豐田汽車 (TM) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you very much for joining us today, taking time out to presumably busy schedule. Now, we would like to begin TMC's FY26 Q2 financial Results Briefing. I am (inaudible) from Corporate Communications, pleased to be your MC today.

女士們、先生們，非常感謝各位今天抽出寶貴時間參加我們的節目，想必你們的日程安排非常繁忙。現在，我們開始介紹TMC 2026財年第二季財務業績。我是（聽不清楚），來自企業傳播部，很高興今天擔任你們的主持人。

Now I would like to invite our Chief Financial Officer, Kenta Kon, for his presentation. Kon-san, over to you.

現在我謹邀請財務長今健太先生為大家作報告。Kon-san，該你了。

Good afternoon, ladies and gentlemen. Thank you for the introduction. I am Kon. Before I begin, I would like to start by sincerely thanking our customers around the world, who love Toyota cars; our shareholders, who support our efforts; our dealers and buyers; and our other stakeholders.

女士們、先生們，午安。謝謝你的介紹。我是 Kon。在正式開始之前，我首先要衷心感謝世界各地熱愛豐田汽車的客戶；感謝支持我們工作的股東；感謝我們的經銷商和購車者；以及感謝其他利害關係人。

Here is a summary of Q2 results. Our operating income for the first half of this fiscal year was JPY2 trillion. Despite the impact of US tariffs, strong demand supported by the competitiveness of products has led to increased sales volumes, mainly in Japan and North America and has expanded value chain profits.

以下是第二季業績總結。本財年上半年，我們的營業收入為2兆日圓。儘管受到美國關稅的影響，但強勁的需求以及產品的競爭力推動了銷售量的成長，主要在日本和北美地區，並擴大了價值鏈利潤。

The full year operating income forecast is JPY3.4 trillion. Despite the impact of the US tariffs, we have continued to build upon our improvement efforts, such as increasing sales volume, improving costs and expanding value chain profits.

全年營業收入預計為3.4兆日圓。儘管受到美國關稅的影響，我們仍在不斷努力改進，例如提高銷售量、降低成本和擴大價值鏈利潤。

We are steadily translating comprehensive future investments into improved productivity and increased returns with a strong focus on improving the breakeven volume. As for shareholder returns, to reward our long-term shareholders, the interim dividend is raised to JPY45 per share, and the full year dividend forecast is JPY95 per share.

我們正穩步將全面的未來投資轉化為更高的生產力和更大的回報，並專注於提高損益平衡點。至於股東回報，為了回報我們的長期股東，中期股息提高至每股 45 日元，全年股息預計為每股 95 日元。

As announced at the Japan Mobility Show 2025, we will clearly define the five brands of the Toyota Group with clear directions. A diverse range of products, meet the needs of each individual customers and thereby expanding choice for our customers.

正如在 2025 年日本移動出行展上宣布的那樣，我們將明確定義豐田集團的五大品牌，並制定明確的發展方向。豐富的產品種類，滿足每位顧客的個人化需求，進而提供顧客更多選擇。

I will now delve into our financial results for the period ended September 2025. Consolidated vehicle sales for the first half reached 4,783,000 units or 105% of the same period last year. Toyota and Lexus vehicle sales totaled 5,267,000 units or 104.7% compared to the previous fiscal year.

接下來，我將深入分析截至2025年9月的財務表現。上半年綜合汽車銷售達 4,783,000 輛，比去年同期成長 105%。豐田和雷克薩斯汽車銷量總計526.7萬輛，比上一財年增長104.7%。

Thanks to a strong demand from customers around the world, vehicle sales increased mainly in Japan and North America. The ratio of electrified vehicles rose to 46.9%, driven mainly by strong HEV sales in regions such as North America and China.

由於世界各地客戶的強勁需求，汽車銷售主要在日本和北美地區成長。電動車佔比上升至 46.9%，這主要得益於北美和中國等地區混合動力車的強勁銷售。

Consolidated financial results. Sales revenues of JPY24,630.7 billion; operating income, JPY2,005.6 billion; income before income taxes, JPY2,478.1 billion; and net income of JPY1,773.4 billion. The factors that impacted operating income year-on-year, are shown on the slide.

合併財務業績。銷售收入246307億日圓；營業收入20056億日元；所得稅前利潤24781億日元；淨利17734億日元。影響年度營業收入的因素已在幻燈片中列出。

Next, the geographical operating income. In Japan, operating income decreased mainly due to the impact of exchange rate fluctuations and increased expenses in North America, it decreased because of the impact of the US tariffs. Other regions saw an increase, mainly due to higher sales volume, improved model mix, and other factors.

接下來是地域性營業收入。在日本，營業收入下降主要是由於匯率波動的影響；而在北美，營業收入下降主要是由於美國關稅的影響。其他地區銷量也有所成長，主要原因是銷量增加、車款組合改善以及其他因素。

Our China business saw increase in operating income and share of profit of investments accounted for using the equity method. Operating income in the Financial Services segment increased largely due to an increase in loan balances.

我們的中國業務實現了營業收入和採用權益法核算的投資利潤份額的增長。金融服務部門的營業收入成長主要歸功於貸款餘額的增加。

Now, we will move on to the shareholder returns. We will raise the interim dividend by JPY5 compared to the previous fiscal year to JPY45 per share. The forecasted full year dividend will also be increased by JPY5, reaching JPY95 per share. We will continue to increase dividends in a stable and continuous manner to reward our long-term shareholders.

接下來，我們將討論股東回報。我們將把中期股利較上一財年提高5日圓，至每股45日圓。預計全年股息也將增加5日元，達到每股95日圓。我們將繼續以穩定、持續的方式提高股息，以回報我們的長期股東。

As for share repurchases, in June of this year, we passed the resolution to establish a repurchase program of approximately JPY3.2 trillion as part of taking Toyota Industries Corporation private. Therefore, no new share repurchase program will be established at this time. We will continue to conduct flexible repurchases of shares, considering factors such as common stock prices.

至於股票回購，今年6月，我們通過決議，設立一項約3.2兆日圓的股票回購計劃，作為豐田產業株式會社私有化的一部分。因此，目前不會設立新的股票回購計畫。我們將繼續靈活地回購股票，並考慮普通股價格等因素。

Next, I'll explain the forecast for the fiscal year ending March '26. Consolidated vehicle sales remain unchanged from the previous forecast. Toyota Lexus vehicle sales has been revised upward by 100,000 units to 10.5 million units.

接下來，我將解釋截至 2026 年 3 月的財政年度的預測。綜合汽車銷售與先前的預測保持一致。豐田雷克薩斯汽車銷售數據上調10萬輛，達到1,050萬輛。

Through the strong competitiveness of our products, we will capture even more robust demand, particularly in North America. Next, let me explain the full year consolidated forecast. We have adopted the full year ForEx rate assumptions of JPY146 per dollar and JPY169 per euro.

憑藉我們產品的強大競爭力，我們將贏得更強勁的需求，尤其是在北美地區。接下來，讓我解釋一下全年綜合預測。我們採用了全年外匯匯率假設，即美元兌日圓匯率為 146，歐元兌日圓匯率為 169。

Our forecast for the full year consolidated performance are sales revenues of JPY49 trillion, operating income of JPY3,400 billion, income before income taxes of JPY4,180 billion, and net income of JPY2,930 billion.

我們對全年合併業績的預測是：銷售收入49兆日元，營業收入34000億日元，所得稅前利潤41800億日元，淨利29300億日元。

The factors impacting operating income year-on-year are as stated on the slide, despite the impact of US tariffs amounting to JPY1.45 trillion improvement efforts such as increasing volume, model mix, cost reductions and expanding value chain profits are expected to result in a positive impact of JPY0.9 trillion.

影響營業收入年比變化的因素如幻燈片所示，儘管美國關稅的影響高達 1.45 兆日圓，但提高銷售量、優化車型組合、降低成本和擴大價值鏈等改善措施預計將帶來 0.9 兆日圓的正面影響。

To maintain and strengthen our earnings power, we will work with all stakeholders, including suppliers and dealers to leverage results of the strengthening of our operational foundations to further improve productivity. I believe, everyone here has seen the models we unveiled at the Japan Mobility Show.

為了維持和增強我們的獲利能力，我們將與包括供應商和經銷商在內的所有利害關係人合作，利用加強營運基礎的成果，進一步提高生產力。我相信，在座各位都已經看到了我們在日本移動出行展上發布的車型。

These cars speak more for themselves than I ever could. Each and every product is something that could not be created overnight. Toyota is a company managed through its products, which are the results of long-term efforts built up by many people.

這些車本身就比我能說的更有說服力。每一件產品都不是一朝一夕就能創造出來的。豐田是一家透過產品進行管理的公司，而這些產品是許多人長期努力的成果。

Our products were created by our development teams, production teams, suppliers, dealers, and of course, our customers and the market.

我們的產品是由我們的研發團隊、生產團隊、供應商、經銷商，當然還有我們的客戶和市場共同創造的。

The first half financial results reflect these efforts, and our cars have generated solid profits. And now, in addition to Toyota, Lexus, Daihatsu, and GR, we are able to introduce the new Century brand. By having each brand take on clearer roles within the Toyota Group to form complementary relationships, we can expand customers' choices even further with a diverse range of products that meet the needs of each individual.

上半年的財務表現反映了這些努力，我們的汽車產品創造了可觀的利潤。現在，除了豐田、雷克薩斯、大發和GR之外，我們還可以推出全新的世紀品牌。透過讓豐田集團內的每個品牌扮演更清晰的角色，形成互補關係，我們可以提供多樣化的產品，進一步擴大客戶的選擇範圍，滿足每個人的需求。

We hope you will continue to have even higher expectations for the Toyota Group moving forward. A diverse range of products supported by such strong brands has led to 150 million units owned by our customers worldwide, and the value chain business has expanded to the order of JPY2 trillion in operating income.

我們希望您對豐田集團未來的發展抱持更高的期望。憑藉強大的品牌支持，我們種類繁多的產品已為全球客戶帶來了 1.5 億台設備，價值鏈業務的營業收入已增長至 2 兆日元左右。

This is the result of the efforts by our teams on the front lines in service, sales finance, used car sales, insurance, and other areas to maximize the value of each vehicle, supported by product strengths, such as ease of repair and strong supply of parts, as well as high residual values.

這是我們服務、銷售金融、二手車銷售、保險和其他領域的團隊在前線努力實現每輛車價值最大化的結果，同時得益於產品優勢，例如易於維修、零件供應充足以及殘值高。

The new RAV4 is the first to adopt Arene, a platform designed to efficiently develop software. RAV4 is our best-selling global model, with annual sales of 1 million units. We deliberately chose to lead with this challenging model.

新款 RAV4 是首款採用 Arene 平台的車型，Arene 是一個旨在高效開發軟體的平台。RAV4 是我們全球最暢銷的車型，年銷量達 100 萬輛。我們特意選擇以這個具有挑戰性的模型作為先導。

By utilizing the vast amount of data collected from roads and vehicles across the world, we will develop and refine SDVs together with our customers. By adding our SDV strategy to the virtuous cycle of the new cars and value chain businesses, we will further strengthen our profit foundation.

我們將利用從世界各地道路和車輛收集的大量數據，與我們的客戶一起開發和改進 SDV。透過將我們的 SDV 策略融入新車和價值鏈業務的良性循環，我們將進一步加強我們的獲利基礎。

Over the past two years, we have grappled with certification issues and lack of capacity head-on, carrying out to reinforce our operational foundation. As a result, we have thoroughly focused on safety and quality while securing additional capacity, leading to a stable production. On the other hand, investments in human resources and future-oriented investments have expanded, and, combined with the impact of US tariffs, our break-even volume has risen significantly.

過去兩年，我們直面認證問題和產能不足的問題，並開展工作以加強我們的營運基礎。因此，我們在確保額外產能的同時，也充分重視了安全性和質量，從而實現了穩定的生產。另一方面，對人力資源和麵向未來的投資增加，再加上美國關稅的影響，我們的損益平衡點大幅上升。

To bring our break-even volume back onto a downward trend, we are launching a company-wide initiative. We will review the allocation of people, materials, and capital, and turn the results of the reinforcement of our operational foundations into earning power. We will pursue waste-free, value-added work and improve productivity, and also continue to focus on improving the break-even volume. This concludes my explanation of the financial results.

為了使我們的損益平衡銷售重回下降趨勢，我們正在發起一項全公司範圍的計劃。我們將重新審視人員、物資和資金的配置，並將加強營運基礎的成果轉化為獲利能力。我們將追求零浪費、高附加價值的工作，提高生產效率，並持續致力於提高損益平衡點。以上就是我對財務表現的解釋。

Thank you.

謝謝。

Thank you very much, Kon-san. Now we would like to open the floor for questions. (Event Instructions) Your questions will be addressed by our Chief Financial Officer, Kenta Kon as well as our COO, Takanori Azuma from the accounting group. Please allow them to be seated as they respond to your questions.

非常感謝，Kon-san。現在我們來回答大家的問題。（活動說明）您的問題將由我們的財務長 Kenta Kon 以及會計部門的營運長 Takanori Azuma 解答。請讓他們坐下，以便他們回答您的問題。

(Event Instructions)

（活動須知）

In the second row in the middle section, please.

請到中間第二排就座。

I am Kaguchi from Nikkan Kogyo Shimbun. Two questions. Number one, first of all, for the past several years, you are focusing on earning power. There must have been various external factors. But how have you raised your earning power with those efforts?

我是日刊工業新聞社的梶口。兩個問題。首先，過去幾年，你一直專注於提升賺錢能力。肯定存在各種外在因素。但是，透過這些努力，你的收入能力是如何提升的呢？

And how has that been reflected in these Q2 results? Now 15% in September is something that we heard about the US tariffs, as determined. And further, throughout the year, how do you plan to minimize the impact? I am sure you're working in various fronts, but probably you can tell us your directions.

那麼，這些因素是如何體現在第二季業績中的呢？9 月美國關稅的漲幅為 15%，這是我們之前聽到的消息。此外，在這一年中，您計劃如何最大限度地減少影響？我相信您一定在多方面努力，但或許您可以告訴我們您的方向。

Thank you very much for your questions. Well, earning power, so the first question was how our efforts have delivered, and that certainly is a question about our financial results themselves. As I mentioned in my presentation, JPY2 trillion and JPY3.4 trillion in operating income is what we have announced. We do have external factors, of course, but we do have global customers with very strong demand for products.

非常感謝您的提問。嗯，說到獲利能力，第一個問題是我們的努力取得了怎樣的成效，這當然是關乎我們財務表現本身的問題。正如我在演講中提到的，我們宣布的營業收入分別為2兆日圓和3.4兆日圓。當然，我們也受到外在因素的影響，但我們的確擁有全球客戶，他們對產品的需求非常強勁。

And we feel that day in, day out, because of the high quality and the power of our products, which has been the result of our accumulated efforts.

我們日復一日地感受到這一點，是因為我們產品的高品質和強大功效，而這正是我們長期努力的成果。

Regionally, North America, as you know, because of the impact of the tariffs, the situation is not rosy, although I cannot share with you other than North America, for example, China, Europe, Asian markets, and Africa. These markets, although the situation is not easy, but in terms of both revenues and sales volumes, we have seen some healthy situations.

如您所知，由於關稅的影響，北美地區的情況並不樂觀，雖然我無法與您分享北美以外地區的情況，例如中國、歐洲、亞洲市場和非洲。雖然這些市場的情況並不容易，但就收入和銷售而言，我們已經看到了一些健康的市場狀況。

Brazil experienced some typhoons and hurricanes, but yesterday, we announced the restarting of the production. Actually, that has been brought forward by tremendous efforts made on the -- in the front line of our business, and that certainly is a part, a very important part of our earning power.

巴西經歷了一些颱風和颶風，但昨天我們宣布恢復生產。事實上，這得益於我們業務第一線員工的巨大努力，這當然是我們獲利能力的重要組成部分。

In terms of our value chain, JPY2 trillion annually is the revenues that we can expect for 150 million cars being owned, of course, is the basis of that value chain revenues. But once again, that represents the power of our products. Residual value of used cars, for example, is maintained very high.

就我們的價值鏈而言，每年 2 兆日圓的收入是我們預期 1.5 億輛汽車帶來的收入，當然，這是該價值鏈收入的基礎。但這再次體現了我們產品的強大之處。例如，二手車的殘值保持得非常高。

And also, Toyota vehicles are often said as being very easy to repair, because that concept is already built in, in the design of the cars. The repair personnel is involved in design so that easy to repair is an important part of our product, although it is not visible from outside. All of those components put together have been integrated into our earning power and that's the Q2 results.

此外，豐田汽車經常被認為非常容易維修，因為這種概念已經融入汽車的設計中。維修人員參與了產品設計，因此易於維修是我們產品的重要組成部分，儘管從外面看不出來。所有這些因素加在一起，就構成了我們的獲利能力，這就是第二季的業績。

As for the second question of your is about the impact of the US tariffs, how we responded successfully. I think I showed you some slide about that. Did I? Well, JPY1.45 trillion is the impact from the US tariffs. At the beginning of the year, our President, Sato-san talked about this. We really should not panic and try and respond hastily by raising prices of the cars. That's not our way.

至於你的第二個問題，也就是美國關稅的影響，以及我們是如何成功應對的。我想我給你看過一些相關的幻燈片。是嗎？嗯，1.45兆日圓是美國關稅的影響。年初的時候，我們的社長佐藤先生談到這件事。我們真的不應該驚慌失措，倉促地提高汽車價格。我們不會那樣做。

For each vehicle, each model, each region, we will scrutinize the competitive landscape and the market, and we carefully determine the price point. And as you can see on this slide, and of course, the efforts were not solely made to respond to the tariffs, but as you can see on the right-hand side, our improvement efforts amounted to JPY90 million -- excuse me, JPY900 billion, JPY900 billion.

針對每款車型、每個地區，我們將仔細研究競爭格局和市場狀況，並認真確定價格點。正如你在這張投影片上看到的，當然，這些努力不僅僅是為了應對關稅，但正如你在右側看到的，我們的改進努力達到了9000萬日元——抱歉，是9000億日元，9000億日元。

And of course, that includes strong sales reflecting the strong capacity of the product as well as the value chain revenues. Do you have anything to add? Probably not. Thank you for your question.

當然，這其中也包括反映產品強大產能的強勁銷售以及價值鏈收入。您還有什麼要補充的嗎？可能不會。謝謝你的提問。

So next to the previous questioner. Mizuno from Yomiuri Newspaper.

所以，接下來是上一位提問者。來自讀賣新聞的Mizuno。

My question is to Kon-san. The Chinese semiconductors, the Nexperia, they shift Nexperia. What sort of countermeasures are you taking against that shortfall? Has it impacted you? And what sort of measures do you intend to take going forward, please?

我的問題要問Kon-san。中國半導體公司，Nexperia，他們轉移了Nexperia。針對這項缺口，你們採取了哪些因應措施？它對你造成影響了嗎？那麼，您接下來打算採取哪些措施呢？

Mizuno-san. If you could ask two questions at once? Or are you satisfied with just one?

水野桑。如果可以同時問兩個問題呢？還是你只想要一個？

Just one is fine.

一個就夠了。

Well, most recently, we have not seen any impact so far, but we do know that there's a risk. Therefore, we're trying to scope the impact and the areas where the impact would be felt, and we are currently monitoring the situation very closely. And of course, this is not only for Toyota, but it's, I think, for the entire supply chain, and we're looking for alternatives and what other options have available. We are researching such alternatives, and also monitoring very closely the impact situation.

嗯，就目前而言，我們還沒有看到任何影響，但我們知道有風險。因此，我們正在努力評估影響範圍和受影響的地區，目前我們正在密切關注事態發展。當然，這不僅適用於豐田，我認為也適用於整個供應鏈，我們正在尋找替代方案以及還有哪些其他選擇。我們正在研究這些替代方案，並密切注意其影響情況。

May I have the person with the white jacket in front?

我可以跟前面那位穿白外套的人說幾句嗎？

I'm (inaudible) from TV Tokyo. I have two questions, for Kon-san. Number one, about the US market forecast. For the entire year, you have made some changes or not, no, you have not made any changes. But according to researchers, after October because of the tariffs, car prices could rise in the general US market. So how do you view the North American market going forward?

我是（聽不清楚）東京電視台的。我有兩個問題想問Kon先生。第一，關於美國市場預測。一整年下來，你有沒有做任何改變？沒有，你沒有做出任何改變。但據研究人員稱，由於關稅的影響，10 月之後，美國汽車市場整體價格可能會上漲。那麼，您如何看待北美市場的未來發展？

The second question is about what you mentioned in the second part of your presentation, earning power in order to regain the downward trend, the all-out efforts will be made. What sort of efforts will you be making in terms of breakeven volumes, for example, what level would you like to bring it back by what time frame?

第二個問題是關於您在演講第二部分中提到的，為了扭轉下滑趨勢，我們將全力以赴地提升獲利能力。例如，在損益兩平銷售方面，您將做出哪些努力？您希望在什麼時間段內將其恢復到什麼水平？

Thank you very much for your questions. As for the North American markets going forward, as you mentioned and very rightly so the volumes that we expect have not been changed from the previous announcements. As we hear from the US, we see lots of very strong demand for our products.

非常感謝您的提問。至於北美市場的未來發展，正如您所提到的，而且您說得非常正確，我們預期的銷售量與先前的公告相比沒有變化。我們從美國方面了解到，市場對我們的產品有著非常強勁的需求。

You may know this, the sales incentives tend to be really low, reflecting the strong value of our products. Still, we can barely cover the demand, and our inventory level tends to be rather low. And of course, on the front line, they are doing their very best in producing the number of cars needed. In terms of sales, therefore, we expect very healthy situations going forward.

您可能知道，銷售獎勵措施往往非常低，這反映了我們產品的高價值。即便如此，我們仍然難以滿足需求，庫存水準也往往比較低。當然，在前線，他們也在竭盡全力生產所需的汽車數量。因此，就銷售而言，我們預計未來情況將非常良好。

Now about the breakeven volumes in our earning power. I said that we will be making an all-on efforts involving different and various activities and initiatives. There are so many, I don't know, which one should take the highest priority, but enhancing the value-add work, eliminating wasteful tasks.

現在來說說我們獲利能力的損益平衡點。我說過，我們將全力以赴，進行各種不同的活動和措施。太多了，我不知道哪一項應該優先考慮，但要提高增值工作，消除浪費性任務。

For example, wasteful time of meetings with lots of people involved without much contributions. And of course, we'll be very careful in determining price point and increased sales certainly reduces breakeven volumes, our value chain revenues as well. We do not have the clear goals in terms of quantities, but we have seen this trend of increasing breakeven volumes, and we would like to see it decline.

例如，浪費時間開會，很多人參與，但很少人做出實質貢獻。當然，我們在確定價格點時會非常謹慎，銷售增加肯定會降低損益平衡點，也會降低我們的價值鏈收入。我們在數量方面還沒有明確的目標，但我們已經看到盈虧平衡點數量呈上升趨勢，我們希望看到這種情況下降。

Second or third row from the back, yes.

是的，倒數第二排或第三排。

Chikauka from Nikkei CrossTech. I have two questions as well. First question about hybrid. Hybrid is growing quite rapidly. So going forward, do you have any expectations about the future growth of hybrid going forward? As for EV, in 2030, 3.5 million units, I think is your base volume and you don't intend to change that base volume? That's the first question.

來自 Nikkei CrossTech 的 Chikauka。我也有兩個問題。關於混合動力汽車的第一個問題。雜交品種生長速度相當快。那麼展望未來，您對混合動力汽車未來的發展有何預期？至於電動車，我認為你們2030年的基本銷量是350萬輛，而且你們不打算改變這個基本銷售吧？這是第一個問題。

Second question is about the price pass-through of tariff costs, tariffs basically speaking, or in essence, should be borne by the US side. That is my recognition. If so, well, you mentioned that there's a strong demand for Toyota, which means that perhaps 15% of the entire tariff could be passed through to prices, and then for Toyota and for your cooperating companies that would lead to increased profit and would be beneficial for both. So would you say this is not as simple as that? Could you tell me your thinking on this point, on this issue?

第二個問題是關於關稅成本的價格轉嫁，關稅基本上，或者本質上，應該由美國方面來承擔。這是對我的認可。如果是這樣，您提到豐田汽車的需求強勁，這意味著或許可以將全部關稅的 15% 轉嫁到價格上，這樣一來，豐田汽車和您的合作公司都將獲得更高的利潤，這對雙方都有利。所以您認為事情沒有那麼簡單嗎？您能否談談您對這一點、這個問題的看法？

Yes. May I? Regarding hybrid vehicles, it is growing very rapidly. And would that continue going forward? I guess is the gist of your question. Well, we believe that growth will continue. And I can't say, but from what I hear of from my observations of the market, the request for increased production toward hybrids and the demand from customers for hybrids is very strong.

是的。我可以？混合動力汽車的發展速度非常快。這種情況會持續下去嗎？我想這就是你問題的要點。我們相信成長將會持續。我無法斷言，但根據我對市場的觀察，市場對增加混合動力汽車產量的要求以及消費者對混合動力汽車的需求都非常強烈。

So we would like to accommodate such requests through production -- through increased production and accommodate the customers' requests, thereby increasing our volume for hybrids, I believe. As for BEV, well, we're looking at the actual demand, and it seems that compared to our initial estimations, things are actually declining. There's a shortfall against our expectations. And therefore, we have to look at the customer and market situation to at an appropriate timing, deliver good products that meet their needs.

因此，我們希望透過提高產量來滿足這些需求——透過增加產量來滿足客戶的需求，從而提高我們混合動力車的產量，我相信。至於純電動車，我們正在觀察實際需求，與我們最初的估計相比，情況似乎正在下降。與預期不符的情況減少。因此，我們必須專注於客戶和市場狀況，在適當的時機提供滿足他們需求的優質產品。

And the next one was about the price pass-through of tariff costs. Well, if you say that because you have such competitive product, if you increase your prices by 15%, it will be beneficial for all you said, but for many years, in the case of Toyota, we have many cars that's really been loved and used by our customers.

接下來是關於關稅成本的價格轉嫁問題。如果你說因為你的產品極具競爭力，所以漲價 15% 對所有人都有好處，那確實如此。但就豐田而言，多年來我們有許多車型深受顧客喜愛和使用。

For example, Carola, Hilux, Surf, or 4Runner in the United States or Highland Cruiser -- these -- we have many, many different models, and many customers are loyal to these brands. They continue to use them for many, many years, and many of our customers are fans of our cars, which means that for us to price these vehicles out of the expectations of customers is very difficult for us to do.

例如，美國的 Carola、Hilux、Surf 或 4Runner，或 Highland Cruiser——這些——我們有很多很多不同的車型，而且很多顧客都忠於這些品牌。他們會繼續使用這些車輛很多很多年，而且我們的許多客戶都是我們汽車的粉絲，這意味著要把這些車輛的價格定得超出客戶的預期，對我們來說是非常困難的。

So we want to enhance the value of these cars in order to charge the customers an appropriate price that meets that value, because if you outprice the customers' expectations, you can really lose their loyalty. So our method would be to take it step by step.

所以我們希望提升這些汽車的價值，以便向客戶收取與其價值相符的合理價格，因為如果定價超過客戶的預期，就真的會失去他們的忠誠度。所以我們的方法就是一步一步來。

As for hybrids, in 2025, I think somebody said it will reach 5 million units. Perhaps it was a goal that somebody mentioned, I'm sorry, I'm not quite sure about this, but 5 million in 2020-something, do you have a goal like that, a numerical target? You mean hybrids.

至於混合動力車，我記得有人說過，到 2025 年，其銷售量將達到 500 萬輛。也許有人提到這個目標，抱歉，我不太確定，但是2020年左右達到500萬，你們有這樣的目標嗎？一個具體的數字目標？你是說雜交品種吧。

Yes, hybrids. Really, well, at least I don't have any numbers firsthand on when we will reach 5 million, but the hybrid ratio amongst our -- sorry, 4.46 million units this year, that's about 200,000 unit up from last year. So this pace of growth, I think, we will -- we should maintain this pace of growth going forward.

是的，是雜交品種。說實話，至少我沒有關於何時達到 500 萬輛的第一手數據，但是我們今年的混合動力汽車銷量為 446 萬輛，比去年增加了約 20 萬輛。所以我認為，我們將——我們應該繼續保持這種成長速度。

Now person in the second row, in this section, please.

請第二排的這位朋友進入這個區域。

I am Nakano from Nishinippon Daily. Now I have two questions. The first question is about Yanagawa-machi in Fukuoka Prefecture. The battery plan for EVs. In April, you were to be -- to sign the MoU with the Prefecture, but now it has been prolonged and postponed to autumn.

我是來自《西日本日報》的中野。我現在有兩個問題。第一個問題是關於福岡縣柳川町的。電動汽車電池方案。原定於四月與縣政府簽署諒解備忘錄，但現在已延期至秋季。

What is the progress? And also, 2028 start of operation that has been planned as well as the production capacity? Have there been any changes to your original plans?

進展如何？還有，計劃於2028年開始運營，產能如何？你的原計劃有任何變動嗎？

The next question is about taxes. Under Takaichi -- Prime Minister Takaichi, the tax treatment Minister has been appointed and some special measures could be taken in terms of taxes. And what is the view on that situation? And also, with the outlook for any preferential tax treatment. Do you have any outlook for that?

下一個問題是關於稅收的。高市——首相高市——任命了稅務大臣，可能會在稅收方面採取一些特殊措施。那麼，您對此有何看法？此外，也要考慮是否有任何稅務優惠待遇。你對此有何看法？

Thank you very much for your questions. As for the first question, Fukuoka Kanda battery factory, ongoing study continues. So I heard that is. Now we are talking with the Fukuoka government and stakeholders in Fukuoka Prefecture currently. As for the taxation, well, we have seen the changes in the administration in this country.

非常感謝您的提問。至於第一個問題，福岡神田電池廠，相關研究仍在進行中。我聽說就是這樣。目前我們正在與福岡縣政府和相關利益方進行洽談。至於稅務方面，我們已經看到了這個國家行政部門的變化。

Now there are various taxes involved in automotives and revising and changing of those taxes have been something that JAMA and other organizations have been advocating towards the government, Well, when it comes to taxes, we have to consider how we may be able to maintain monozukuri in production in this country in a healthy way.

現在汽車業涉及各種稅收，JAMA 和其他組織一直在向政府倡導修訂和改變這些稅收。說到稅收，我們必須考慮如何以健康的方式維持我國的「物創」（monozukuri）生產。

It's very important for the entire industry, not only for the automotives. I hope any form of taxes will be able to enhance domestic demand for the industrial products. Therefore, it is my belief that JAMA will continue to advocate for that.

這不僅對汽車產業，對整個產業都非常重要。我希望任何形式的稅收都能促進國內對工業產品的需求。因此，我認為 JAMA 將繼續倡導這一點。

Then the person in white at the very back of the room.

然後是站在房間最裡面的穿白衣服的人。

From Kyoto, my name is Tokumitsu. I also have two questions. First question, the Japan Mobility Show is now on, and I saw the exhibit there. And the Century branding has come to a milestone, I think, but I think that some of these pilot cars are also viewed toward mass production. So do they represent the future production plans of Toyota?

我來自京都，我的名字是德光。我還有兩個問題。第一個問題，日本移動出行展正在進行中，我去參觀了那裡的展位。我認為，世紀品牌已經達到了一個里程碑，但我認為其中一些試點車型也被視為面向大規模生產。那麼，它們是否代表了豐田未來的生產計畫？

The second question is about the impact of tariffs. You said it was of JPY1.4 trillion, but now that's been increased to JPY1.45 trillion. So a slight increase. And in August, you had calculated on a reduction in auto tariffs, but you did make that modification after the imposition of the actual tariffs in September. Is that the reason for this slight increase is the question?

第二個問題是關於關稅的影響。你之前說是1.4兆日元，但現在增加到1.45兆日元了。所以略有增長。8 月份，你們曾預期汽車關稅會降低，但你們是在 9 月份實際徵收關稅之後才做出這項調整的。這是造成此次小幅成長的原因嗎？

Regarding the Japan Mobility Show, thank you very much for coming to our booth at the Japan Mobility Show. As you said, well, I don't know if we intend to mass produce all of them. But of course, several of these models overall be marketed in the future, at least I believe they will be. And I think this attest to the strength of our product competitiveness. That's it in a nutshell, but especially the Century brand was launched.

關於日本移動出行展，非常感謝您蒞臨我們在日本移動出行展的攤位。正如你所說，我不知道我們是否打算大量生產所有這些產品。當然，這些型號中的幾款未來肯定會推向市場，至少我相信會的。我認為這證明了我們產品的強大競爭力。簡而言之就是這樣，尤其是世紀品牌的推出。

We were able to launch a totally new brand called Century, which I thought was a very big step forward, because currently, new car names, new models are very hard to come by. But to start from starting a totally new brand, I think, was a major initiative in the company, and it's also a big message from us.

我們成功推出了一個名為 Century 的全新品牌，我認為這是一個非常大的進步，因為目前推出新的汽車名稱和車型非常困難。但從頭開始打造一個全新的品牌，我認為這是公司的重大舉措，也是我們想要傳達的重要訊息。

The launch -- you may have heard the presentation to launch Century, our Chairman, Toyota said this is the pride of Japan. He said, Century, the car and the brand is the pride of Japan, he said. So from that perspective, it goes beyond just car model. I mean, I think, in Toyota, it represents not just a model, but something beyond that. So I do hope that you will take it as such.

在發表會上—您可能已經聽過關於世紀車型發布的演講，我們的董事長豐田表示，這是日本的驕傲。他說，世紀汽車和這個品牌是日本的驕傲。所以從這個角度來看，它就不僅僅是汽車型號的問題了。我的意思是，我認為，在豐田，它不僅代表一種車型，而是代表著超越車型的東西。所以我希望你能這樣看待這件事。

Regarding the second question, may I address that question? In the first quarter, it was JPY1.4 trillion, but now we've added 5 million. And as you said, from mid-September, there was a 15% tariff imposed. That is a tariff level was decreased.

關於第二個問題，我可以回答一下嗎？第一季是1.4兆日元，但現在我們增加了500萬。正如你所說，從9月中旬開始，徵收了15%的關稅。也就是說，關稅水準降低了。

So this is based on the recalculation of the impact of tariffs and the tariff impact will hit not only Toyota, but also our suppliers and about 70% of part and components -- well, the components and parts manufacturers account for 70% of the market. So we want to work together with them to overcome this.

這是基於對關稅影響的重新計算，而關稅的影響不僅會打擊豐田，還會打擊我們的供應商以及大約 70% 的零件——零件製造商佔市場份額的 70%。所以我們希望與他們共同努力克服這個困難。

When I visit the suppliers, each supplier has, for example, embarked on labor-saving and also changing their processes, et cetera, to challenge new initiatives to address the impact. So in addition to the product competitiveness, we would like to master our forces together as a manufacturing industry to overcome the tariff issue.

當我拜訪供應商時，每個供應商都採取了諸如節約勞動力和改變流程等措施，以應對新的舉措，從而應對影響。因此，除了產品競爭力之外，我們希望製造業能夠團結一致，共同克服關稅問題。

The person on the left, please.

請左邊那位。

I am Toyoshima, WBS TV Tokyo. Kon-san, I have some questions for you. As a result of the US-Japan tariff agreement. What do you think of it? Well, actually, the end result was as Toyota had expected, 15%, but now you are expecting the JPY5 million in negative increase, is it because you have taken the very conservative way of revisiting your numbers? Or is a situation really, really difficult?

我是東京WBS電視台的豐島。Kon先生，我有一些問題想請教您。由於美日關稅協定。你覺得怎麼樣？實際上，最終結果與豐田的預期一致，增長了 15%，但現在你們預計會出現 500 萬日元的負增長，是因為你們在重新評估數據時採取了非常保守的方式嗎？或者情況真的非常非常棘手？

Well, shortly after the announcement of your Q2 results, your stock price went up a little bit, but now it began to decline. Probably the market expected more of the improvement in revenues and profit, but how do you view that? Are there any risks of downward revisions going forward or upward revisions. Any of you?

嗯，在你們公佈第二季業績後不久，你們的股價略有上漲，但現在又開始下跌了。市場可能預期營收和利潤會有更大的成長，您對此有何看法？未來是否有向下修正或向上修正的風險？你們當中有人嗎？

Thank you very much for your questions. Well, to be honest with you, what do we review the situation? Well, they are striking the agreement itself is something that we are extremely thankful to the government officials. Without anything being decided, we really cannot plan on production in the automotive industry, which certainly is a very big industry.

非常感謝您的提問。說實話，我們該如何評估目前的情況？嗯，他們能夠達成這項協議，我們對此非常感謝政府官員。在任何事情都尚未定論的情況下，我們真的無法對汽車產業的生產進行規劃，而汽車產業無疑是一個規模龐大的產業。

So uncertainties would not lead us to focus, cannot plan on cost reduction, cannot plan anything. Therefore, I really would like to thank all those people who are involved in the negotiations. And it is not a small improvement.

因此，不確定性使我們無法集中精力，無法制定降低成本的計劃，也無法制定任何計劃。因此，我衷心感謝所有參與談判的人員。這並非一項微小的進步。

And certainly, we will have to work on what we can do, both short term and mid- to long term in order to make further improvement, not only North America, but procurement, production, sales and marketing, all of us have to work together to bring about some positive results.

當然，我們必須努力做好短期和中長期內力所能及的事情，以取得進一步的進步，不僅是北美地區，還有採購、生產、銷售和行銷等各個方面，我們所有人都必須共同努力，才能取得一些積極的成果。

Are you relieved? Or do you still see the situation to be rather difficult? Well, I would say both. Well, upward revision or downward revision possibilities. Actually, we are often called being very conservative in our projections, but I do believe we are being pretty neutral about this. But of course, towards the end of the year, we certainly do make efforts so that we can provide you with the -- even the slightest upside. Thank you very much for your questions.

你鬆了一口氣嗎？或者您仍然認為情況相當棘手？嗯，我覺得兩者都對。嗯，有向上調整或向下調整的可能性。事實上，人們經常說我們的預測非常保守，但我認為我們在這件事上相當中立。當然，到了年底，我們一定會盡力為您帶來哪怕是最微小的好處。非常感謝您的提問。

Now we'd like to entertain questions from participants online. And after that, we'll come back to the people in the audience for questions.

現在我們想回答線上參與者提出的問題。之後，我們會回到觀眾席，回答大家的問題。

(Event Instructions)

（活動須知）

Okay. Terasaki-san from Best Car, please.

好的。請Best Car的寺崎先生接聽。

This is Terasaki from the Editorial Department of Best Car. I have two questions. First question. Well, it's been mentioned several times about the value chain and that it takes up a big portion of your operating profit. And looking at the graph from 2020 for five years, you've probably increased your operating profit from value chain by double. You're doing many things.

我是《Best Car》雜誌編輯部的寺崎先生。我有兩個問題。第一個問題。嗯，之前已經多次提到價值鏈，而且它佔據了你營業利潤的很大一部分。從 2020 年開始的五年圖表來看，您的價值鏈營業利潤可能已經翻了一番。你做了很多事。

I think, of course, value of used cars is increasing. But five years ago, I believe the residual value of your used cars was still very high, but the operating profit doubling, I think, is something really a tremendous feat.

我認為，二手車的價值當然是在上漲。但五年前，我相信你們二手車的殘值仍然很高，而營業利潤翻番，我認為這真是一項了不起的成就。

So specifically, what pushed up the operating income so much? And you have 150 million cars in position. That's quite a large number, but five years ago, I think you had similar numbers. So what changed to boost the operating profit in the value chain so much over the past five years to the extent that you can disclose? That's the first question.

具體來說，是什麼因素推動了營業收入大幅成長？你們有1.5億輛汽車待命。這個數字相當大，但五年前，我想你們的數字也差不多。那麼，在過去五年裡，是什麼變化使得價值鏈中的營業利潤大幅提升，以至於您能透露這麼多資訊？這是第一個問題。

Second question, since this is a good opportunity, you talked about the Japan Mobility Show, but in the booth in the Southern Hall, it was a very popular in Century. There was a 40-minute waiting line to view the Century. And so for the mobility show as a whole, I think the Japanese market will be boosted and galvanized. So if you could, Kon-san, talk about your impressions about the heat at the Mobility Show?

第二個問題，因為這是一個很好的機會，您談到了日本移動出行展，但在南館的展位上，世紀展廳非常受歡迎。參觀世紀劇場需要排隊等候40分鐘。因此，就整個行動出行展而言，我認為日本市場將會得到提振和刺激。那麼，Kon先生，您能否談談您對移動出行展期間炎熱天氣的感受呢？

Yes. First question will be addressed by myself, Azuma. The value chain, well, about seven years ago, for the employees and to the outside, the -- then President talked about leveraging on the ownership and 6,000 stores and overseas 16,000 dealership network, leveraging that strong dealership network to communicate one-to-one basis with our customers. And that declaration was made in 2017 or '16. And then we started Tinto, and about five years ago, the car ownership was a little more than JPY100 million.

是的。第一個問題將由我本人，東，來回答。價值鏈，嗯，大約七年前，對於員工和外部而言，當時的總裁談到要利用所有權和 6,000 家門市以及海外 16,000 家經銷商網絡，利用強大的經銷商網絡與我們的客戶進行一對一的溝通。那份聲明是在 2016 年或 2017 年發表的。然後我們創立了 Tinto，大約五年前，汽車保有量略高於 1 億日圓。

But over the last five years, thanks to you, new car sales has been increasing 10 million a year. And also, our ownership of our cars has also increased. And against that backdrop in Europe, we extended our guarantee period so that we can entice customers to come to our dealers more often.

但過去五年，多虧了你們，新車銷量每年增加了1000萬輛。此外，我們擁有汽車的比例也有所增加。正是在這種背景下，我們在歐洲延長了保固期，以便吸引顧客更頻繁地光顧我們的經銷商。

And as the years go by, our -- we lose contact with our customers, but we wanted to recapture that content -- contact, sorry, to have them come to our dealers and purchase supplies and accessories. And that cycle has now begun to turn, and that's now expanding from Europe to the other regions. So that's one major initiative that led to this. And in Asia, we offer second part that is more inexpensive accessories and supplies and also financial services are provided.

隨著時間的流逝，我們與客戶的聯繫逐漸減弱，但我們想重新建立聯繫，讓他們來我們的經銷商購買耗材和配件。而現在，這種週期已經開始轉變，並且正在從歐洲擴展到其他地區。所以，這是促成此事的重大舉措。在亞洲，我們提供第二部分，即價格較便宜的配件和耗材，以及金融服務。

So we want to utilize the dealership network to extend our touch points with the customers. And just the head office telling these regions what to do, you'll not come up with good ideas, but such good practices are now being leveraged across various regions, and we are building on these good practices, sharing these good practices, and that's leading, I think, to the very good results we are seeing today.

因此，我們希望利用經銷商網路來擴大與客戶的接觸點。如果只是總部告訴這些地區該怎麼做，是不會產生好主意的，但現在這些好的做法正在各個地區得到推廣，我們正在鞏固這些好的做法，分享這些好的做法，我認為，這正是我們今天看到非常好的結果的原因。

About the Japan Mobility Show. Thank you very much for your attendance. And my question about the Japan Mobility Show was your question. Well, we had such a large turnout so many customers who were viewing our cars with joy. And I was very, very happy to see the delight on their faces. The Japan Mobility Show, Motor Show, well, I think all across the world, you see regions where the scope or scale of these mobility shows are being reduced.

關於日本移動出行展。非常感謝您的出席。我關於日本移動出行展的問題，正是你提出的問題。那天來了很多顧客，他們都興高采烈地來看我們的車。看到他們臉上洋溢著喜悅，我感到非常非常開心。日本移動出行展、汽車展，嗯，我認為在世界各地，你都會看到這些移動出行展的範圍或規模正在縮小。

And they're shifting toward the electronics and the electrical components of cars. But in Japan, we call this a Mobility Show. It's a show for mobility, and to have so many people come and delight in these exhibits and have fun. We were really encouraged and heartened by them. And looking at the smiles on the faces of customers, we are very, very happy ourselves.

他們正將業務重心轉向汽車的電子產品和電氣元件。但在日本，我們稱之為移動出行展。這是一個關於移動出行的展覽，很高興有這麼多人前來參觀這些展品，享受其中的樂趣。他們的鼓勵和支持讓我們深受鼓舞。看到顧客臉上的笑容，我們自己也感到非常非常高興。

Now let's come back to the on-site journalists. In the middle section, the second row from the front.

現在讓我們回到現場記者身上。中間部分，從前面數第二排。

I am Matsumi from Trinity Daily. About the United States, I have two questions. President Trump the other day talked about $10 billion investment for Toyota to build a new plant in the United States. So what is your take on what he had said? And have you made any changes to your investment plan in the United States?

我是來自Trinity Daily的松美。關於美國，我有兩個問題。川普總統前幾天談到，豐田將投資100億美元在美國建造一座新工廠。你對他所說的話有什麼看法？您在美國的投資計劃是否有任何變動？

So that's the first question. Second question, the US government talked about Toyota expanding its dealers network to sell other brands' cars. Is it true? And if it is, when are you starting that effort?

這是第一個問題。第二個問題是，美國政府談到了豐田擴大經銷商網路以銷售其他品牌汽車的問題。這是真的嗎？如果真是如此，你們何時開始這項工作？

Thank you for your questions. For one thing, $10 billion, I read that in news. Now the United States really wants to see employment increasing and customers should be served with next generation of cars and services. Therefore, we do plan sizable investment plan going forward. I cannot really say it's $10 billion, but I would say Toyota will continue to make a sizable investment in the United States. I have to limit myself to that.

謝謝你的提問。首先，100億美元，我是在新聞上看到的。現在美國真心希望看到就業成長，並希望為客戶提供新一代的汽車和服務。因此，我們計劃在未來實施一項規模可觀的投資計畫。我不能肯定地說是 100 億美元，但我認為豐田將繼續在美國進行大量投資。我必須將自己限制在這一點上。

Now in terms of Toyota's dealership to sell imported cars, well, Toyota makes cars in the United States. So we are considering doing something about the Toyota cars made in the United States. Now how about other OEMs? Vehicles being sold in Toyota's dealers network. Well, it is not for us to decide. But if there are any demand or requests for that end, then we may consider it.

至於豐田經銷店銷售進口汽車的問題，嗯，豐田是在美國生產汽車的。所以我們正在考慮對美國生產的豐田汽車採取一些措施。那麼其他原始設備製造商的情況又是如何呢？在豐田經銷商網路中銷售的車輛。這並非我們能決定的。但如果確實有這方面的需求或請求，那麼我們可以考慮。

Yes, the person in front of the microphone with a spectacle.

是的，就是那個戴著眼鏡站在麥克風前的人。

Ohira from Asahi newspaper. It's related to that. I have two questions on tariffs. First question. Toyota, you're considering selling US-made cars in Japan and that was announced when President Trump came to Japan.

來自朝日新聞的Ohira。這跟那件事有關。關於關稅，我有兩個問題。第一個問題。豐田公司正在考慮在日本銷售美國製造的汽車，這一消息是在川普總統訪問日本期間宣布的。

But considering the briskness of the US market and also the US and Japan production capabilities and cost of transportation, it doesn't seem to be very economically rational. So what would be the goal or what was the motivation of doing this if you're going to do it?

但考慮到美國市場的活躍程度，以及美國和日本的生產能力和運輸成本，這似乎不太符合經濟理性。那麼，如果你要做這件事，你的目標或動機是什麼？

Also, second question in relation to that, for the cars assembled in the United States, conventionally, you are procuring parts from across North America. Now these parts may be replaced by US domestic made parts. Are you considering such a shift? Or have you already started such initiatives?

另外，關於這一點，還有第二個問題，對於在美國組裝的汽車，通常情況下，你們是從整個北美採購零件的。現在這些零件可以用美國國產零件取代。您是否考慮過這樣的轉變？或者你們已經開始實施這類計劃了嗎？

Yes. Thank you. First question -- I'd like to address the first question about the economic rationale, what's the meaning of -- or rationale behind engaging in reverse imports. As you say, when you look at the economic situation currently, it may not be such an economically rational initiative. But it may deliver to Japanese customers products that are not easily available in Japan.

是的。謝謝。第一個問題——我想回答第一個關於經濟原理的問題，即逆向進口的意義或原則是什麼。正如你所說，從目前的經濟狀況來看，這可能並非一項經濟上合理的措施。但它可能向日本顧客提供在日本不易買到的產品。

And of course, the model segments, et cetera, and how to price these models, what sort of supply structure we will take, there are many challenges. So we will consider all these challenges to consider what sort of business we can make out of that offering. So we are currently making preparations now. So that's it for the first question.

當然，車型細分等等，以及如何為這些車型定價，我們將採取什麼樣的供應結構，都面臨許多挑戰。因此，我們將考慮所有這些挑戰，以考慮我們能從該產品或服務中獲得什麼樣的商業價值。所以我們現在正在進行準備工作。第一個問題就回答到這裡。

Thank you. Regarding the second question about the local production in the United States, and of course, this is not just limited to the United States, but in all regions of the world, we want to produce locally and procure locally so that we can manufacture cars on that basis in each region.

謝謝。關於第二個問題，即在美國進行本地生產，當然，這不僅限於美國，而是遍及世界各地，我們希望在當地生產和採購，以便我們能夠在每個地區以此為基礎生產汽車。

For example, this year, in North Carolina, we have built a battery plant, which was a major decision, and this led to increasing the local procurement rate in North America. So our plan to produce locally as much as possible remains unchanged. We would like to move -- make efforts toward that end going forward.

例如，今年我們在北卡羅來納州建造了一座電池廠，這是一個重大決定，這導致我們在北美的本地採購率上升。因此，我們盡可能實現在地化的計劃保持不變。我們希望朝著這個目標邁進——今後將為此努力。

How about Mexico? How about replacing with the Mexican parts? Are you considering such a possibility?

墨西哥怎麼樣？換成墨西哥產的零件怎麼樣？您是否考慮過這種可能性？

Well, currently, we have no concrete plans to do that yet. But let me consider the suppliers who have already made forays into the local market and the manufacturing they do there. And of course, they are hiring employees, and they have to, of course, create a livelihood of their families as well. And therefore, I think we'll have to take all that into consideration when we make such decisions.

目前，我們還沒有具體的計劃來做這件事。但讓我考慮一下那些已經進軍本地市場的供應商以及他們在那裡進行的生產活動。當然，他們也要僱用員工，他們也必須養家。因此，我認為我們在做這類決定時必須把所有這些因素都考慮進去。

The two people who have raised their hands will be the last to ask questions. Let's begin with you.

舉手的兩人將最後提問。讓我們從你開始。

I am Fukui from Nikkan Jidosha. I have two questions. So your sales remains brisk because of your product competitiveness. Even the ever better cars that you have advocated for the past 10 years certainly delivered the results. Now at the Mobility Show, you announced a new brand strategy, which sounds a bit futuristic.

我是日刊自動車的福井。我有兩個問題。所以，你的產品之所以銷售火爆，是因為你的產品具有競爭力。即使是您過去 10 年來一直倡導的那些性能越來越好的汽車，也確實取得了成功。在行動出行展上，你們宣布了一項新的品牌策略，聽起來有點未來主義色彩。

In 2024, you experienced the certification irregularities. And at the time, you revisited your product plans altogether. And you launched various projects to do so, revisited them and some projects, I understand, have been either delayed or canceled.

2024年，您遇到了認證違規問題。當時，你們對產品計劃進行了全面重新審視。為此，你們啟動了各種項目，也重新審視了這些項目，據我了解，其中一些項目已被推遲或取消。

What sort of impact do you see now out of that because development takes two to three years? Your healthy product portfolio towards the latter half of 2020s, do you think you will be able to maintain momentum and that would impact your profitability?

您認為這會帶來什麼樣的影響？因為開發需要兩到三年。鑑於您目前擁有健康的產品組合，您認為到 2020 年代後半期，您能否保持這種增長勢頭？這又會對您的獲利能力產生怎樣的影響？

So I would like to learn your midterm view. In relation with that, your investment in the United States has been mentioned this year, for the year, you increased number to about -- by 130 units, but then your production plan remains at around 10 million and in United States, you have a very low inventory level because your cars are selling so well.

所以我想了解您對中期考試的看法。關於這一點，今年您在美國的投資有所增加，數量增加了約 130 輛，但您的生產計劃仍然保持在 1000 萬輛左右，而且由於您的汽車在美國銷售良好，您的庫存水平非常低。

So how do you plan on your capacity increase in terms of production? Because just increasing the capacity would only increase your fixed cost. So how do you plan to go over 10 million vehicles? Do you plan to enhance your alliance within the group and to be more efficient in procurement of components? So what's your plan going forward?

那麼，你們打算如何提高產能呢？因為僅僅增加產能只會增加你的固定成本。那麼，你們打算如何達成銷售量突破1000萬輛的目標呢？您是否計劃加強與集團內部的聯盟，並提高零件採購效率？那你接下來的計畫是什麼？

Thank you very much for your questions. About the product competitiveness for the midterm future, it seems that you may have a question about that. Well, two years ago, we did experience the certification irregularities, and we put on lots of efforts in reinforcing our foundation. Well, sometimes we had to halt our production lines. So two years ago, one year ago, we experienced that quite frequently.

非常感謝您的提問。關於產品在中期內的競爭力，您似乎對此有一些疑問。兩年前，我們確實遇到了認證違規問題，我們投入了大量精力來加強基礎建設。有時候，我們不得不暫停生產線。所以兩年前，或者說一年前，我們常常遇到這種情況。

That is not about the product competitiveness, but it was about the production. But certainly, those hiccups we experienced in the past, but they have decreased -- they have been decreasing very rapidly. It is still increasing the fixed cost rapidly will have a future impact.

這與產品競爭力無關，而是與生產有關。當然，我們過去遇到的那些小問題已經減少了——而且減少得非常快。固定成本的快速成長仍將對未來產生影響。

Therefore, we really have to be careful when we plan for that. For example, it may be an impact of one second or two seconds on the production line, but we have to make steady efforts in order to enhance our productivity step by step.

因此，我們在製定計劃時一定要非常謹慎。例如，這可能對生產線造成一兩秒的影響，但我們必須穩定努力，才能逐步提高生產效率。

We are not talking about thousands or hundreds of thousands of vehicles or million vehicles to increase in our production. So when it comes to the product competitiveness in the midterm, we will make sure that we will maintain that going forward. That's all from myself. Anything would you like to add?

我們說的不是要增加成千上萬輛、幾十萬輛，或是幾百萬輛的產量。因此，就中期產品競爭力而言，我們將確保在未來保持這種競爭力。以上就是我的全部內容。您還有什麼要補充的嗎？

Final question, the person in the very front row.

最後一個問題，請問第一排的那位。

Yao from Nihon Keizai newspaper. I have also two questions as well. First question. Your management is based on product and region. So one of your access is, of course, the region and you want to be the best in town.

來自《日本經濟報》的姚。我也有兩個問題。第一個問題。您的管理是基於產品和地區的。所以，你的進取途徑之一當然是所在地區，而你想成為當地最好的。

So compared to other manufacturers you have a revenue structure that's not biased in particular countries or regions. So what sort of impact do you feel from the tariffs on this regional-based sales operation? And another is related to this. About maintaining the production capacity of 3 million units a year domestically in Japan. In the previous financial results, you also announced about the new construction in Toyota City of a factory, but due to increased tariffs by the United States, your export costs will increase.

因此，與其他製造商相比，您的收入結構不會偏向特定的國家或地區。那麼，您認為關稅對這種區域性銷售業務有何影響？還有一件事與此有關。關於維持日本國內每年300萬台的生產能力。在先前的財務報告中，您還宣布了在豐田市新建一家工廠的計劃，但由於美國提高關稅，您的出口成本將會增加。

And I believe that you announced that you will adjust destinations to adjust for that. So how do you intend to work towards maintaining the 3 million units production capacity in the domestic market in Japan?

我相信您已經宣布過會調整目的地以應對這種情況。那麼，您打算如何努力維持日本國內市場300萬台的產能呢？

So I'd like to address the first question. Well, we manage our company based on product and also region, and we are also managing company based on that. And about 10 years ago, we were skewed on North America. More than half of our sales was from the United States and the remainder from the rest of the world. But if we had been imposed such tariffs with the same sort of situation, then the impact would have been much larger.

那我想先回答第一個問題。我們公司是根據產品和地區進行管理的，我們也正是基於此來管理公司的。大約 10 年前，我們的焦點主要集中在北美。我們一半以上的銷售額來自美國，其餘來自世界其他地區。但如果我們在同樣的情況下被徵收這樣的關稅，那麼影響將會更大。

So we have to think first about the customers in each region to engage in our business operations, and that's done by the regions. The same for revenue Lexus customers, GR customers and the mini car companies, each are attended to by each of these divisions or regions.

因此，我們首先要考慮每個地區的客戶，讓他們參與我們的業務運營，而這項工作是由各個地區完成的。對於雷克薩斯客戶、GR客戶和微型車公司來說，情況也是如此，每個客戶都由相應的部門或地區提供服務。

So the regions are working hard not against each other, but in a balanced manner, and that's why we have a very good revenue structure. For example, in Africa, in the past, Africa was part of the other -- the rest of the world. Also, Latin America was the same. But these regions have been referred or transferred to Toyota Tsusho and with Zephyr I think it's being run by -- that business is run by people who think first about Africa. So they support very high revenues in Africa.

因此，各個地區都在努力工作，不是相互競爭，而是以平衡的方式合作，這就是為什麼我們擁有非常好的收入結構。例如，在非洲，過去非洲是「他者」──世界其他地區的一部分。拉丁美洲的情況也一樣。但這些地區已被移交給豐田通商，而 Zephyr 的運營方我認為是那些首先考慮非洲的人。因此，它們在非洲支撐著非常高的收入。

And in the earnings report, Japan, Asia, Europe, Africa and the other regions, and the other regions are actually leading the revenue for us. And within Asia, India and also in Europe, there were some very difficult regions where Toyota were using these markets to polish our products, but now these regions are seeing an increase in revenue.

在獲利報告中，日本、亞洲、歐洲、非洲和其他地區，以及其他地區實際上是我們收入的主要來源。在亞洲、印度以及歐洲，豐田曾利用一些非常困難的市場來完善產品，但現在這些地區的收入正在成長。

So we're very well-balanced in terms of regions. And so all of Toyota is making a global effort to accommodate the US tariffs. And so we would like to ask each of the regions to actually focus on their respective regions and the businesses there.

因此，我們在區域分佈方面非常均衡。因此，豐田在全球範圍內都在努力應對美國關稅的影響。因此，我們希望各個地區能夠真正專注於各自的地區和當地的企業。

Regarding the 3 million production capacity and our strategy vis-a-vis local production, well, 3 million units domestically is a very, very important goal for Toyota. We have the field, Genba, right next to the production facilities, which enables us to turn that cycle very rapidly.

關於 300 萬輛的產能以及我們針對本地生產的策略，嗯，在國內生產 300 萬輛對豐田來說是一個非常非常重要的目標。我們的生產設施旁邊是田地 Genba，這使我們能夠非常迅速地完成生​​產週期。

And that would help monozukuri or manufacturing prowess in Toyota. And so that becomes a source of our global competitiveness, I believe. Of course, to safeguard monozukuri or manufacturing in Japan, we need to maintain or retain a significant amount of domestic production because if that declines and then the supply chain will also weaken that could lead to or impact jobs and others.

那樣一來，就能提升豐田的製造能力（monozukuri）。我認為，這也成為我們全球競爭力的來源之一。當然，為了保障日本的製造業，我們需要維持或保留相當數量的國內生產，因為如果國內生產下降，供應鏈也會減弱，這可能會導致或影響就業和其他方面。

So we have to earn foreign currency and purchase resources to run the domestic business. I think that's how we survive. And so domestic production in Japan must be safeguarded and protected.

所以我們必須賺取外匯，購買資源來經營國內業務。我認為這就是我們生存之道。因此，必須保障和保護日本的國內生產。

On the other hand, local production is important too in many ways. And I think to manufacture where the customers are, to sell where there is a market for the product or to produce where there's a market for the product. And also, we must develop components and parts or vehicles that match those needs. And then that's best produced locally. So in Japan and non-Japan areas, perhaps we can allocate the production of different models.

另一方面，本地生產在許多方面也很重要。我認為應該在顧客所在的地方生產，在有市場的地方銷售，或是在有市場的地方進行生產。此外，我們還必須開發符合這些需求的零件或車輛。而且最好是本地生產。因此，在日本和非日本地區，或許我們可以分配不同型號的生產。

That sort of adjustment is done. But we don't intend to transfer something drastically from Japan to the United States or overseas to Japan. We're not discussing such drastic measures. We will continue as we have in the past. Thank you.

這種調整已經完成。但我們並不打算將某些東西從日本大幅轉移到美國，或從海外轉移到日本。我們不討論如此激烈的措施。我們將繼續沿用以往的做法。謝謝。

Thank you very much, ladies and gentlemen. It is now time to close the session. Thank you very much for being with us today. Please excuse the presenters. With this, we would like to conclude TMC's FY26 Q2 financial results briefing. Thank you very much.

非常感謝各位女士、先生。現在是時候結束本次會議了。非常感謝您今天能和我們在一起。請各位主持人見諒。至此，我們謹結束TMC 2026財年第二季財務業績簡報。非常感謝。