們想要做的。這也是豐田對未來的信念。

Let us entertain the last question for the day.

讓我們來討論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.

我是山本真奈，一名自由撰稿人。現在，你們的數字令人震撼。秋生會長在過去14年看到了這一切的種子，而這些數字正是這些種子的成果。

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?

我相信新的管理團隊會做一些他們獨特的事情。您認為他們會看到什麼樣的苗頭？此外，豐田需要繼續努力克服的弱點是什麼？

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，就這個新的管理團隊而言，正如您在東京移動出行展上看到的，我們目前正在努力探索一些新的領域。當你看到種子時，你不能指望它立即生根發芽。你也不知道這些種子是你自己播下的，還是在你之前的人播下的。但無論如何，在新的管理團隊的領導下，整個公司都在全力以赴地培養新的想法。我們希望探索新的可能業務領域。隨著我們每天這樣做，幾年後，當我們回顧我們所做的事情和討論的內容時，會發現我們幾年前就已經做了。這是一個非常明智的決定，並且已經取得了成功。

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，對所做的事情失去專注，那就會成為一個重大弱點。那麼，我們的目標是什麼呢？我們每天工作的意義是什麼？我們為何不斷進步？這些都是我們希望與員工持續溝通的問題，以確保我們能夠保持一致。

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.

我們希望提升我國整個汽車產業的水平，並將竭盡全力為此做出貢獻。在此先行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。問答環節到此結束。我們想請各位發言者起立。再次感謝各位的參與。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.

各位演講嘉賓現在就此退場。謝謝大家。本次財務業績發表會的議程到此結束。非常感謝各位的參與。

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

[本記錄中的英文陳述由現場翻譯人員宣讀。 ]