豐田汽車 (TM) 2027 Q2 法說會逐字稿

Since it is time we would like to begin the Toyota Motor Corporation FY 2027 second quarter financial results first meeting briefing. I am Hashimoto serving as your moderator. Thank you very much for attending despite your busy schedules I'd like to introduce our speakers today Yoichi Miyazaki, EVP of TMC; from the Accounting Finance Group, Chief Officer, Takanori Azuma; External and Public Affairs, Hiroyuki Ueda, Chief Officer. To introduce you the schedule, we will receive the explanation about the second quarter financial results from Azuma.

由於時間已到，我們想先開始豐田汽車公司（Toyota Motor Corporation）2027會計年度第二季財務業績第一次說明會簡報。我是擔任主持人的橋本。非常感謝各位在百忙之中出席。今天的講者有：豐田汽車公司執行副總裁宮崎洋一；會計與財務集團長官東孝典；以及對外與公共事務長官上田宏之。先向各位說明流程，我們將先由東就第二季財務業績進行說明。

Mr. Azuma, and then Mr. Miyazaki will explain about the progress of our structural reform activities, restructuring activities, and then we would like to receive questions from the floor and participants.

接著由東先生，然後由宮崎先生說明我們結構性改革活動與重整活動的進展，之後我們將接受現場與與會者的提問。

Azuma-san, please.

東先生，請。

I am Azuma, Chief Officer of the Accounting and Finance Group for the customers. Around the world who has been supporting us and love Toyota cars and our shareholders who support our efforts, our dealers and Sapios as well as all other stakeholders, we would like to start by sincerely thanking you. We will now explain the summary. Our operating income for the first half of this fiscal year was JPY2.2 trillion.

各位好，我是會計與財務集團長官東。首先，對於全球支持我們、喜愛豐田汽車的顧客，以及支持我們努力的股東、經銷商與供應商（Sapios），以及所有其他利害關係人，我們謹致上誠摯的感謝。接下來我將說明摘要。本會計年度上半年營業利益為2.2兆日圓。

Through swift responses to changes in the external environment, including the situation in the Middle East, we mitigated the impact on earnings. Vehicle sales, mainly driven by hybrids, increased steadily supported by strong demand. We have revised our full-year operating income forecast upward by JPY500 billion from our previous forecast to JPY3.9 trillion.

透過對外部環境變化（包含中東局勢）的迅速因應，我們減輕了對獲利的影響。在強勁需求支撐下，以油電混合車為主的車輛銷售穩健成長。我們將全年營業利益預測較先前上修5,000億日圓至3.9兆日圓。

Despite the impact of rising material prices and production disruption caused by earthquakes and floods, we expect to maintain consolidated vehicle sales through recovery efforts at our production sites and optimize global supply. In addition to reduced tariff-related costs through the accumulation of improvement efforts, including the expansion of value chain earnings, we expect year-on-year profit growth and have revised our forecast upward.

儘管受到原物料價格上漲，以及地震與洪災造成的生產中斷影響，我們仍預期透過生產據點的復原努力與全球供應最佳化，維持合併車輛銷售量。此外，藉由累積改善成果（包含擴大價值鏈收益）以降低關稅相關成本，我們預期獲利將較去年同期成長，並據此上修預測。

As for shareholder returns, consistent with our policy to increase dividends in a stable and continuous manner, the interim dividend is set at JPY50 per share and the full year dividend forecast is JPY100 per share. We will also increase our share repurchase authorization by JPY300 billion while additionally cancelling 1 billion shares of Treasury stock. We will reduce the level of Treasury stock holdings and will pursue capital policies with a greater focus on capital efficiency.

關於股東報酬，依據我們「穩定且持續提高股利」的政策，中期股利訂為每股50日圓，全年股利預測為每股100日圓。我們也將庫藏股回購授權額度增加3,000億日圓，並額外註銷10億股庫藏股。我們將降低庫藏股持有水準，並推動更著重資本效率的資本政策。

Next will be the second quarter FY27 financial performance. Consolidated vehicle sales for this period decreased by 25,000 units year on year, mainly due to the exclusion of Hino from consolidation. Excluding the impact of Hino, consolidated vehicle sales increased by 26,000 units year on year, primarily in Japan and Europe. Toyota and Lexus vehicle sales totaled 5,059,000 units, or 96% compared to the same period of the fiscal.

接下來說明FY27第二季財務表現。本期間合併車輛銷售量年減2.5萬台，主要因日野（Hino）不再納入合併範圍。若排除日野影響，合併車輛銷售量年增2.6萬台，主要來自日本與歐洲。Toyota與Lexus車輛銷售合計為5,059,000台，為本會計年度同期間的96%。

Previous fiscal year due to weaker demand in China and the impact of the Middle East situation. The electrified vehicle ratio increased, led by BEVs and HEVs in North America and Europe, reaching 55.6%. Consolidated financial results were sales revenues of JPY26,962.4 billion. Operating income of JPY2,191.1 billion, income before income taxes of JPY2,954.4 billion and net income of JPY2,236.4 billion.

上一會計年度因中國需求疲弱及中東局勢影響。電動化車輛比率在北美與歐洲以BEV與HEV帶動下提升至55.6%。合併財務結果方面，營收為26,962.4十億日圓。營業利益為2,191.1十億日圓，稅前利益為2,954.4十億日圓，淨利為2,236.4十億日圓。

Let me explain the factors behind the changes in operating income. Despite the challenges such as rising material prices and the impact of the situation in the Middle East, we steadily accumulated improvement efforts, including cost reductions carried out together with suppliers, price revisions, and the expansion of value chain profits, which helped mitigate the impact on our performance.

我來說明營業利益變動的因素。儘管面臨原物料價格上漲與中東局勢等挑戰，我們仍持續累積改善成果，包括與供應商共同推動的成本降低、價格調整，以及擴大價值鏈利潤，從而減輕對業績的影響。

In addition, we captured positive effects from changes in the operating environment, including the effects of foreign exchange rates and the mitigation of the impact of US tariffs, resulting in a year-on-year increase in operating income. This slide shows operating income by geographical region. In Japan, operating income increased, mainly due to foreign exchange rate fluctuations and increases in vehicle sales. North America returned to profitability largely due to price revisions and the reduced impact of US tariffs, and in Europe, operating income increased mainly due to the effects of price.

此外，我們也掌握營運環境變化帶來的正面效果，包括匯率影響與美國關稅影響的緩解，使營業利益較去年同期增加。本頁顯示各地區的營業利益。日本的營業利益增加，主要因匯率波動與車輛銷售增加。北美主要因價格調整與美國關稅影響降低而轉虧為盈；歐洲的營業利益則主要因價格因素而增加。

And expanding value share and profits. In China, I think with this decreased sales and so forth, there has been a negative impact. The financial impact is because of increased loan outstanding that we enjoy the increase. Now I would like to turn to the outlook for the 2027 March.

以及擴大價值份額與利潤。在中國，我認為由於銷售下滑等因素，造成負面影響。財務面的影響是因放款餘額增加，使我們享有增長。接下來我想談2027年3月期的展望。

This forecast that the consolidated vehicle sales remain unchanged from the previous forecasts. By region, we reflected solid demand in Japan, while in Asia, we factored in elements such as slower market conditions in China and the impact of flooding in Thailand. The forecast for third-directed vehicle sales and electrified vehicle ratio have been revised downward, primarily reflecting slower market conditions in China.

本次預測中，合併車輛銷售量維持與先前預測不變。就地區而言，日本反映穩健需求；亞洲方面，則納入中國市場放緩以及泰國洪災影響等因素。第三方導向車輛銷售與電動化車輛比率的預測已下修，主要反映中國市場狀況放緩。

Now, let me explain the full-year consolidated financial forecast. We have adapted the full-year foreign exchange rate assumptions of JPY157 per US dollar, JPY182 per Euro. Our forecast for the full-year consolidated financial performance is sales revenues of JPY53,500 billion, operating income JPY3,900 billion, income before income taxes of JPY4,960 billion and net income JPY3,570 billion. The factors behind the changes in operating income forecast compared with the previous weekly year are shown here.

接著說明全年合併財務預測。我們採用全年匯率假設為1美元兌157日圓、1歐元兌182日圓。全年合併財務表現預測為：營收53,500十億日圓、營業利益3,900十億日圓、稅前利益4,960十億日圓、淨利3,570十億日圓。相較前次預測，本次營業利益預測變動的因素如下所示。

Despite the impact of the situation in the Middle East and approximately JPY1 trillion in rising material prices, we will work to offset these hardships and winds and maintain our earnings power through continued marketing efforts and cost reductions. Given that, as well as positive changes in the business environment, we are forecasting operating income of JPY3.9 trillion, representing a year-on-year increase.

儘管受到中東局勢影響以及約1兆日圓的原物料價格上漲，我們將透過持續的行銷努力與成本降低來抵銷這些逆風，並維持獲利能力。基於上述以及營運環境的正向變化，我們預測營業利益為3.9兆日圓，較去年同期增加。

While we expect year-on-year profit. We remain focused on overcoming impact with significant changes in the business environment, including US tariffs and the situation in the Middle East. We will continue to advance structural reforms and work company-wide to further improve profitability.

雖然我們預期獲利將較去年同期成長。面對包含美國關稅與中東局勢在內的營運環境重大變化所帶來的影響，我們仍將專注於克服衝擊。我們將持續推進結構性改革，並以全公司之力進一步提升獲利能力。

Now, I'd like to explain our shareholders' returns. For this fiscal year, we have set the interim dividend at JPY50 per share, at JPY5 from the previous fiscal year, and as announced at the beginning of the fiscal year. Our full-year dividend focus at JPY100 per share, almost up JPY5. Our dividend policy is to increase dividends in a stable and continuous manner in order to reward our long-term shareholders.

接下來說明股東報酬。本會計年度，我們將中期股利訂為每股50日圓，較前一會計年度增加5日圓，並如同在會計年度開始時所公告。全年股利維持每股100日圓，約增加5日圓。我們的股利政策是以穩定且持續提高股利的方式，回饋長期股東。

In response to shareholders' request to sell their shares, we have increased our share repurchase authorization by JPY300 billion, bringing the total amount of this fiscal year up to JPY1.3 trillion. As a result, we expect our total shareholder return ratio for the fiscal year to be 69.4%. We will also cancel an additional 1 billion shares of Treasury stock, bringing the total cancellation this fiscal year to 1.2 billion shares, exceeding the amount. Repurchase this fiscal year while maintaining flexibility for future strategic use, we have reduced the level of Treasury stockholdings and we will pursue capital policies with a greater focus on capital efficiency.

回應股東提出出售持股的需求，我們將庫藏股回購授權額度增加3,000億日圓，使本會計年度回購總額達到1.3兆日圓。因此，我們預期本會計年度總股東報酬率為69.4%。我們也將額外註銷10億股庫藏股，使本會計年度註銷總數達12億股，超過本年度的回購數量。在維持未來策略運用彈性的同時，我們已降低庫藏股持有水準，並將推動更著重資本效率的資本政策。

And next, we will ask Mr. Miyazaki.

接下來，我們將請宮崎先生發言。

Hello, I am Miyazaki, CFO of TMC. During our financial results announcements for the fiscal year ended March '26, we followed our financial performance presentation with an outline of our business structure reforms designed to overcome the impact of significant shifts in the business environment, such as changes in US tariffs and the situation in the Middle East.

各位好，我是TMC的財務長（CFO）宮崎。在截至2026年3月止會計年度的財報發布中，我們在財務績效簡報之後，說明了為克服美國關稅變動與中東局勢等商業環境重大變化所帶來影響而推動的業務結構改革概要。

Today, I would like to discuss the progress of these initiatives with the hope of fostering a better understanding of and instilling greater confidence in Toyota's mid to long-term strategy. This slide provides an overview of our transformation into a mobility company. Broadly speaking, we aim to achieve further growth in our existing new vehicle and value chain business, while also leveraging the strengths we have cultivated in automobile manufacturing to expand into new business domains such as robotics.

今天，我想說明這些措施的進展，期望能加深各位對豐田中長期策略的理解並提升信心。本頁投影片概述我們轉型為移動出行公司的方向。整體而言，我們將在既有的新車與價值鏈業務上追求進一步成長，同時運用我們在汽車製造中累積的優勢，拓展至機器人等新業務領域。

Underpinning this growth and business expansion are our people and the strength of our workplaces. To support this strengthening, we have decided to establish two new organizational groups effective this coming January. One of these is the Toyota Philosophy and Education Group, with Chairman, Akio Toyoda serving as its first head.

支撐此一成長與業務擴張的，是我們的人才以及職場的實力。為了強化這些基礎，我們決定自明年1月起新設兩個組織群組。其中之一為「豐田理念與教育群組」，由會長豐田章男擔任首任負責人。

Through our work, we will pass on the experience we have gained amid numerous challenges, along with Toyoda's philosophy, skills, and ways of working to cultivate the talent that lead the next generation. The other is the Kandi group, newly formed by merging our general administration and human resources group and accounting group. This new group's name in Japanese is Kandi Hongbu.

透過相關工作，我們將把在眾多挑戰中累積的經驗，以及豐田的理念、技能與工作方式傳承下去，培育引領下一世代的人才。另一個則是「Kandi群組」，由總務與人資群組以及會計群組合併新設。此新群組的日文名稱為「Kandi本部」。

While Kandi phonetically refers to the Japanese word for management or administration, the Chinese character used for Kang conveys the idea of observing carefully with both one's hands and eyes. We are shifting our thinking away from conventional administrative management and aim to create a professional support team to foster among colleagues and empowers them to take on workplace challenges.

「Kandi」在發音上對應日文中「管理／行政」之意，而其所使用的漢字「監」則傳達以雙手與雙眼仔細觀察之意。我們將思維從傳統的行政管理轉向，目標是打造一支專業的支援團隊，在同仁之間培養並賦能，讓大家能夠迎向職場挑戰。

And from here, I will explain the progress of our business structure reforms broken into several areas. First, let's look at our new vehicle business. By producing well-made products and delivering them quickly to meet diverse customer need, we will overcome to meet the diverse customer demand, we will overcome the challenges posed by US tariffs and developments in the Middle East. Our working pillars are enhancing product value through our five brands and enhancing earning power, as we explained during our full-year financial results announcement. In terms of products, each of our five brands under the leadership of Nakajima and Simon.

接下來，我將分幾個面向說明業務結構改革的進展。首先，來看新車業務。透過生產高品質產品並迅速交付以滿足多元客戶需求，我們將克服美國關稅與中東局勢發展所帶來的挑戰。正如我們在全年財報發布時所說明的，我們的工作支柱是：透過五大品牌提升產品價值，以及提升獲利能力。在產品方面，我們五大品牌在中嶋與Simon的領導下，

They have gone all out to ready an incredible array of models we believe will draw cries of wow. We hope you will look forward to their debut. Meanwhile, regarding production, which is a key driver of earning power, we will fully utilize our existing capabilities while also establishing new plants in necessary regions to increase our production capacity.

已全力以赴準備了我們相信會讓人驚呼「哇」的精彩車款陣容。敬請期待它們的亮相。同時，在作為獲利能力關鍵驅動因素的生產方面，我們將充分運用既有能力，並在必要地區新建工廠以提升產能。

Furthermore, regarding electrified vehicles, we will continue to expand production capacity, focusing primarily on hybrid electric vehicles for which our large backlog of orders continues. Looking toward 2030, we will build a business structure that places battery electric vehicles on top of a robust foundation of 10 million vehicles centered on hybrid electric vehicles based on the actual market demand.

此外，在電動化車輛方面，我們將持續擴大產能，主要聚焦於訂單積壓仍然龐大的油電混合動力車（HEV）。展望2030年，我們將依據實際市場需求，在以油電混合動力車為核心、達到1,000萬輛規模的堅實基礎之上，建立以純電動車（BEV）為頂層的業務結構。

I will explain how we are competing in the key regions. Efforts in North America, our steady efforts to date have helped us build a solid business foundation. Driven by strong demand, particularly for hybrid vehicles, and supported by high employee retention and operational efficiency, as well as being backed by the industry's lowest incentive levels and inventory days, coupled with strong trust-based relationships with our dealerships, we achieved record high sales last year.

我將說明我們在重點地區的競爭方式。在北美，迄今為止的穩健努力使我們建立了堅實的業務基礎。在強勁需求（尤其是油電車需求）的帶動下，並在高員工留任率與營運效率的支撐下，加上業界最低的促銷獎勵水準與庫存天數，以及與經銷商之間以信任為基礎的強健關係，我們去年創下歷史新高的銷售成績。

Although regional earnings for the fiscal year ended March '26 fell into the red due to the impact of tariffs, underlining strength has enabled a recovery to profitability in the second quarter. Moving forward, we will return to a strong growth trajectory by increasing production of high-demand hybrid batteries, significantly reducing external outflow costs by restructuring our vehicle lineup and advancing automation through the introduction of robots and robotics.

雖然截至2026年3月止會計年度的區域獲利因關稅影響而轉為虧損，但內在實力使我們在第二季恢復獲利。展望未來，我們將透過提高高需求的油電電池產量、藉由重整車型陣容大幅降低對外流出成本，並透過導入機器人與機器人技術推進自動化，重回強勁成長軌道。

In China, amid the rapid expansion of the new energy vehicle market, we have introduced products tailored to local needs, halting the decline in our market share and enabling us to hold firm at our current level. Leveraging this foundation and to expand our customer base in the new energy vehicle sector, we will fully apply the capabilities of our joint venture partners and, led by our local chief engineers, we will quickly incorporate market feedback into our planning, development and improvement processes.

在中國，面對新能源車市場快速擴張，我們導入符合在地需求的產品，遏止市占率下滑，並使我們得以在目前水準站穩腳步。在此基礎上，為擴大新能源車領域的客群，我們將充分運用合資夥伴的能力，並在在地總工程師的帶領下，迅速把市場回饋納入規劃、開發與改善流程。

In procurement, we select the most suitable parts and technologies based on competitiveness, regardless of a supplier's nationality or a corporate group. Furthermore, leveraging what we have learned, we will implement concurrent development processes at the Lexus Electrified Shanghai. Scheduled to begin operations in September 2027 to shorten development times by 18 months. Starting next year, we will roll out a series of highly competitive new energy vehicles developed with China for China to attract new customers and accelerate our growth again.

在採購方面，我們將不論供應商國籍或企業集團歸屬，依競爭力選擇最合適的零件與技術。此外，運用我們所學，我們將在「Lexus Electrified Shanghai」導入並行開發流程。該據點預計於2027年9月開始營運，開發時間可縮短18個月。自明年起，我們將推出一系列「由中國、為中國」共同開發、具高度競爭力的新能源車，以吸引新客群並再次加速成長。

In Asia, we are advancing a transition to a multi-pathway platform, which will be the foundation of our next generation electrification strategy as we strengthen our commitment to mobility for all. This multi-pathway platform not only enables a single platform to cover the core A, B & C market segments, but also accommodates a diverse range of powertrains, including battery electric vehicles, hybrid electric vehicles and vehicles compatible with carbon neutral fuels, making it in every sense a platform for innovative multipathway vehicles. In Asia, while the share of battery electric vehicles is rising, demand for a variety of powertrains remains strong.

在亞洲，我們正推進向多路徑平台的轉型；該平台將成為下一世代電動化策略的基礎，同時強化我們對「移動出行為所有人」的承諾。此多路徑平台不僅可用單一平台涵蓋A、B與C等核心市場級距，亦能對應多元動力系統，包括純電動車、油電混合動力車，以及可使用碳中和燃料的車輛，從各方面而言都是創新多路徑車輛的平台。在亞洲，雖然純電動車占比正在上升，但對多種動力系統的需求仍然強勁。

While responding flexibly to such demand, we will cover the group of vehicle models that account for 60% of the market and enhance our cost competitiveness by aggregating volume. Furthermore, as we roll out models, we will incorporate lessons learned in China to significantly boost our cost competitiveness.

在彈性回應此類需求的同時，我們將涵蓋占市場60%的車型群，並透過集中規模來提升成本競爭力。此外，在推出各車型時，我們將導入在中國獲得的經驗教訓，大幅提升成本競爭力。

Furthermore, drawing on our experience building an optimal global procurement foundation as demonstrated by our IMV, Innovative International Multipurpose Vehicle Series, which includes the Hilux pickup, we will expand our operations from Asia into the global south. Through regional R&D, we will develop quality products and vehicle silhouettes tailored to each region's needs, while standardizing a base platform across 1.5 million units in the Global South.

此外，借鏡我們透過IMV（Innovative International Multipurpose Vehicle，創新國際多用途車）系列（包含Hilux皮卡）所展現、建立最佳化全球採購基礎的經驗，我們將把業務從亞洲擴展至全球南方。透過區域研發，我們將開發符合各地需求的高品質產品與車身輪廓，同時在全球南方以150萬輛規模標準化共用基礎平台。

We will offer electrified vehicles tailored to each region's needs at competitive prices, ensuring we maintain our position in Global South markets with a focus on Asia. Next, let's look at our value chain business. We have expanded our business to more than JPY2 trillion. The driving force behind this is our 150 million owned vehicles worldwide. This space is a unique asset that Toyota has built over many years and it still has significant room to grow.

我們將以具競爭力的價格，提供符合各地需求的電動化車輛，並以亞洲為重點，確保我們在全球南方市場維持既有地位。接著，來看價值鏈業務。我們的業務規模已擴大至超過2兆日圓。其驅動力來自全球1.5億輛的保有車輛。這個領域是豐田多年打造的獨特資產，且仍有很大的成長空間。

We will continue to grow new vehicle sales and increase the number of owned vehicles while expanding our customer engagement throughout our customers' entire car ownership journeys, including replacement parts and maintenance and leasing and installment financing to build stronger, longer-lasting relationships with our customers. Furthermore, we will leverage connected services and other initiatives to pave the way for second and third-cycle business opportunities.

我們將持續成長新車銷售並增加保有車輛數，同時在客戶整個用車旅程中擴大互動，包括零件更換與保養維修、租賃以及分期融資，以建立更強健且更長久的客戶關係。此外，我們將運用車聯網服務等各項措施，為第二與第三循環的業務機會鋪路。

By expanding the three metrics of the number of owned vehicles, retention rates and retention periods, we will continue to achieve an annual growth on a scale of JPY150 billion, aiming to grow that another JPY1 trillion by 2030.

透過擴大三項指標——持有車輛數、留存率與留存期間——我們將持續實現每年約1,500億日圓規模的成長，並以在2030年前再成長1兆日圓為目標。

Next, I will talk about the groundwork we are laying toward becoming a mobility company. Through entities such as Woven Capital, Toyota Ventures, and Toyota Invention Partners, as well as external funds, Toyota keeps its antenna trained on startups across the full spectrum development stages from early growth to maturity, seeking promising technologies and business opportunities beyond the confines of the automotive sector worldwide, including in AI, robotics space, and innovative energy technologies.

接下來，我將談談我們為成為一家移動出行公司所打下的基礎。透過 Woven Capital、Toyota Ventures、Toyota Invention Partners 等實體，以及外部基金，Toyota 持續關注從早期成長到成熟等各開發階段的全球新創公司，在汽車產業範疇之外尋找具潛力的技術與商業機會，涵蓋 AI、機器人、太空與創新能源技術等領域。

We currently operate with a funding framework of approximately JPY510 billion, and our collaborative partners number more than 100 companies. We will combine the technologies and know-how identified through these activities with the technologies and workplace capabilities Toyota has cultivated to develop new businesses.

目前我們的資金框架約為5,100億日圓，合作夥伴超過100家公司。我們將把透過這些活動所發掘的技術與專業知識，與 Toyota 長期培養的技術與現場能力相結合，以開發新事業。

One example is a robotics business which has already taken concrete steps forward. In robotics, Delta values expanding human potential most. AI and robots exist not to replace humans, but to enhance human capabilities. The same holds for our robotics business, in which we aim to contribute to a richer quality of life by supporting those who act or take on challenges for the stake of others. In factory automation, we are integrating robotics and AI technologies with our expert skills and the Toyota production system, enabling people and robots to learn from and assist one another.

其中一個例子是已經採取具體行動向前推進的機器人事業。在機器人領域，Delta 最重視的是擴展人類的潛能。AI 與機器人的存在不是為了取代人類，而是為了強化人類能力。同樣地，在我們的機器人事業中，我們希望透過支援那些為他人利益而行動或迎接挑戰的人，為更豐富的生活品質做出貢獻。在工廠自動化方面，我們正將機器人與 AI 技術，與我們的專家技能及 Toyota 生產方式相整合，使人與機器人能彼此學習並互相支援。

We aim to make this a new approach to manufacturing a reality. And furthermore, we will accelerate the deployment of robots at Urban City and extend the skills and insights (inaudible) at the plants to lifestyle domains. From our plants to our everyday lives, we aim to produce happiness for all through robots that are close to people and grow alongside them. Toyota's factory automation business is not simply about manufacturing robots. The aim is to use robots to improve workplace productivity and enhance fulfillment for workers.

我們希望讓這成為一種全新的製造方式並付諸實現。此外，我們將加速在 Urban City 部署機器人，並把工廠現場的技能與洞見（聽不清）延伸到生活領域。從工廠到日常生活，我們希望透過貼近人、並與人一同成長的機器人，為所有人創造幸福。Toyota 的工廠自動化事業不僅僅是製造機器人。其目標是運用機器人提升職場生產力，並增進員工的成就感。

Toyota has six strengths that will help it turn its robotic business into a winning strategy. First is the Toyota Production System, TPS, eliminating waste thoroughly before implementing automation is the fundamental starting point for robotics integration, which represents the digitization and automation of the Toyota production system through the use of robots.

Toyota 具備六項優勢，可協助我們將機器人事業打造為致勝策略。第一是 Toyota 生產方式（TPS）。在導入自動化之前徹底消除浪費，是整合機器人的基本起點；而這也代表透過機器人將 Toyota 生產方式數位化與自動化。

Next are the diverse workplaces. At Toyota, 18,000 skilled craftspeople across 60 plants worldwide work daily on a continuous improvement. By leveraging unparalleled high-quality data drawn from these workplace efforts, we will rapidly advance the evolution of our robots. And then there is a hardware which excels in quality, durability, and reliability in our core robots model, which enables robots to learn craftspeople's skills efficiently.

其次是多元的工作現場。在 Toyota，全球60座工廠共有18,000名熟練匠人每天持續改善。藉由運用從這些現場努力中取得的無可比擬高品質數據，我們將快速推動機器人的進化。此外，我們的核心機器人機型在品質、耐久性與可靠性方面表現優異，使機器人能有效率地學習匠人的技能。

These support the development and production of highly reliable robots. Furthermore, by leveraging our autonomous driving software platform, Arene, and implementing a factory control platform, we can effectively deploy robots across entire plants. These strengths will be a major source of competitiveness and set us apart from others.

這些優勢支援高可靠性機器人的開發與生產。另外，透過運用我們的自動駕駛軟體平台 Arene，並導入工廠控制平台，我們能在整座工廠有效部署機器人。這些優勢將成為重要的競爭力來源，並使我們與他者區隔。

Toward commercialization, we will first thoroughly (inaudible) our robotics through internal use before launching full-scale external sales. Moving forward, we anticipate large-scale factory automation investments across Toyota's entire supply chain. We will turn our internal demand for 400,000 robots. And our annual requirement of JPY1 trillion to replace aging equipment from costs into a business growth opportunity.

為了商業化，我們將先在內部使用中徹底（聽不清）我們的機器人，再展開全面性的對外銷售。展望未來，我們預期 Toyota 全供應鏈將進行大規模的工廠自動化投資。我們將把內部對40萬台機器人的需求，以及每年為汰換老舊設備所需的1兆日圓支出，從成本轉化為事業成長機會。

Building on this inner or internal demand, we will develop our technologies and human resources, initiate sales to other manufacturing companies and industries, and offer our products in lifestyle domains. To ensure steady sales growth from 2030 onwards, we will launch Toyota Robotics as a new company-wide organization effective January 1, and develop it into a core business pillar.

在此內部需求的基礎上，我們將培育技術與人才，開始向其他製造業公司與各產業銷售，並將產品提供至生活領域。為確保2030年以後的穩健銷售成長，我們將自1月1日起成立全公司層級的新組織「Toyota Robotics」，並將其發展為核心事業支柱。

Here, I will explain our capital strategy. We view return on equity, ROE, as a metric for gauging the progress of our transformation into mobility company. First, regarding net income, which serves as the numerator in our new robotics business, we will maximize the technologies and assets of our existing businesses, which are still growing to generate greater returns than in the past.

在此，我將說明我們的資本策略。我們將股東權益報酬率（ROE）視為衡量我們轉型為移動出行公司的進展指標。首先，就淨利（作為分子）而言，在我們新的機器人事業中，我們將最大化仍在成長的既有事業之技術與資產，以創造較以往更高的報酬。

Meanwhile, regarding shareholders' equity, which serves as the denominator, we will implement further shareholder returns based on the premise of stable and continuous dividend increases while executing flexible share buybacks as a profit. We will balance growth with shareholders' returns, maintain shareholders' equity at an approximate level, and drive our transformation into a mobility company.

另一方面，就股東權益（作為分母）而言，我們將以穩定且持續提高股利為前提，進一步實施股東回饋，並以機動方式進行庫藏股回購作為利益回饋。我們將在成長投資與股東回饋之間取得平衡，使股東權益維持在大致相當的水準，並推動我們向移動出行公司轉型。

In this regard, we would also like to explain our approach to capital allocation and its scale. Regarding the use of funds, we will allocate them in order of the priority listed on the left. Side of this slide, with JPY16 trillion for capital expenditure and R&D expenses and JPY7 trillion for shareholder returns. Over the five years ending March 2026, we allocated a total of JPY38 trillion over the next five years in addition to setting. Aside, net liquid assets of JPY7 trillion as a contingency reserve, we plan to allocate JPY22 trillion to capital expenditures and R&D and a dedicated portion for flexible growth investments.

在此方面，我們也想說明資本配置的方針與規模。關於資金用途，我們將依照投影片左側所列的優先順序進行配置。本投影片顯示，資本支出與研發費用為16兆日圓，股東回饋為7兆日圓。在截至2026年3月的五年期間，我們在既有設定之外，於未來五年合計配置38兆日圓。另外，作為應急準備金保留7兆日圓的淨流動資產，我們計畫配置22兆日圓於資本支出與研發，並保留一部分用於機動的成長投資。

While allocating JPY11 trillion to JPY14 trillion for shareholder returns. In this way, we will balance investments in growth with shareholder returns to continuously enhance our corporate value.

同時，將配置11兆至14兆日圓用於股東回饋。透過這種方式，我們將在成長投資與股東回饋之間取得平衡，持續提升企業價值。

With this, I conclude my explanation. I hope you will continue to support us in the future as well. Thank you very much.

以上為我的說明。也希望各位今後能持續支持我們。非常感謝。

(Event Instructions)

（活動說明）

[Yomiuri Shinbun, Kurama-san] please.

[讀賣新聞，倉間先生]請。

Kurama from Yomiuri. There's two questions that I have. First, regarding the North America business, the US midterm elections, there was a to wave on the Senate and the lower house, upper lower house was won by the Democrats. So for your North American business impact and also the risks for environmental regulation strengthening, what is your view?

我是讀賣新聞的倉間。我有兩個問題。第一，關於北美業務，美國期中選舉方面，參議院與眾議院出現了（形勢）變化，上下兩院中的眾議院由民主黨取得。因此，對你們北美業務的影響，以及環境法規可能趨嚴的風險，你們的看法是什麼？

Second question is regarding your China business. The Middle East situation has deteriorated and the crude oil prices has gone up. I believe that had an impact negatively on your sales volume. Rather than the hybrids that you have a strength in, probably the market is showing higher demands of battery EVs. So how will you be adjusting to this change?

第二個問題是關於中國業務。中東局勢惡化，原油價格上升。我認為這對你們的銷售量造成了負面影響。市場需求似乎正從你們擅長的油電混合車，轉向對電池電動車（BEV）更高的需求。那麼你們將如何因應這項變化？

And for the parts procurement, you said that regardless of the nationality or the company group that the supplier belongs to, you will be selecting based on technology. But when you think about the price cost appropriateness, what will be the criteria you will be using to select the most appropriate supplier for the parts procurement?

另外，關於零件採購，你提到不論供應商所屬的國籍或企業集團，都將以技術為基準來選擇。但若考量價格成本的合理性，你們在零件採購上選擇最合適供應商時，將採用哪些判準？

Thank you very much for the first question regarding North America, US Midterm election results. Our thoughts are behind that. I would like to respond from the external and public affairs group. Well, we have just heard about the initial reports of the outcome, and probably the numbers are still not at an accurate level, so we will not be able to speak decisively, but we see hearing the last evening news and the media reports, we know most of the outcomes.

非常感謝您第一個關於北美、美國期中選舉結果的問題。我們的想法如下。我想由對外與公共事務部門來回應。目前我們剛聽到初步的結果報導，數字可能仍未達到精確的程度，因此我們無法做出斷言；不過，從昨晚的新聞與媒體報導來看，我們已大致掌握多數結果。

For our company, US is a very important country and not only for Toyota but for the world, US is an important country. So this is going to be a large change, and probably everyone expects that there will be some kind of an impact to themselves, including ourselves, of course, our company. Going forward, there are uncertainties in what will happen in the future, but one thing we can say is that.

對我們公司而言，美國是一個非常重要的國家；不僅對豐田而言，對全世界來說，美國也是一個重要的國家。因此這將會是一個很大的變化，而且大概每個人都預期會對自己產生某種影響，當然也包括我們自己、我們公司。展望未來，對於將來會發生什麼仍存在不確定性，但有一點我們可以說的是。

Probably the controlling administration will be different according to states, Republican or Democrats, and the majority now is held by the Democrats. But what we place importance on as a company is the customers who purchase our cars, also the drivers who are enjoying and driving our vehicles.

可能各州的主導執政會有所不同，可能是共和黨或民主黨，而目前多數席次由民主黨掌握。但作為一家公司，我們重視的是購買我們汽車的顧客，以及享受並駕駛我們車輛的駕駛者。

And what we have focused on our eyes on is customers. We hope to be a company that they will continue to hope to buy and drive the Toyota vehicle. So that will be the mission when we think about the countries. And so when the policies when the administration or the policies changes, there will be a change for us too, but we will be consistent and focused on delivering ever better cars to our customers.

而我們一直關注的焦點是顧客。我們希望成為一家讓他們今後仍然願意購買並駕駛豐田車輛的公司。因此，當我們思考各個國家時，這將是我們的使命。所以當政府更迭或政策改變時，我們也會受到影響，但我們將保持一致，專注於為顧客提供更好的車。

On the other end, after going into the US and starting our business in manufacturing and sales, we have now built up quite a long history in the past years. So in that sense, we talk about this in being the best in town. And what we mean is that in all states that we are operating in, we want to be regarded as the best in town company in that local community. And that is how we decide on what kind of activities we do.

另一方面，自從進入美國並開始製造與銷售業務以來，我們在過去多年已建立相當長的歷史。因此在這個意義上，我們談到要成為「鎮上最好的」。我們的意思是，在我們營運的所有州，我們希望在當地社區被視為「鎮上最好的公司」。而這也就是我們決定要從事哪些活動的方式。

In the long-term, sometimes the government will changes, the political parties in control will be changing from Democrats or Republicans. But what is important for us is the people who live in those local communities so that they will feel that they are happy that Toyota is in their community and neighborhood. So the environment that we have focused on building, we want to continue the effort to build that with the mission unwavering so that we can deliver good cars and services to our North American customers. That is on our mind, and that is my response for your first question.

從長期來看，政府有時會更迭，掌權的政黨也會在民主黨與共和黨之間輪替。但對我們而言重要的是居住在那些地方社區的人們，讓他們覺得豐田在他們的社區與鄰里是一件令人高興的事。因此，我們一直致力於打造的環境，將在使命不變的前提下持續努力建構，以便為北美顧客提供優質的車輛與服務。這就是我們所思考的，也是我對您第一個問題的回答。

Regarding the China business, your second question, I would like to respond. So as Kurama-san, you have rightly pointed out, the China market, the internal domestic demand and the gas price hikes had been impacting the market and the market has been downsizing year on year, especially the conventional ice vehicles has seen a significant drop and slowdown in sales. So the new energy vehicles, new category, 60% accounts for this new energy vehicle category for the China market.

關於中國業務，也就是您的第二個問題，我想回應如下。正如倉間先生您所正確指出的，中國市場受到內需疲弱與油價上漲的影響，市場規模逐年縮小，尤其是傳統燃油車（ICE）銷售出現明顯下滑與放緩。因此，在中國市場中，新能源車這個新類別占比達到60%。

However, despite this situation, we have the joint development work that was worked with our partners and with the introduction of battery EVs that did based on the joint development, we have been able to maintain or to stop the drop in our market share and even recover slightly. So we have felt a confidence that we will be able to recover our presence in this market and in an upward trend. And as I have explained in my presentation, still the sales volume has been receiving an impact. We still see the impact in our sales volume and therefore as a sales network, we are still struggling and we are in a tough situation.

然而，即便在這樣的情況下，透過與合作夥伴共同開發的工作，以及導入基於共同開發成果的電池電動車（BEV），我們得以維持、或至少止住市占率下滑，甚至略有回升。因此我們也更有信心，能夠在這個市場恢復我們的存在感，並呈現上升趨勢。同時，如同我在簡報中所說，銷售量仍然受到影響。我們仍看到銷售量的衝擊，因此就銷售網絡而言，我們仍在苦戰，處於艱難的局面。

I think we have to use this time to do all the preparations that we can to sharpen our knives and to be ready to use it when we need to. That is what we're talking with our partners and also the dealers. And going forward with China, for China will be our model and our way of thinking in developing the vehicles to introduce it to the China market. That will be our approach. And in relation to that, the technology that is applied to our parts, I think your question was how we're going to apply to the procurement of our parts.

我認為我們必須利用這段時間，盡可能做好所有準備，磨利刀刃，並在需要時能夠立即出手。這也是我們與合作夥伴以及經銷商正在討論的方向。展望未來，在中國，我們將以「為中國、在中國」作為開發車輛並導入中國市場的模式與思維方式。這將是我們的做法。與此相關，關於應用在零件上的技術，我想您的問題是我們將如何把它運用到零件採購上。

So the meaning that we say call out with China for China, it doesn't mean that we want to be like the Chinese OEMs. It's not that we're aiming to become similar to them, but we want to brush up our unique strengths of Toyota. The master driver has (inaudible) our technology, the Toyota technology, and that is going to be utilized for China with China. Those kinds of vehicles that have our technology and our characteristics, the quality, performance, and of course the price as well, the demand of the market needs to be met and therefore that will be one criteria when we select the parts purchase procurement source as well.

我們所說的「為中國、在中國」，並不代表我們想變得像中國的OEM（整車廠）。我們不是要以他們為目標、變得與他們相似，而是要精進豐田獨有的強項。主駕（原文不清）以及我們的技術、豐田的技術，將會以「在中國、為中國」的方式加以運用。具備我們技術與特徵的車輛，其品質、性能，當然也包括價格，都必須符合市場需求；因此，這也將成為我們選擇零件採購來源時的判準之一。

And I said that regardless of nationality and company group we will select based on the demand. So with this approach of course we hope the suppliers can work together with us to learn what we need to do and move forward with us. So the car that we did the joint development together with our partners, the Japan source or Japan partners provided us about 10% but now the next generation will be about 30% and the car under development now the Japan supplier supplied parts is increasing to 40%, 50% levels I think that our partners our existing partners also are evolving with us and so we want to learn together with our suppliers from the China market and be able to recover our presence in the Chinese market that is how we are thinking.

我也提到，不論國籍或企業集團，我們都會依需求來選擇。因此，透過這種做法，我們當然也希望供應商能與我們一起合作，理解我們需要做什麼，並與我們一同前進。我們與合作夥伴共同開發的車款中，日本來源或日本合作夥伴提供的比重約為10%，但下一代將約為30%；而目前開發中的車款，日本供應商提供的零件比重正提升到40%、50%的水準。我認為我們的合作夥伴、既有合作夥伴也在與我們一同進化，因此我們希望與供應商一起從中國市場學習，並能夠恢復我們在中國市場的存在感——這就是我們的想法。

[Chunichi newspaper, Atsumi-san], please.

[中日新聞，渥美先生]，請。

I have two parts of questions. The first question is about this general opinion about this result of financial results that the Middle East and Chinese session was difficult but the US still keeping a good result. What are the reasons? Of course reduction efforts were one of the contributors, but I'd like to hear more details why you did well. Despite the difficult environment.

我有兩個部分的問題。第一個問題是關於這次財務結果的一般看法：中東與中國的情勢很艱難，但美國仍維持良好表現。原因是什麼？當然，降本努力是其中一項貢獻，但我想更詳細地了解你們為何能做得好。在如此艱難的環境之下。

Second one, the reorganization and so on, you are about to establish Toyota Philosophy and Education Group and Chairman, Akiy Toyoda will become the CEO of this group. So at this time you chose to set up this new Toyota Philosophy and Education Group. Are you going to do those executive and managers training program under this new group? What's the purpose and activities of this new group?

第二個問題是關於重組等事項：你們即將成立「豐田理念與教育集團」，而會長豐田章男將擔任該集團的CEO。在這個時間點選擇設立新的「豐田理念與教育集團」，是出於什麼考量？你們是否會在這個新集團之下推動高階主管與管理者的培訓計畫？這個新集團的目的與活動是什麼？

Thank you very much for the question, Mr. Atsumi. As to the first question, Mr. Azuma, myself, will respond. This time, yes, for the next six months, the results are announced and looking at that Middle East impact and the flooding in Thailand and other geopolitical changes and earthquakes and all these things happen. So the sales and marketing and the production and the logistics and transportation, we did what we can do with at most efforts and that's the result, for example, in the Middle East.

非常感謝您的提問，渥美先生。關於第一個問題，將由我——東（Azuma）——來回答。這次，是的，接下來六個月的結果已公布；回顧來看，中東的影響、泰國洪災，以及其他地緣政治變化、地震等各種事件都發生了。因此在銷售與行銷、生產，以及物流與運輸方面，我們盡最大努力做了我們能做的事，這也反映在結果上，例如在中東市場。

For example, initially the half of the units only could be put in place because we were limited by the logistics transportation channel. So we had to revise this logistics channel and then somehow we wanted to deliver a vehicle to our customers in Middle East and everyone worked so hard so that the distribution channel and production members worked so hard to enable that the reduction of the volume.

例如，一開始因為物流運輸通道受限，我們只能配置到原本一半的數量。因此我們必須修正物流通道，並且無論如何都希望把車交付給中東的顧客；大家都非常努力，讓配送通路與生產端的成員全力以赴，從而使得出貨量的減少得以（被抑制/控制）。

Production in China occurred, but still the vehicles, there are some customers waiting in other regions and then they still get the delivery. So whatever happens in a particular region, other region will contribute. We would like to be the best in town. So for the particular region suffering from difficulty, the other regions will assist and corporate through that kind of the reciprocal assistance program that some years after that we achieved above this previous year did well in a way. So the cost reduction is one of the areas and we are now discussing, communicating with one.

在中國有進行生產，但車輛仍然是，有些客戶在其他地區等待，之後他們仍然會收到交車。因此，無論某個特定地區發生什麼事，其他地區都會做出貢獻。我們希望成為同業中最出色的。所以，對於遭遇困難的特定地區，其他地區會透過那種相互支援的互助計畫來協助並合作；在那之後的幾年，我們以某種方式達成了比前一年度更好的成果。因此，成本削減是其中一個領域，而我們現在正在討論、並與相關方溝通。

Every the suppliers this kind of activity necessary if necessary our engineers or technologies and know-how was dispatched to the suppliers so in the prior the process that we make in advance improvement so this kind of improvement activity will be continued that's the response from my part.

對於每一家供應商，若有必要就會進行這類活動；如有需要，我們會派遣工程師或技術人員以及專業技術與知識到供應商那裡，事先在流程上做改善。

Thank you I'd like to respond to the reorganization the plan so I would like to touch upon this. So Toyota, the thought is that the monozucrio production starts from the human resource development in order to overcome this difficulty of this transformation era that we have to think deeply and challenge and work hard and then we nurture the human resources who can assist the other people. So we recognize the challenge problem and inside the company we are developing and revising HR and human resource development activities we've been discussing.

謝謝。我想就重組計畫作出回應，因此我想談一下這點。就豐田而言，我們的想法是，monozukuri（製造）是從人力資源培育開始；為了克服這個轉型時代的困難，我們必須深思、勇於挑戰並努力工作，進而培育出能夠協助他人的人才。因此，我們認知到這項挑戰與課題，並且在公司內部推動並修訂人資與人才培育活動，持續進行討論。

Mr. Atsumi used the word kenshu or the training and so on and education. Because training program is to people think that it's like you get a new skill by training program. So but we nurture, develop the people who can think, who know how to act. So that through work and job, the human resources should be nurtured, developed and trained. That's what we discussed about. For the next generation, the human resources, we have to give the education in a real setting.

渥美先生使用了「研修（kenshu）」也就是訓練、教育等字眼。因為一般人會認為訓練計畫就像是透過訓練獲得新技能。但我們要培育、發展的是能思考、知道如何行動的人。因此，應該透過工作與職務來培育、發展並訓練人才。這就是我們所討論的內容。對於下一代的人才，我們必須在真實的場域中提供教育。

And so there are people with experience who have all come difficulties, Toyota's technology and then philosophy and know how and everything. Maybe Chairman, Toyoda is the best person who can, the only lead that kind of education initiative that we discussed among the operating officers. But every time we faced a crisis, we depended on Mr. Toyoda and he, Chairman Toyoda himself had to cope with the challenges, he felt some loneliness and isolation.

而且，有些具備經驗的人一路走過各種困難，掌握了豐田的技術、理念、訣竅等一切。也許會長豐田先生是最適合、甚至是唯一能夠主導我們在營運高層之間所討論之教育倡議的人。但每次面臨危機，我們都依賴豐田先生；而豐田會長本人必須應對各項挑戰，他也感到某種孤獨與被孤立。

We recognize that and in quality problem and in recent years, the Toyota criticized as lagging behind in battery EV development, we had to cope with that. In this education problem as well, Mr. Toyoda himself has to a standalone fight against those criticisms. So we operating officers thought that the Chairman Toyoda alone is the only person who can lead such a group in the new philosophy and education group. But we shouldn't just depend on him. We should pledge to fight with him.

我們也認知到這點；在品質問題上，以及近年來豐田被批評在電池電動車（BEV）開發上落後，我們都必須加以因應。在這個教育課題上也是一樣，豐田先生本人必須獨自對抗那些批評。因此，我們營運高層認為，豐田會長單獨一人是唯一能以新理念帶領這個教育團隊的人。但我們不應該只依賴他。我們應該承諾與他並肩作戰。

We have to convey this aspiration and feeling. All the operating officers decided as a consensus, we asked Mr. Toyoda to assume the position of the new CEO leader of this new group. So President, Kohn and I talked to Mr. Toyoda like internal offer and asked him to assume this new position, the new CEO of this group, he understood our wish. He would like to do his best to convey his message, his training, so that he would try to nurture the human resources who can even, who do not get too depressed by the hardship and so on and can keep going and work hard.

我們必須傳達這份志向與心意。所有營運高層以共識決定，請豐田先生擔任這個新團隊的新CEO領導者。因此，社長Kohn與我以內部邀請的方式與豐田先生溝通，請他出任這個新職務、擔任該團隊的新CEO；他理解了我們的心願。他希望盡最大努力傳達他的訊息與訓練理念，並致力於培育即使面對艱難也不會過度消沉、能持續前進並努力工作的人才。

And so he agreed to serve this position and educate people. For this new group, through work and job, we will nurture a person who can be useful and effective. At the work site, Gemba. And we think about that together with Mr. Toyoda. Of course, as we discussed with him, Mr. Azuma is going to assist Mr. Toyoda in this new role.

因此，他同意擔任此職位並投入人才教育。對於這個新團隊，我們將透過工作與職務，培育出能派上用場、具有效能的人才。在現場（Gemba）。我們也將與豐田先生一起思考這件事。當然，如同我們與他討論過的，東先生將在這個新角色上協助豐田先生。

Let me add. So to build this new group, we had several meetings with Mr. Toyoda, the Chairman. The employees of Toyota, TMC have a sense of elitism or they feel they have to know everything. And maybe that is a mentality, but they should be cranky enough. If they don't know something, they should be bold enough to say they don't know or they don't understand. They should continue to have a curiosity and interest. And even though the environment changes, they should take them on and then accept them and then take actions.

我補充一下。為了建立這個新團隊，我們與豐田會長進行了多次會議。豐田汽車（TMC）的員工有一種菁英意識，或覺得自己必須什麼都懂。也許那是一種心態，但他們也應該要有足夠的「不服輸」與韌性。如果不知道某件事，就應該有勇氣坦白說不知道或不理解。他們應該持續保持好奇心與興趣。即使環境改變，也應該迎向變化、接受變化並採取行動。

Each person with a unique character should not be changed. His or her own unique quality should be utilized and enhanced so that the individual person's survival capability. Be nurtured that's something that he and we would like to do in this new group when he came to office yeah that he met with the different members representing different functions and there's a get together a place forum where that he get to talk to them and he should bring the official document material try to explain he said oh that's an old way of doing thing rather.

每個人獨特的個性不應被改變。應該善用並強化他或她自身的獨特特質，從而培養個人自身的生存能力。這是他與我們希望在這個新團隊中推動的方向。他上任後，與代表不同職能的成員會面，並設置一個聚會、論壇，讓他能與他們對話；他本來想帶著正式文件資料來說明，但他說那反而是舊式做法。

They should consult with each other about the headaches and troubles and then other function members listen to those troubles and they will learn the lessons from the other function departments. So it is like a catch book. So please bring that methodology back to your own workplace and externally we should also have that kind of consultation and then keep the interest and curiosity all the time and we have that HR development. It's not a formal training. It's like philosophy idea is shared and then persons are given the most priority and then nurture such personnel and that's how we like to develop this new group and I hope you can have a good expectation on this group. Thank you very much.

大家應該彼此商量各種頭痛與困擾，其他職能的成員聆聽這些問題，並從其他職能部門學到教訓。這就像一本「案例集」。因此，請把這套方法帶回各自的職場；對外部也應該進行這類諮詢，並始終保持興趣與好奇心，推動我們的人才培育。這不是正式的訓練。而是共享理念與想法，把人放在最優先的位置，並培育這樣的人才；這就是我們想要打造這個新團隊的方式，也希望各位能對這個團隊抱持期待。非常感謝。

[Nikkei newspapers, Asayama-san].

[日本經濟新聞（Nikkei），淺山先生]。

I also have two questions, starting with the sales volume forecast. For the ups and downs of the sales volume forecast. So you said that the sales and operating income will be increasing. And on the other hand, North America and Asia, 20,000 and 40,000 units of vehicles is expected to go drop as a forecast. So in addition, so against this sales volume change, how will it be reflected in your operating profit forecast?

我也有兩個問題，先從銷量預測開始。關於銷量預測的起伏。您提到銷售與營業利益將會增加。但另一方面，預測北美與亞洲將分別減少2萬台與4萬台。那麼，針對這樣的銷量變動，將如何反映在你們的營業利益預測上？

And the other question is the IAA Act of Europe. And if this act is enacted, then your UK and French hybrid production plant operation, plus your exports from Japan will be difficult. And how do you feel about this IAA Act? And also, how will you be revisiting your European business strategy?

另一個問題是歐洲的IAA法案。如果該法案通過，你們在英國與法國的油電混合車生產工廠營運，加上從日本出口，都將變得困難。你們如何看待這項IAA法案？另外，你們將如何重新檢視歐洲的業務策略？

Thank you. The first question, Azuma would like to respond.

謝謝。第一個問題將由東來回答。

Regarding the Asia operations, recently we had the flood occurring in Thailand, and therefore there was a drop in production. And receiving the impact from there. Plus within this fiscal year, the members will be making efforts to recover the drop, but we have reflected into our forecast the impact from this flood on Thailand. Regarding the United States, the models that have been introduced and launched, we are carefully implementing and launching our models and therefore we have made a slight revision in the forecast. That is the response for your first question.

關於亞洲的營運，近期泰國發生洪水，因此產量下滑。我們也受到其影響。此外，在本會計年度內，相關成員將努力彌補這個下滑，但我們已將泰國洪水對業績的影響反映在預測之中。至於美國，對於已導入並上市的車型，我們正謹慎地推進導入與上市，因此對預測做了小幅修正。以上是對您第一個問題的回覆。

For your second question regarding Europe, I think I'll start by sharing with you the overall situation and then Mr. Ueda here will make some additional explanation. For Toyota in Europe, we do not consider us as guests. We believe that we are a member of the European region as we engage in the operations there. Because from Japan, it is true that we are exporting from Japan to Europe, but there are the import from Europe as well.

關於您第二個有關歐洲的問題，我想先與各位分享整體情況，接著由在座的上田先生再補充說明。就豐田在歐洲而言，我們不把自己視為客人。我們相信，既然在當地從事營運，我們就是歐洲地區的一員。因為從日本的角度來看，確實有從日本出口到歐洲，但同時也有自歐洲進口。

And then locally, we have hired local employees and to have local employment, plus including our suppliers, we have been contributing to the employment. So the contribution there, plus the locally produced cars, will be exported outside of Europe. We have been contributing to the European region by exports from the operations in Europe. Then rather the shipment from Japan to Europe, actually the contribution that we do starting from Europe region is larger.

此外在當地，我們雇用當地員工、創造在地就業，再加上供應商等，我們也一直在就業面做出貢獻。因此，這些貢獻加上在地生產的車輛，也會出口到歐洲以外的地區。我們透過在歐洲的營運所帶來的出口，對歐洲地區做出貢獻。相較於從日本運往歐洲的出貨，實際上我們以歐洲地區為起點所做出的貢獻更大。

That is the actual state of our operation so in that sense as well for the automobile industry of the European region we have the belief that we have been contributing for long years and hope that the related parties and authorities will have an understanding of that. And in Europe and EU we have been increasing and enhancing our presence to number two among the players there.

這就是我們營運的實際狀況；從這個意義上說，對於歐洲地區的汽車產業，我們相信自己長年以來一直有所貢獻，也希望相關各方與主管機關能夠理解。此外，在歐洲與歐盟，我們也持續提升並強化我們的存在感，成為當地業者中的第二名。

And therefore we would like to have be able to deliver smiles and convenience of their life through the vehicles that we provide and we hope this effort and operation will be acknowledged by the EU community. And recently when Chancellor Mertz has visited Japan from our Prime Minister Takaichi and Minister Kazawa, those points were mentioned and shared with them and we have been able to explain our situation. And our belief to Chancellor Mertz in that occasion. So Mr. Ueda will make some additional comments.

因此，我們希望能透過所提供的車輛，為大家的生活帶來笑容與便利，也希望歐盟社群能肯定我們的努力與營運。而最近，當梅爾茨總理訪日時，我們也透過高市首相與加澤瓦大臣提及並分享了這些觀點，並得以說明我們的情況。並在那個場合向梅爾茨總理表達我們的信念。接下來由上田先生補充幾點。

As Mr. Miyazaki has mentioned to the Japanese government officials, we have opportunities to share the challenges that we feel. So together with the government, us from the corporate sector are working together so that we will be able to be understood. And in the area that I am in charge of in the external affairs group, JAMA, Mr. Sato, our Vice Chairman, he is serving as the chair of JAMA. And at JAMA, all of the OEMs of Japan are consolidated in sending a single message to EU and we have a good collaboration with the association.

如宮崎先生向日本政府官員所提到的，我們有機會分享我們所感受到的課題。因此，我們企業界也與政府攜手合作，以便讓外界能夠理解。在我所負責的對外事務領域方面，JAMA（日本汽車工業會）由我們的副會長佐藤先生擔任會長。在JAMA，日本所有OEM（整車廠）整合為對歐盟發出一致訊息，並與協會保持良好合作。

Together with associations as well. And as it was mentioned in the media, when Chancellor Mersa visited Japan, our President, Mr. Kom, had a opportunity to meet with the Chancellor and at that meeting he was able to explain about the relationship that was built between the industries of Germany and Japan, the car industries and also the European region has built the culture, the car culture.

也與各類協會共同合作。另外，如媒體所報導，當梅爾薩總理訪日時，我們的社長Kom先生也有機會與總理會面；在那次會談中，他得以說明德日產業之間所建立的關係，特別是汽車產業之間的連結，以及歐洲地區所孕育出的汽車文化。

And develop the color culture in Europe but we also have adopted that in Japan and therefore we are willing to work together hand in hand going to the future as well and also in Europe where there are a lot of car fans I believe it will be the best for the customers and the EU region that we can contribute by providing more options for them so those that is what we're talking with our fellow OEMs and also in the auto industry of EU Germany it will be the main market and there we have the understanding that there.

歐洲也發展出色彩文化，而我們在日本也採納了這些；因此，我們也願意在未來繼續攜手合作。此外，在歐洲有許多車迷，我相信，透過提供更多選擇來做出貢獻，對顧客與歐盟地區而言將是最好的。因此，這些就是我們與同業OEM以及歐盟汽車產業所討論的內容；而在歐盟中以德國作為主要市場，我們也獲得那邊的理解。

A lot of commonalities between Japan and Germany. That opinion has been exchanged. And so probably within the EU framework there will be various things decided. But what we want is to have all the benefits for the customers in the EU region so that their options will not be narrowed down. We want to hope that there will be an environment maintained and developed so that we will be able to provide a better option and a better situation for our customers in the EU. Thank.

日本與德國之間有許多共通點。我們也交換了這樣的意見。因此，在歐盟框架內可能會決定各種事項。但我們所希望的是，讓歐盟地區的顧客能享有所有利益，使他們的選擇不會被限縮。我們希望能維持並發展一個環境，讓我們能為歐盟的顧客提供更好的選擇與更好的處境。謝謝。

[NHK, Kajiwara] Mr. Kajiwara, are you connected now? Are you connected now, Mr. Kajiwara? No, it's okay. Thank you. Go ahead.

[NHK，梶原] 梶原先生，現在有連線上嗎？梶原先生，現在有連線上嗎？沒有也沒關係。謝謝。請開始。

I'm Kashiwara. I'm very sorry for the technical trouble earlier. Let me ask a question. The first question. Is that the mid-term -- the financial results were presented and the mid to long-term policies were explained by the Vice President Miyazaki. What's the purpose and significance of launching that policy and plan?

我是柏原。非常抱歉剛才發生技術問題。我想請教兩個問題。第一個問題。剛才公布了中期的財務結果，並由宮崎副社長說明了中長期方針。推出該方針與計畫的目的與意義是什麼？

And the second question is that the external environment is changing. And then still that you enjoy the continuous, the good results of this increased income. So what are the future risks waiting for you? What kind of area would enter the future risk? Thank you.

第二個問題是，外部環境正在變化。即便如此，你們仍持續享受這種增收帶來的良好成果。那麼未來有哪些風險在等著你們？哪些領域可能會成為未來風險？謝謝。

I'd like to answer the first question. Thank you very much. So far, yes, the mid- to long-term policy to strengthen our competitive edge, what kind of business structure we should aim at. We have conveyed that message and transmitted the messages to the media investors, but when we have a communication for our opportunity, the -- to long-term policies. It's not high resolution or it's not that clear. That was pointed out by some previous communication meetings.

我先回答第一個問題。非常感謝。到目前為止，關於強化競爭優勢的中長期方針、以及我們應該追求何種事業結構，我們確實已向媒體與投資人傳達相關訊息。但在我們進行溝通的場合中，關於中長期方針的內容——解析度不夠高，或是不夠清楚。也就是說不夠具體、不夠明確。在先前的一些溝通會議中，有人指出了這點。

We meant to be clear, but some criticism came. So maybe it was a one-way communication or it didn't satisfy your level of high expectation, maybe. So we recognized that backdrop as a backdrop of this.

我們本意是要講清楚，但仍收到一些批評。因此也許那是單向溝通，或是未能滿足各位較高的期待水準。我們認知到這樣的背景，並將其作為本次的背景因素。

So CFO, when I was given this -- assigned this position, when I was engaged in the communication with people outside, I had to rethink the future potential growth for TMC, the potential for that should be clearly understood by the outside people.

因此，當我被任命為CFO、並在與外部人士溝通時，我必須重新思考豐田汽車公司（TMC）未來的成長潛力，並讓外界能夠清楚理解其潛力。

So they should look at it with a sense of wow and excitement to try to support us. Maybe we should keep this in mind when you communicate with the external stakeholders and we should -- they should feel the confidence in Toyota that, oh, Toyota is okay. It will continue to be okay. So continuous information to be transmitted to you is crucial and important. That's something we discussed internally.

讓他們看到時能有「哇」的驚喜與興奮感，進而願意支持我們。也許在與外部利害關係人溝通時，我們應該把這點放在心上，讓他們對豐田產生信心：喔，豐田沒問題。而且會持續沒問題。因此，持續向各位傳遞資訊至關重要。這是我們在內部討論過的。

So this time, the significance and aim, the purpose of this policy is that, well listening to your voices and suggestions, we learned and taking that into account, we tried to revise our communication forum like this. So this is the first such conference after we got your input. And we would like to receive your comments and your opinion. So I'm a bit nervous, what you would say about today's forum and how it's been conducted?

所以這次的意義與目標、也就是本方針的目的，是：在傾聽各位的聲音與建議後，我們學習並納入考量，嘗試像這樣修正我們的溝通平台。這是我們在收到各位意見後所舉辦的第一場此類會議。我們也希望能收到各位的評論與看法。因此我有點緊張，不知道各位會如何評價今天的會議與其進行方式？

Before I became a CFO, I was in the sales force and it was my career to sell. However, in that time, the sales and the revenue and the profits were to be increased. That was like my focal point of purpose. But now, as this CFO, I have to pay attention to the BS as well as the [PL].

在我成為CFO之前，我是在銷售體系工作，我的職涯就是做銷售。然而在那段時間，我的重點目標是提升銷售、營收與利潤。那幾乎就是我目的的核心。但現在作為CFO，我除了要關注損益表（[PL]）之外，也必須關注資產負債表（BS）。

So I have to be aware of this, that too. I learned that after I became CFO. So amongst these operating officers, we like to improve the efficiency for the potential for the future growth. And that's how we sorted out to make the points that conveyed to you.

所以我也必須意識到這一點，以及那一點。我是在成為CFO之後才學到的。因此在這些營運主管之間，我們希望提升效率，以因應未來成長的潛力。這就是我們整理出要點並傳達給各位的方式。

But we are engaged in the competition so that even though you say we like to know this and some of the information is so confidential we can't disclose but as to the progress state of those initiatives we like to continue to provide you information so that you could expect and have a sense of expectation from us and then to try to support us. So I'd really appreciate your continued support.

不過我們正處於競爭之中，因此即使各位說希望了解這些，而其中有些資訊非常機密、我們無法揭露，但就這些措施的推進狀況而言，我們仍希望持續提供資訊，讓各位能夠對我們有所期待、形成預期，並進而支持我們。因此也非常感謝各位持續的支持。

Thank you. As to the second point Mr. Azuma will respond. Thank you. As to the potential risk in the future, Azuma will explain.

謝謝。關於第二點，將由東先生回應。謝謝。至於未來的潛在風險，將由東來說明。

Risks we talk about, yes, there are some uncontrollable risks like ForEx, [change] and the rates are changing or the price and cost of the raw materials and tariffs. Those are outside factors that we cannot control. But Chinese manufacturers are now active in Asia and Europe and Latin America, they are really expanding the activity there. And so these are the factors we can't control by ourselves.

談到風險，是的，確實有一些不可控的風險，例如外匯（匯率）變動、利率變動，或原材料價格與成本、以及關稅。這些都是我們無法控制的外部因素。但中國製造商目前在亞洲、歐洲與拉丁美洲都很活躍，正在大幅擴張其活動。因此這些也是我們單靠自身無法控制的因素。

But something we can do, we should do our best to control within our jurisdiction or domain. We should strengthen our foundation and fundamental capability. Then cost reduction improvement and then producing better quality products.

但對於我們能做的事情，我們應該在自身管轄或職掌範圍內盡最大努力去控制。我們應該強化基礎與基本能力。接著推動降本增效，並生產更高品質的產品。

As Miyazaki mentioned earlier that the four pillars of ADR should be focused. And then of course the customer and our contact points should be created and value chain will be emphasized. And then -- so that we can let the customer to be a repeated customer, return to us and ride on Toyota vehicle and come back to our dealership.

如同宮崎先前提到的，ADR的四大支柱應該成為重點。當然，也要建立與客戶的接觸點，並強調價值鏈。如此一來，才能讓客戶成為回頭客，再次回到我們這裡，繼續乘坐豐田車，並回到我們的經銷商據點。

So we like to really improve the setup as well as to try to grasp them. So of course, dealers and suppliers and all the other stakeholders together with TMC's, we work together to identify the risks and then to try to cope with them. Thank you.

因此我們希望真正改善整體架構，同時也努力掌握這些面向。當然，經銷商、供應商以及所有其他利害關係人，會與TMC一起合作來辨識風險，並設法因應。謝謝。

Let me add one more point on this question. For sure, we are finally reaching this stage of enjoying this increased profit and revenue. But when you look at the absolute value of the cost reduction, there is still room for improvement. We have to do it again. There are lots of places where we can further correct and amend.

我再補充一點關於這個問題。確實，我們終於來到能享受獲利與營收增加的階段。但若看降本的絕對金額，仍然有改善空間。我們必須再做一次。還有很多地方可以進一步修正與改善。

As a CFO, I would dare to say, this is an area where company-wide efforts are necessary to restart from the beginning. That's something we want to do, the cost reduction. So just because the figures are good, we shouldn't be too arrogant. That's the worst risk for the company inside. There are lots of things still remaining. We have to do it. Like the tariff impact and Middle East impact still are there, and we haven't really defeated that. Have to continue this activity.

以CFO的立場，我敢說這是一個需要全公司共同努力、從頭再來的領域。這就是我們想做的事：成本削減。所以即使數字看起來不錯，我們也不應該過於自滿。那是公司內部最大的風險。仍有很多事情尚未完成。我們必須去做。例如關稅影響與中東影響仍然存在，我們還沒有真正克服。必須持續推動這些活動。

Thank you, Kajiwara-san. [Asahi papers, Kondo-san]. We'll now be switching the screen when you see yourself please start your question.

謝謝，梶原先生。[朝日新聞，近藤先生]。接下來我們將切換畫面，當您看到自己時，請開始提問。

I'm Kondo from Asahi. Hello, please. My first question. So the JPY3.4 trillion forecast, it has been revised upward to JPY3.9 trillion. Can you elaborate on this point? So largely, probably it will be your sales and marketing effort and also the cost reduction the -- reduction efforts on their expenses.

我是朝日新聞的近藤。您好，請多指教。我的第一個問題。關於3.4兆日圓的預測，已上修至3.9兆日圓。能否就此進一步說明？大致上，可能是銷售與行銷的努力，以及成本削減——也就是費用削減的努力。

And from the forecast that was announced last time, what was the change points that you experienced or what kind of initiatives have you been implementing? There will be the value chain activities, of course, but I'd like to know [other] more in detail.

相較於上次公布的預測，這次有哪些變化點？或是你們採取了哪些措施？當然會有價值鏈相關活動，但我想更詳細了解（其他）內容。

And my second question, generally speaking. It has become more difficult to secure profit only with the new vehicle sales. So the value chain business significance and importance is probably becoming more larger. I think that was mentioned by many other people as well.

第二個問題是較一般性的。僅靠新車銷售來確保利潤變得更困難。因此價值鏈業務的重要性與意義可能正在變得更大。我想這點也被許多人提到過。

But so I want to ask about your current take and current evaluation about your value chain business and you have the mid- to long-term forecast and to enhance this business with the vehicles mounted with Arene will be increasing in the future and when you see more SDVs that you provide? What kind of services can you provide to the customers so that you to expand further your value chain business, how are you viewing this?

因此我想請教你們目前對價值鏈業務的看法與評估。你們有中長期展望，未來搭載Arene的車輛將增加，當你們提供更多SDV時，你們能為客戶提供哪些服務，以進一步擴大價值鏈業務？你們如何看待這件事？

Thank you for your questions, Kondo-san. Azuma will respond to your first question. In the past three months, we have revised up to [JPY3.9 trillion], JPY500 billion was increased from our previous announcement. So one would be the sales and marketing efforts like you see here, so JPY140 billion. And the breakdown here, it will be about the product appeal enhancement and also price revision, that's one.

謝謝您的提問，近藤先生。第一個問題由東來回答。在過去三個月，我們將預測上修至（3.9兆日圓），較先前公布增加5,000億日圓。其中一項如各位所見是銷售與行銷的努力，為1,400億日圓。其細項大致包括提升產品吸引力，以及價格修訂，這是一點。

And centering around the US, the value chain profit has been expanded further, that's in North America and Europe, that's the second point. And next will be since because of the drop in production of China, that has been offset by the other region cells, especially around hybrid vehicles.

第二點是以美國為中心，價值鏈利潤進一步擴大，包含北美與歐洲。接著，由於中國產量下滑，已由其他地區的銷售所抵銷，特別是以油電混合車為主。

So the model mix has been reviewed and that has contributed to the JPY140 billion that you see here in the top bar. And the other areas, the increased, decrease of expense and expense reduction efforts, let's say JPY365 billion that you see. The largest item here will be tariff. The tariff impacts. We have reviewed the premise and JPY210 billion was the contribution here with the tariff impact.

因此我們重新檢視了車型組合（model mix），這也對各位在上方長條看到的1,400億日圓有所貢獻。另外，在費用增減與費用削減努力方面，各位看到的是3,650億日圓。其中最大項目是關稅。也就是關稅影響。我們重新檢視了前提條件，關稅影響帶來2,100億日圓的貢獻。

And maybe your question will be what has changed regarding tariffs in the past three months? And first of all, last year overall, we said the tariff impact will be bared by Toyota. And after that, there were many rules that we established about making returns or may be on the parts purchasing. And that was the negotiation discussions that we had with each supplier.

您可能會問，過去三個月關於關稅有哪些變化？首先，去年整體而言，我們表示關稅影響將由豐田承擔。之後，我們建立了許多規則，例如如何返還（回饋）或在零件採購上的處理方式。這些都是我們與各供應商逐一進行的協商與討論。

So some of the parts, they will make an application to receive a refund about the parts supply that was impacted by the tariff, or they would go into selecting a different part. And US, Canada, Mexico, and also Japan, the exports from Japan was also looked into to try to see how we can change and mitigate the impacts from tariffs.

因此部分零件會提出申請，以取得因關稅影響的零件供應退款，或改為選用不同的零件。同時也針對美國、加拿大、墨西哥，以及日本——也就是自日本出口的部分——進行檢視，思考如何調整以減輕關稅影響。

So this review of the parts that we procure has been reviewed and the impact of the refunds as well from the government -- US government will be coming in. So that's why we have reduced the impact JPY210 billion. But overall, JPY1.1 trillion will be the full-term impact from the tariffs. So that has been included in the forecast.

因此，我們對採購零件的檢視已完成，同時也會有來自政府——美國政府——的退款影響進來。所以我們將影響降低了2,100億日圓。但整體而言，關稅對全年度的影響將是1.1兆日圓。這已納入本次預測之中。

In addition, another item is what we've announced in August, the development project. It has been cancelled and the value amount we're still under negotiation with suppliers who are involved, so we will not be disclosing the actual financial figures.

另外，還有一項是我們在8月所公告的開發專案。該專案已取消，而相關金額我們仍在與涉及的供應商協商中，因此我們不會揭露實際的財務數字。

But there were the negotiations held and some suppliers shifted into a new project and these kinds of details have started to become more clear. So there is about a JPY100 billion positive impact to the forecast or the mitigation impact, maybe I should say. So that is what we see in the change from the previous forecast.

不過，協商已經進行，部分供應商也轉入新的專案，這類細節已開始變得更清楚。因此，對於預測而言大約有1,000億日圓的正面影響，或可說是緩解影響。這就是我們在與前次預測相比的變動中所看到的部分。

Then regarding your value chain question, I would like to provide the response. So maybe your question is how we are evaluating our value chain business? Our take on the value chain business?

接著，關於您對價值鏈的問題，我想回覆如下。也就是說，您的問題可能是：我們如何評估我們的價值鏈業務？我們對價值鏈業務的看法是什麼？

So 150 million vehicles of units in operation and we expect this to grow. And what I say to our members is that this is still a treasure mountain. We haven't been able to dig at all. We have to continue to dig and find our treasures.

目前在用車輛（UIO）約有1.5億台，我們預期還會成長。我對公司成員說，這仍是一座寶山。我們幾乎還沒有開始挖掘。我們必須持續挖掘並找出我們的寶藏。

But on the other hand, the value chain business will be able to operate this business based on our UIOs. But new car sales, it will be fluctuating depending on the economic cycle. However, when it is the UIO related business, we will be able to anticipate the steady, rely on it more steadily. And by establishing a strong value chain business. As I said earlier, the capital efficiency can be promoted. So the capital efficiency drive we can expect from value chain business as well.

但另一方面，價值鏈業務能以我們的在用車輛（UIO）為基礎來運作；而新車銷售則會隨景氣循環而波動。然而，若是與UIO相關的業務，我們就能預期較為穩定、也能更穩健地依賴它。並且透過建立強健的價值鏈業務，如我先前所說，可以提升資本效率。因此，從價值鏈業務也能期待推動資本效率的提升。

And in my presentation, I also talked about the JPY150 billion for annually that will be coming from the UIO that we have and also to extend the retention period and the retention rate these will be the contributing factors to enhance our value chain business going forward.

而在我的簡報中，我也提到每年可由我們既有的在用車輛（UIO）帶來約1,500億日圓；此外，延長留存期間並提升留存率，將是未來強化我們價值鏈業務的貢獻因素。

And from a mid- to long-term perspective what kind of services that we anticipate to further provide from the members in our company the ADAS technology utilizing services is an idea also utilizing connected services providing updates. Those kinds of service ideas and also connecting it with after services. So that there will be detections of crash in advance.

從中長期的角度來看，我們預期可進一步提供哪些服務？公司成員提出的想法之一，是運用ADAS技術的服務，也包括利用聯網服務提供更新。這類服務構想也會與售後服務連結。如此一來，就能提前偵測碰撞風險。

So many ideas are coming up from our team members but I'm sorry for my end I think that -- as an amount of profit value or as a business, it sounds a little small scale. So I'm instructing my team members that we should try to grow that further, that idea larger to scale. And we still have some time in developing that business as we grow our value chain business. So for those new ideas, let's think about how we can grow the scale of those ideas, so that we can rely on it as a new profit source.

團隊成員提出了許多想法，但很抱歉，就我這邊看，無論以獲利價值或作為一門生意來看，規模聽起來有點小。因此我指示團隊成員，我們應該嘗試把它做得更大、把構想擴大到可規模化。在我們發展價值鏈業務的同時，仍有一些時間來培育這些業務。所以對於這些新點子，我們要思考如何擴大其規模，讓它能成為可依賴的新獲利來源。

So for the future, I hope that we will be able to provide and to propose some service in the future so that it will be a while for you, unexpected surprise. So for the new services, I hope you can wait a little bit longer with some expectations of excitement. Thank you.

因此，展望未來，我希望我們能在未來提供並提出一些服務，讓各位在某個時點感到意外的驚喜。至於新服務，也希望各位能帶著期待與興奮，再稍微等我們一下。謝謝。

(spoken in foreign language)

（以外語發言）

[Mr. Inajima, Bloomberg]. So we will switch the screen and when your name is shown on the screen, please start.

[稻島先生，彭博]。接下來我們將切換畫面，當您的姓名顯示在螢幕上時，請開始發言。

I'm Inajima of Bloomberg. Thank you. I hope you can hear me. So this time, you have shown the capital allocation plan, ROE 20%, is the aim to be realized. Is that the basis, ROE 20% as a basis, that the JPY11 trillion to JPY14 trillion return and then the profit increase plan in the future. But ROE 20% as a scenario, then 2031 March is a deadline, a target date to achieve this? And then that's after, what will be the own equity and the capital at that time?

我是彭博的稻島。謝謝。希望你們聽得到。這次你們提出了資本配置計畫，目標是實現ROE 20%。那麼，是否以ROE 20%為基礎，來推導出未來回饋11兆至14兆日圓，以及未來的獲利提升計畫？另外，以ROE 20%作為情境的話，是否以2031年3月作為期限、也就是達成目標的時間點？再者，到了那個時點，自有資本與資本規模會是多少？

And the second point of question is that, for example; as we talked about the value chain, it's a relevant question, but ROE 20% to be achieved if that's the goal, then value chain will be used. And as you mentioned, in the new zone, new domains will be utilized for further boost profit. Which is the most expected area? Where you would like to boost, increase your future income or profit? Could you please tell us?

第二點問題是，例如我們談到價值鏈，這也是相關的問題：若目標是達成ROE 20%，那麼將會運用價值鏈。並且如您所提到，在新領域（new zone）、新事業領域將被用來進一步推升獲利。其中最被期待的領域是哪一個？您希望在哪些地方推升、增加未來的收入或利潤？能否請您告訴我們？

Thank you for your question, Mr. Inajima. Our thoughts as follows. For example, as we mentioned earlier, ROE, to transform the mobility company, it's an index indicator. So after we become a mobility company, we'd like to reach 20%. Yes, that's our aim. So that number is not something -- is something that we have in mind. But number alone is not a goal, but rather what we want to do is that.

謝謝您的提問，稻島先生。我們的想法如下。例如，如同先前所提到的，ROE是我們轉型為移動出行公司（mobility company）的指標之一。因此，在我們成為移動出行公司之後，希望能達到20%。是的，這是我們的目標。所以這個數字是我們心中所設定的。但單純的數字本身不是目標；我們真正想做的是這件事。

The different changing environment and condition, what should be the foundation? That is, we bring smiles to the faces of customers. As a Toyota company, we like to be loved by customers. We shouldn't do something the competitors do. Toyota should do something unique. That's our basic axis or pillar.

在不斷變化的環境與條件下，什麼應該成為根基？也就是，讓顧客臉上展露笑容。作為豐田公司，我們希望被顧客所喜愛。我們不應該做競爭對手在做的事。豐田應該做一些獨特的事情。這就是我們的基本軸心或支柱。

So the automobile company, we are shifting to transforming into mobility company. And we are searching for different ways to do it. And then this time, robotics is a new business we like to launch now, a new. So that's the numerator divider, that the 20%.

因此，作為汽車公司，我們正轉型為移動出行公司。我們也在尋找不同的方法來實現。而這次，機器人（robotics）是我們現在想要啟動的新業務、全新的領域。這將成為達成20%的分子／分母（ROE）的一部分。

Of course, it's the numerator as a robotics wise that the automobile market, we have nurtured the acquired capital asset and know how which we could use it. So rather than starting brand new, a new business, I think return ratio should be increased because of accumulated asset. So automobile industry needs to be developed further, but with higher efficiency, we like to increase the numerator and then that is something that we can do.

當然，就分子端而言，以機器人業務來看，我們在汽車市場中培育並累積了資本資產與專業知識（know-how），可以加以運用。因此，相較於從零開始開創全新事業，我認為因為有累積的資產，報酬率應該能提高。汽車產業仍需要進一步發展，但我們希望以更高效率來提升分子，這是我們能做到的事情。

The equity capital. Of course, that the stable value chain income will be the basics we can depend on then continuously the dividends can be increased that's a major philosophy idea that we can realize. So as to the numerator as well the -- with high efficiency we have a good figure.

至於股東權益資本。當然，穩定的價值鏈收入將成為我們可依賴的基礎，並且能持續提高股利，這是我們可以實現的重要理念。因此，就分子端而言，我們也能以高效率取得良好的數字。

And as a result, the denominator will come down and then we increase the overall result of ROE. So that as I said earlier that our aim is that for each customer that we will make them happy, the happiness for all. And as a result of this good work, we should reach and get near this goal ROE 20%.

結果而言，分母將下降，進而提升整體ROE的成果。因此，如我先前所說，我們的目標是讓每一位顧客都感到幸福，讓所有人都幸福。而作為這些良好工作的結果，我們應該能達到並接近ROE 20%這個目標。

In which area to achieve this ROE 20%? Of course, both the numerator and denominator we have to do in order to increase the ROE, that's the equation to achieve the good ROE. So the offer of strategy and one by one we like to make a steady progress then we have a 400,000 members globally and we like to work together with all of them to achieve this goal.

要在哪些領域達成ROE 20%？當然，為了提高ROE，分子與分母兩端都必須著手，這就是達成良好ROE的方程式。因此，我們希望逐項提出策略並穩健推進；我們在全球有40萬名成員，希望與所有人一起合作來達成這個目標。

Thank you for your response.

感謝您的回覆。

Thank you, Inajima-san. [Automotive News, Hang-san] . We'll be switching the screen when you hear yourself please start with your question.

謝謝您，稻島先生。[Automotive News，Hang先生]。我們將切換畫面；當您聽到自己的聲音時，請開始提問。

Your question will be translated consecutively. Yes, we hear you. Please.

您的問題將以逐句口譯方式翻譯。是的，我們聽得到您。請。

We're taking my question. I'd like to ask about the United States or more appropriately North America. Sorry, let me start my video here. You're on the path to recovery for North American operating profit, but I see that in the latest quarter, the second quarter, it seems that there's still a loss in North America.

輪到我提問了。我想詢問美國，或更準確地說是北美的情況。抱歉，我先把我的視訊開啟。北美營業利益正走在復甦軌道上，但我看到最新一季、也就是第二季，北美似乎仍然是虧損。

Can you talk a little bit about that? What the reason for that loss was and how it might be related to the RAV4 launch there? How did you -- how do you appraise the RAV4 sales situation in the United States? Was the launch not according to plan and how do you plan to remedy that?

能否請您稍微談談這點？造成該虧損的原因是什麼？以及這是否與當地RAV4的上市有關？您如何——您如何評估RAV4在美國的銷售狀況？是否上市未如計畫進行？您打算如何補救？

Second of all there was a talk about restructuring the lineup in the North American section of your presentation, can you talk a little bit about what you envision for restructuring the lineup in North America in order to restore profitability?

第二，您在簡報的北美部分提到要重整產品陣容，能否談談您所設想的北美產品線重整方向，以恢復獲利能力？

And then finally over the next five years you anticipate about a 38% increase in CapEx and R&D spending or investment. Can you give us a breakdown about where the biggest increases will come either regionally or in terms of technology and factories? Thank you.

最後，未來五年您預期資本支出與研發支出／投資將增加約38%。能否請您拆解一下，增幅最大的部分會來自哪些領域——不論是按地區，或是按技術與工廠別？謝謝。

(spoken in foreign language)

（以外語發言）

Thank you, [Hang-san], for your question. And regarding your first question, myself, Azuma, would like to respond. Earlier, as I have explained, for North America, we are seeing in -- to be in the trajectory of recovery. And of course, we have done the price revision of our products provided there and also, we are able to enjoy the lower incentives when selling the vehicles. Therefore, the sales expenses have been able to keep low and cost reduction efforts has been positively contributing as well.

謝謝您，[Hang先生]，謝謝您的提問。關於第一個問題，由我東（Azuma）來回答。如我先前所說，北美正處於——正走在復甦的軌跡上。當然，我們已對當地提供的產品進行價格調整，同時在銷售車輛時也能享有較低的促銷補貼（incentives）。因此，銷售費用得以維持在較低水準，成本降低的努力也帶來了正面貢獻。

On the other end, including similar in Japan and US, the material price hikes in the market has been affecting us like a [bottle like a] body blow. That has been a negative impact. And also, there has been various launches and there will be the capital expenses and labor cost hikes.

另一方面，包含日本與美國在內，市場上的原材料價格上漲對我們造成了如同重擊般的影響。這帶來了負面影響。此外，也有各項新車上市，並且會伴隨資本支出與人力成本上升。

So together with the material price hikes in the market and for the investment in the future, such as the switchover happening in the plants, those expenses are being generated.And therefore -- together, first, I think thinking of all these factors, so what we have established is to go back into a recovery trend.

因此，連同市場原材料價格上漲，以及為未來投資（例如工廠切換）所產生的費用，這些支出正在發生。並且因此——綜合來看，我認為把這些因素都納入考量後，我們所建立的是回到復甦趨勢。

And regarding US, like Miyazaki-san explained earlier. US to be needs to be -- we want to create a profit structure so that steadily and sustainably US will be able to generate profits. I think we just started to come back to that kind of structure, so we'll continue our activities.

至於美國，如宮崎先生先前所說。美國需要——我們希望建立一個能夠穩健且可持續地在美國產生利潤的獲利結構。我認為我們才剛開始回到那樣的結構，因此我們會持續推進相關活動。

And regarding RAV4 that you mentioned, RAV4 is quite very stable or working very well from our plan, so there is no negative impact that we see from the RAV4 launch.

至於您提到的RAV4，RAV4的狀況相當穩定，或說運作得非常符合我們的計畫，因此我們沒有看到RAV4上市帶來任何負面影響。

I hope to receive understanding on that point. And Hang-san, if I can make some additional comments regarding US production, from an overall perspective of the US production, the most selling vehicle will be RAV4, and this year it had the full model change timing.

希望您能理解這一點。另外，Hang先生，如果我可以就美國生產補充一些看法：從美國生產的整體角度來看，銷量最高的車款將會是RAV4，而今年正好遇到全面改款的時點。

And you said the new generation is now being launched. And it is as planned, but because it is starting from zero, the launch from zero, so compared year-on-year, this year the number has gone down as a volume. So that part is -- looking at the second quarter profit, there is some impact to the second quarter profit numbers because we are starting to sell from zero units with the new generation RAV4.

您提到新世代目前正在上市。這是按計畫進行的，但因為是從零開始——也就是新車型從零開始導入，因此與去年同期相比，今年的數量在銷量上有所下降。因此——就第二季的獲利來看，因為新世代RAV4是從零台開始銷售，這部分對第二季的獲利數字造成了一些影響。

And for your other question recently we've announced that Texas number two plant and will be launched, we'll be working on. And the Tacoma production will happen in this Texas new plant that we construct. Of course, Tacoma is going to be produced in this second plant. So if it is the same frame type of vehicle in the future there's a possibility that other models can join in this Texas two -- number two new plant that's a possibility and also for the electrification.

至於您的另一個問題，近期我們已宣布將推動德州第二工廠的啟動。Tacoma將會在我們新建的這座德州新工廠生產。當然，Tacoma將在第二工廠生產。因此，未來若是相同車架（frame）類型的車款，也有可能加入這座德州第二——第二座新工廠；此外也包括電動化。

And also, the autonomous driving technology, the more that it comes in, we want to look at the overall picture of US and North America to see what will be the best way that we divide the rules inside of the structure that we have built in North America.

另外，隨著自動駕駛技術導入程度提高，我們希望從美國與北美的整體角度來看，在北美既有架構之內，如何劃分角色分工會是最佳方式。

And as I have mentioned a little bit in my presentation, as a company, we are engaged in a battle in a competition. So there's things that we can say and explain to you, but there's some things that we'll to wait for the appropriate timing. So I hope that -- I can receive your understanding on the things that I can say now and cannot.

如我在簡報中稍微提到的，作為一家公司，我們正處於競爭之中。因此，有些事情我們可以對各位說明與解釋，但也有些事情必須等待適當的時機。因此，希望您能理解：有些內容我現在能說，有些則還不能。

Thank you, Hang-san. (inaudible). Enter the next question you know please we'll switch the screen and when you are displayed on the screen please take the floor.

謝謝您，Hang先生。（聽不清楚）。接下來請進入下一個問題；我們會切換畫面，當您出現在螢幕上時，請開始發言。

[Novia], I hope you can hear me.

[Novia]，希望您聽得到我。

Yes, we can.

是的，我們聽得到。

Thank you. I have two parts of questions. I know where the free economic journalists. Thank you. So I have a question about organization reform. That you are eliminating the conventional accounting department, HR department, building a new type of [Kanri Group].

謝謝。我有兩個部分的問題。我是自由經濟記者。謝謝。首先我想問組織改革。您正在取消傳統的會計部門、人資部門，並建立一種新的[管理（Kanri）集團]。

You announced it already on the August 20, as an administration reform group was established. So I think it's related to this restructuring. But now that you are building a new Kanri Honbu, so what kind of discussion did you have before you decide to set up? What is the direction you identified? Why are you building and organizing this brand new Kanri Honbu the group?

您已在8月20日宣布成立行政改革推進小組。我想這與這次重整有關。但既然您現在要成立新的管理本部（Kanri Honbu），在決定設立之前進行了哪些討論？您所確認的方向是什麼？為什麼要建立並組織這個全新的管理本部／組織？

Then my second question is that the new business related question, newly the new investment areas like Prime Minister Takaichi has 17 strategic areas. And then it's quite overlapping with her 17 areas. So Toyota is -- aside from automobile business, like the other, that the defense industry and other public entity, government type activity, are you going to enhance that the defense and government agency type work as well?

第二個問題是關於新事業。新投資領域方面，例如高市首相提出了17個戰略領域。而且與那17個領域有相當程度的重疊。

Thank you for your question, [Mr. Inoue]. As to the first question, Azuma will respond, yes. The real building a new Kanri Honbu that is HR and general affairs and accounting departments all will be covered so that the administration reform, the promotion office started and then we've been discussing this reorganization.

謝謝您的提問，[井上先生]。關於第一個問題，由東（Azuma）來回答，是的。所謂建立新的管理本部，將涵蓋人資、總務與會計部門；因此在行政改革推進辦公室啟動之後，我們一直在討論這次的組織重整。

The purpose of this new group is that we administration department members should really accompany with Gemba their headaches, their problems should be shared by us. So with our skill, we should assist them, contribute the Gemba people to solve together and grow together. We should become that kind of the departments or the Kanri Group.

這個新團隊的目的，是讓我們行政部門的成員真正到現地（Gemba）去陪伴他們面對頭痛的事，他們的問題也應由我們共同分擔。因此，運用我們的技能，我們應該協助他們，與現地的人一起貢獻、一起解決、一起成長。我們要成為那樣的部門，也就是所謂的 Kanri Group（管理團隊）。

So let me speaking, we are an administrative division, general affairs division of the headquarters and something happening in Gemba, isn't only conveyed to head office as a second information or questionnaire through questionnaire rather than direct information. So that it's not that the -- raw information is not taken received by us we don't go to the Gemba and we just use a tool like a questionnaire get the data and then collect and then maybe look at just average figure. That has been the way we practice for many years.

所以讓我說明一下：我們是總部的行政部門、總務部門，而現地（Gemba）發生的事情，往往不是以第一手資訊直接傳到總部，而是透過問卷等方式，變成第二手資訊或以問卷形式回收。也就是說，我們沒有去現地取得原始資訊，而只是用像問卷這樣的工具取得資料，然後彙整，最後可能只看平均數等指標。這一直是我們多年來的做法。

But I personally, is creating this new Kanri Honbu, which the Chinese character means hands and eye to care for and to support the other people in the front line. In 1950 there was a labor dispute in Toyota for 12 years, finally that they came to the labor management declaration and the workplace became so much better.

但就我個人而言，我正在打造這個新的 Kanri Honbu（管理本部），其漢字含義是以「手與眼」去關照並支援第一線的人。1950 年，豐田發生了一場長達 12 年的勞資爭議，最後勞資雙方達成勞資宣言，職場也因此大幅改善。

In -- but however in the last 12 years -- in those 12 years every day that the administration department people went to the Gemba every night three times they had this get-together meeting with the laborers, workers, what's the headache and what they can contribute to solve the problem?

然而在那 12 年間——在那段期間，行政部門的人每天都到現地（Gemba）去，而且每天晚上三次與勞方、員工進行聚會式的會議：他們的煩惱是什麼？我們能貢獻什麼來解決問題？

After the labor dispute occurred that took them 12 years to come to a settlement based upon the mutual trust, labor and management came to the agreement that the company will improve the working condition, labor will enjoy this progress, prosperity of the company, and they will enjoy the benefits.

勞資爭議發生後，歷經 12 年才在相互信任的基礎上達成和解；勞資雙方同意：公司將改善工作條件，勞方也將共享公司的進步與繁榮，並享有其帶來的利益。

So mutually they care for each other, think for each other. So we'd like to return to this strength we had many decades ago. So the general affairs and the accounting department and HR department would like to be united to come to this new group called the Kanri Group. It's not this headquarter improvement. Each company oversees activities and subsidiaries and other entities.

因此，彼此關懷、彼此設想。我們希望回到數十年前我們曾擁有的那種力量。所以總務、會計與人資部門希望團結起來，成立這個名為 Kanri Group（管理團隊）的新組織。這不是只做總部內部的改善。而是由各公司來統籌其活動、子公司以及其他實體。

Our administration policy will be conveyed as a message to all of them globally in Toyota through trials and [errors]. We'd like to revise, improve. It's going to be more like down to earth, the communication among the family members of Toyota Group. So that come discussion has been conducted before we decided to launch this new group. Thank you.

我們的行政方針將透過反覆嘗試與[錯誤]，以訊息形式傳達到豐田全球各地。我們希望修正、改善。溝通方式將更貼近現場、更務實，像是豐田集團家人之間的交流。因此，在決定啟動這個新團隊之前，我們已進行過一些討論。謝謝。

[Inoue-san], thank you for your question. To respond to your second question, I, Ueda, would like to respond. So, answer the intention to engage in the defense industry? Well, clearly, we are not thinking about going into defense industry.

[Inoue-san]，謝謝您的提問。針對您的第二個問題，我 Ueda 來回答。也就是：是否有意進入國防產業？很明確地說，我們並沒有考慮進入國防產業。

We like to contribute to people, and then we like to create happiness for all and create good vehicles to serve for people. Based upon that, we are not to be engaged in related to defense industry. That's the basic idea for the time being, for Toyota.

我們希望為人們做出貢獻，並為所有人創造幸福，打造能服務人們的好車。基於此，我們不會從事與國防產業相關的業務。這是目前豐田的基本想法。

On the other hand, recently, Prime Minister Takaichi is another mentioning dual use. This week, the [defense side] the -- disaster reduction agency was established, and the natural disaster occurred so frequently and rampantly in Japan.

另一方面，最近首相高市也提到所謂的雙重用途（dual use）。本週，[國防方面]——防災減災機構已成立，而日本自然災害發生得非常頻繁且嚴重。

So there are lots of places where people cannot go to transport the rescue goods or the food and water and other things, or they have to do something to detect these survivors. So mobility can contribute to that kind of disaster countermeasures.

因此有許多地方人們無法前往運送救援物資、食物與飲用水等，或必須想辦法偵測、搜尋倖存者。在這類防災對策上，移動性（mobility）可以做出貢獻。

In case of emergency, like disaster prevention, disaster reduction, emergencies, or dealing with earthquake situation, maybe local governments could use some of our mobility products. To develop that kind of mobility and R&D for that, I think it's something where we might work together. But in that case, as I said, it's not directly with the defense and the military, and that's assumption. And then we will be engaged in that kind of a situation.

在緊急狀況下，例如防災、減災、各種緊急事件，或應對地震時，地方政府或許可以使用我們的一些移動產品。為了開發這類移動產品並進行相關研發（R&D），我認為這是我們可能合作的領域。但如我所說，那並不是直接與國防或軍事相關——這是前提。在此前提下，我們會投入這類情境的工作。

Thank you. It's clear. Thank you very much.

謝謝。很清楚了。非常感謝。

Thank you, [Inoue-san]. And we'll go on to the next question. (inaudible) So when you see yourself on the screen, please start with your question.

謝謝您，[Inoue-san]。接下來進入下一個問題。(聽不清) 當您在螢幕上看到自己時，請開始提問。

I'm from [Ingress], a car watch magazine. [Tanizawa] is my name. Can you hear me?

我是來自汽車觀察雜誌 [Ingress] 的。我叫 [Tanizawa]。聽得到嗎？

Yes.

聽得到。

So from Miyazaki-san said that ABC segment is going to be dealt with one single platform. I think that's a great idea. And I think it's a C segment is fine, but A&B segment, they might be costly too much using the same platform and will the cost competitiveness of AB segment cars iterating? Do you have a plan to overcome that?

Miyazaki 先生提到，ABC 級距將以單一平台來應對。我認為這是個很好的想法。我覺得 C 級距沒問題，但 A 與 B 級距若使用同一平台，成本可能會過高，A/B 級距車款的成本競爭力是否會惡化？您有什麼克服的計畫嗎？

And also 2030 at the beginning, there will be all 50 models having mounted the Irene. On the other end, the [Level 2++] autonomous driving system will be introduced on a personally owned vehicle in 2028. So at the 2030 Level 2++, what is the expectation of the spread of the Level 2++ cars by 2030?

另外，在 2030 年初，將有 50 款車型都搭載 Irene。另一方面，[Level 2++] 自動駕駛系統將在 2028 年導入到個人持有車輛上。那麼到 2030 年時，對於 Level 2++ 車款的普及程度，您有什麼預期？

Tanizawa-san, thank you very much for your question. The main challenge will be the cost competitiveness -- price competitiveness, how much we can achieve that. So first, we want to bundle the volume so that we can receive the benefits from the scale of volume.

Tanizawa 先生，非常感謝您的提問。主要課題會是成本競爭力——也就是價格競爭力，我們能做到什麼程度。首先，我們希望把量整合起來，藉由規模帶來的效益來受惠。

And in addition, in China, we have been -- as a company having a lot of experiences and learning a lot from these experiences in China. Therefore, we want to reflect what we have learned into this new project of a single platform. That will be the challenge we will take on. And that is what I convey to you today in my presentation.

此外，在中國，我們作為一家公司累積了很多經驗，也從這些經驗中學到很多。因此，我們希望把所學反映到這個單一平台的新專案中。這將是我們要迎接的挑戰。這也是我今天在簡報中向各位傳達的內容。

So in that sense, maybe at the beginning, profit wise, it might not be as good. That is something we do anticipate, but I think we should not just wait for the competitiveness to grow, but just do it and take action first, because we have to protect the Asian market and the global south market if we don't make challenges from the current state that we are in now. So we would like to take on that challenge.

從這個角度來看，或許在一開始，就獲利而言不會那麼好。這點我們確實有所預期；但我認為我們不能只是等待競爭力自然提升，而是要先做、先採取行動，因為如果不從目前的狀態發起挑戰，我們就無法守住亞洲市場以及全球南方市場。因此我們希望迎接這個挑戰。

And then for the cost reduction from an absolute value level, I said I want to insist and persist on that point. The reason I said that is because in order to achieve a certain target, we might start from a certain point, but when we -- after we introduce new models, we want to steadily be able to promote the cost -- a Kaizen cost improvements. That is the structure that we want to have as a company.

接著，關於從絕對值層面進行成本降低，我說過我想要堅持並持續推動這一點。我之所以這麼說，是因為為了達成某個目標，我們可能會從某個起點開始；但在我們導入新車型之後，我們希望能夠穩健地推進成本——也就是 Kaizen（改善）式的成本改善。這就是我們希望公司具備的結構。

And if we think about our capability, then we can make decisions such as taking on a certain speed and making certain decisions. So that's the challenge that we want to do to brush up and recover our capabilities. And we will be receiving a lot of input from various stakeholders, so that we can be well prepared to have a successful launch of this car. That will be, what we'll be working on.

如果我們思考自身的能力，就能做出例如以某個速度推進、並作出某些決策等判斷。因此，這就是我們希望去精進並恢復自身能力的課題。而且我們將從各方利害關係人那裡收到大量意見與資訊，以便為這款車的成功上市做好充分準備。這將是我們接下來要投入的工作。

And the second question regarding autonomous driving system and technology, I talk a lot with Nakajima-san about this, but we don't know how much we'll be able to spread or penetrate, but we have a next target of achieving zero traffic accidents.

第二個問題關於自動駕駛系統與技術，我和中嶋先生就此談了很多，但我們還不確定能在多大程度上普及或滲透；不過我們的下一個目標是實現交通事故零死亡。

And in order to achieve that state, we need to do the necessary preparations, and we'll need to introduce these technologies to the models. And therefore, we'll several models that first have initially introduced this system and technology. But as a lineup, we want to be able to keep ourselves flexible so that we can introduce to wherever we want and we want to start with the first step by 2028 with this Level 2 plus technology. Thank you.

為了達到那樣的狀態，我們需要做好必要的準備，並且必須把這些技術導入各車型。因此，我們會先在數個車型上率先導入這套系統與技術。但就產品陣容而言，我們希望保持彈性，能在想導入的地方就導入；並且希望以2028年導入Level 2 plus技術作為第一步。謝謝。

Think time is running short, so we'd like to entertain two more questions from two persons. So next question from [Nikkan Kogyo Shimbun, Kawaguchi-san]. We will switch the screen and if you are shown please take the floor.

時間所剩不多，因此我們想再接受兩位提問者的兩個問題。接下來請《日刊工業新聞》的川口先生提問。我們將切換畫面，若畫面顯示到您，請開始發言。

Thank you, I'm Kawaguchi of Nikan Kogyo Company. Thank you. I have two questions. The first question is about this financial results. [EV] sales volume is markedly increasing, the 2.3-fold more than the previous period, 230,000 units in total. So far, I think only early adopters purchased EVs maybe. That was a trend. But domestically, as well that we see visible and so forth and the environment has changed for EV acceptance maybe. Do you think that's the turning point that people are more likely to buy EVs nowadays?

謝謝，我是日刊工業新聞的川口。謝謝。我有兩個問題。第一個問題是關於本次財務業績。[EV]銷售量明顯增加，較前期成長2.3倍，合計23萬台。到目前為止，我認為可能只有早期採用者會購買EV。一直是這樣的趨勢。但在日本國內也能看到一些明顯變化等，EV被接受的環境或許已經改變。您認為這是否是人們如今更願意購買EV的轉捩點？

The second question is that doing the business structure change reform. So page 19, I think, shows the global sales volume and still it's likely to increase toward 2030. So that there's no particular number. Your outlook says that you're expecting that sales volume more likely to increase, but the machine, the plant in factory is another concept you like to realize. But in which area, in which region, what are the necessary environment of which condition then you can justify building a new plant? So could you please tell us all those points? Thank you.

第二個問題是關於推動事業結構變革改革。我想第19頁顯示了全球銷售量，而且看起來到2030年仍可能增加。但似乎沒有特定的數字。您的展望表示預期銷售量更可能增加，但您想實現的「機器、工廠的生產體系」又是另一個概念。那麼在什麼領域、什麼地區、需要具備哪些環境與條件，才足以合理化新建工廠？能否請您說明這些要點？謝謝。

Thank you for your question. The number increased, I don't know, a bit shy to hear that word. But this year, the outlook forecast that the 460,000 units is an outlook. And then for your standpoint, Toyota used to be criticized and not doing good enough. But now you have a different viewpoint of what Toyota is achieving, as [Kawaguchi-san] mentioned.

謝謝您的提問。數量增加了，聽到那樣的說法我也不太好意思。不過今年的展望預測是46萬台。另外，從您的角度來看，過去豐田曾被批評做得不夠好。但如川口先生所提到的，現在對豐田正在達成的事情，觀點已經有所不同。

Actually, battery EV is to be supplied according to the actual demand. The 2026 forecast was 2.5 million, but now it's 0.5 million is the demand. So actually, battery EV, the progress itself. Of course, it went through the different turning points afterwards, but anyway, the battery EV and its development has been different from the beginning.

其實，純電動車（BEV）是依照實際需求來供應的。原先對2026年的預測是250萬台，但現在需求是50萬台。因此，實際上BEV本身的進展。當然，之後也經歷了不同的轉捩點，但無論如何，BEV及其發展從一開始就與預期不同。

Battery EV, if it becomes popular, first, North America and Europe are the first market, including maybe Chinese market. They are the likely market, advanced markets, which are the early adopters of battery EV. But the USA, in the same way. The gallon is $4 or more $4 per gallon, but the battery EV didn't grow so fast and the hybrid is still growing smoothly in the US still.

若BEV普及，首先北美與歐洲會是第一批市場，可能也包括中國市場。這些是較可能的市場、屬於先進市場，也是BEV的早期採用者。不過美國也是一樣。汽油每加侖4美元或更高，但BEV並沒有那麼快成長，而混合動力車在美國仍持續穩健成長。

In Asia on the other hand, early adopters, they overcome that stage and then the low cost, initial cost wise, the cheaper. So battery EV tended to be chosen in Asia now. So that's a new phenomenon in Asia.

另一方面在亞洲，早期採用者已經跨過那個階段，接著在成本面、尤其是初期成本方面，越便宜越好。因此現在在亞洲，BEV反而更容易被選擇。這是在亞洲出現的新現象。

So as I said earlier, A, B, C, all together will be on the same platform called the multi-pathway platform. So we decided to make a big change of this new multi-pathway platform system starting from Asia and focused on Global South, so affordable as defined. Definition affordable may have changed in recent years. So accordingly, we take steady steps to -- quickly take those steps to respond to the situation. That's the backdrop for my presentation.

因此如我先前所說，A、B、C將全部採用同一個稱為「多路徑平台（multi-pathway platform）」的平台。我們決定從亞洲開始，聚焦全球南方（Global South），以「可負擔」為核心，推動這套新的多路徑平台系統的大幅變革。而「可負擔」的定義在近年可能也已改變。因此，我們會穩健地、並且迅速地採取步驟來回應情勢。這就是我簡報的背景。

Another one, 2030, toward 2030. As I said, our aim is that existing capacity should be fully first utilized, and in that context, hybrid will be a focus and a steady business foundation is established first. 10 million units capacity we have, battery EV-wise, as you point out. [Mixed sucker].

另外一點，關於邁向2030年。如我所說，我們的目標是先把既有產能充分利用；在此脈絡下，混合動力將是重點，並先建立穩健的事業基礎。我們擁有1,000萬台的產能，就BEV而言，如您所指出的。[Mixed sucker].

In other words, it is declining, actually the profit increase as well. So what we should aim at is hybrid should be the focal point and there's a big demand. So we should make sure that, that hybrid strong demand is taken by us. And then quickly we will supply the customers cars which satisfy the customers. 10 million units should be covered by the hybrid and other main models. And in addition, the battery EV will be accumulated based upon actual demand.

換言之，雖然在下滑，但利潤也在增加。因此我們應該瞄準的是以混合動力為核心，因為需求很大。所以我們必須確保由我們來承接這股對混合動力的強勁需求。然後迅速向客戶供應能滿足客戶需求的車款。1,000萬台的產能應由混合動力與其他主力車型來覆蓋。此外，BEV則會依據實際需求逐步累積。

So where we will build new plants? Existing plants, within the existing plants, Area 35 will be implemented and maybe some of the storage area of the parts and components are now turned into the production. So building a new plant, well, Global South tend to be a central area where we build new plants. The leading figure is India.

那麼我們會在哪裡興建新工廠？在既有工廠內，將導入Area 35，並且可能把目前用於零件與組件的部分倉儲區改作生產用途。至於新建工廠，全球南方往往會是我們建廠的核心區域。其中的領頭者是印度。

So in greenfield, we announced to build a new plant in India. We announced we are preparing to start up this plant in India. So there's a sure and architecture demand. And then there should be the trust-based relationship to enable us to build a new plant. So if that country can receive us in that way, then we are ready to go to that country and build the plants. Thank you.

因此在綠地投資（greenfield）方面，我們已宣布將在印度興建新工廠。我們也宣布正在準備啟動印度的新工廠。那裡確實存在需求與市場架構。此外，也必須有基於信任的關係，才能讓我們建新工廠。如果該國能以那樣的方式接納我們，我們就準備好前往該國建廠。謝謝。

Thank you, Kawaguchi-san. Now to the final question.

謝謝您，川口先生。接下來是最後一個問題。

[Nikkan Jidosha Shimbun, Fukui-san]. We'll be switching the screen. When you see yourself, please start your question.

《日刊自動車新聞》的福井先生。我們將切換畫面。當您在畫面上看到自己時，請開始提問。

I'm Fukui from Nikkan Jidosha Shimbun. Thank you for the explanation. I want to ask about the region-based and product-based management because I think that's the strength of Toyota. I have two questions regarding that.

我是《日刊自動車新聞》的福井。謝謝您的說明。我想詢問關於以地區別與產品別為基礎的經營管理，因為我認為那是豐田的強項。我對此有兩個問題。

The first question will be a little similar to the earlier questions, but you have within China, the development phase is going to be lead time reduced 18 months and to go into the Global South markets. But in Global South, there will be the Chinese OEMs emerging there as well, can we say that?

第一個問題會和先前的問題有點類似，不過在中國境內，開發階段的前置時間將縮短18個月，並且要進入全球南方市場。但在全球南方，中國的OEM也會在那裡崛起，我們可以這麼說嗎？

And also, you have established a very strong foothold in terms of management and that is thanks to the TNGA main platform that you are utilizing. So for your new strategy [forward], what kind of impact can you expect from your new strategy to your business? That's my first question.

另外，您在管理層面已建立非常穩固的立足點，這要歸功於您正在使用的TNGA主平台。那麼就您的新策略（forward）而言，您預期新策略會對您的業務帶來什麼樣的影響？這是我的第一個問題。

And for the second question, it will be regarding your regional strategy. So currently, you talked a little bit about your Global South strategy and did Japan and US, the lead advanced developed countries manufacturing state, will it be changing. For example, the EU, IAA, together with that act, will there be any changes in your EV strategy?

第二個問題是關於您的區域策略。目前您稍微談到全球南方策略，而日本與美國等先進已開發國家的製造體制是否會改變。例如在歐盟，IAA以及相關法案之下，您的EV策略會有任何變化嗎？

And with the organization changes that you've announced today, there will be the regional CEOs being changed and also, the East Asia being divided. And also, for the China business going forward, the regional-based business management, what is the anticipation moving forward?

此外，隨著您今天宣布的組織調整，區域CEO將會更換，東亞也將被拆分。同時，針對未來的中國業務、以區域為基礎的業務管理，接下來的展望是什麼？

Well, thank you for your question. It has been a question that covers quite a wide scope. So I'll do my best to be able to respond to that broad question.

好的，謝謝您的提問。這是一個涵蓋範圍相當廣的問題。因此我會盡力回應這個廣泛的提問。

I'll start with the region-based management and product-based management that will continue to be our unwavering direction. Because for us our aim is to deliver happiness for all through the vehicles that we deliver to our customers, and we want to face each and every one of our individual customers and that is how we sell every sync unit of the vehicle, so that is something we will continue to do.

我先從以區域為基礎的管理與以產品為基礎的管理談起，這將持續是我們堅定不移的方向。因為我們的目標是透過交付給客戶的車輛，為所有人帶來幸福；我們希望面對每一位個別客戶，並以此方式銷售每一個單位的車輛，因此這點我們會持續貫徹。

And in that -- in the meantime, in parallel, how are you going to reflect the learnings that we have acquired from China experience? For including the China OEMs, as we compete with other OEMs, we have -- once again acknowledged that speed is key.

同時，在並行推進之下，我們要如何把從中國經驗中獲得的學習反映出來？包括中國OEM在內，當我們與其他OEM競爭時，我們再次確認「速度」是關鍵。

Therefore, what we've learned in China, we need to keep our antennas high and make sure that we apply that to other regions as necessary. Because if we don't do that for the Global South markets that people are very worried for Toyota. If there -- we are receiving questions about is Toyota okay in the Global South markets?

因此，我們在中國學到的事情，需要保持高度敏銳，並確保在必要時把它應用到其他地區。因為如果我們不這麼做，在全球南方市場，外界會非常擔心豐田。我們也收到問題在問：豐田在全球南方市場還好嗎？

So we don't want to raise so much concerns. And that is why with a new platform, we want to make a new approach to make cars and that has come out by necessity through the competition with the other OEMs. That's the strategy has come out naturally from the competition that we have with other makes.

所以我們不希望引發太多疑慮。因此，透過新平台，我們希望以新的方式來造車；這是在與其他OEM競爭的必要性之下產生的。這項策略是從我們與其他品牌的競爭中自然形成的。

And for the AB segment, Daihatsu vehicles -- Daihatsu models have been utilized by Toyota and C will mainly be Toyota products. But now we're going to bundle all the ABC segment cars on one platform. And of course, it's not just a platform. There will be several common parts and components that we will be able to utilize as well. So there will be positive impacts from those activities as well. That's the expectation we have as of now.

至於AB級距，豐田一直採用大發（Daihatsu）的車款——大發的車型；而C級距則主要是豐田產品。但現在我們要把ABC級距的車款整合到同一個平台上。當然，這不只是平台而已。我們也能共用多項通用零件與部件。因此，這些活動也會帶來正面的影響。這是我們目前的預期。

But as you -- as we have responded to an earlier question, it is a price challenge and also the cost challenge. Those will remain as we implement this. So we need to take on those challenges so that we will be able to enjoy the profit from this activity.

不過，正如我們在先前的問題中所回應的，價格挑戰以及成本挑戰仍然存在。在推動這些措施的同時，這些挑戰會持續。因此我們必須迎接這些挑戰，才能享受到這項活動所帶來的利潤。

And now regarding the manufacturing activities inside of the developed markets, will it be changing with the operations that we have in China? What is necessary, we'll continue to introduce. And as I said, customer based and region based is what we will keep focused on to deliver the vehicles.

接著，關於已開發市場內的製造活動，是否會因為我們在中國的營運而改變？凡是必要的，我們會持續導入。如我所說，我們會持續聚焦以客戶為本、以區域為本，來交付車輛。

So we'll always be aware of what is the customers wanting in each of the regions and markets. So if we can do the horizontal sharing to other areas, we can do that. And if we can share other -- if there are things that we should share, we'll do that. But if we should do that uniquely, we will do it uniquely.

因此，我們會時刻留意各地區與市場的客戶想要什麼。如果能把一些做法橫向分享至其他地區，我們就會這麼做。如果有應該分享的事項，我們也會分享。但如果某些事情應該採取獨特做法，我們也會以獨特方式來做。

The reason why India was taken out from East Asia is because from west to beyond India, we believe those markets have potential to grow further. So we want to be able to have a special focus on that area. That's why the regional group; we are going to have an independent regional group with India, so that we can have more intensified focus on our efforts there.

之所以把印度從東亞中獨立出來，是因為我們認為從西方到印度以西的市場仍有進一步成長的潛力。因此我們希望能對該區域投入特別的關注。這就是為什麼在區域編組上，我們將以印度成立一個獨立的區域集團，以便更集中地投入資源與努力。

But in any case, what we will have to prioritize is to listen to the voice of our customers. And together with what we hear, we need to quickly, appropriately develop the affordable vehicles and deliver it to our customers. So in order to achieve this, we'll do our best to change anything we have to.

但無論如何，我們必須優先做的是傾聽客戶的聲音。並且根據我們聽到的內容，快速且適切地開發可負擔的車款並交付給客戶。為了達成這點，我們會盡最大努力去改變任何必須改變的事情。

Thank you.

謝謝。

Thank you, Fukui-san. So I believe we have come to the end of the time and would like to end our financial results briefing. Thank you very much for joining us.

謝謝您，福井先生。我想時間已到，我們將結束本次財務業績說明會。非常感謝各位的參與。