豐田汽車 (TM) 2021 Q2 法說會逐字稿

[Interpreted] Ladies and gentlemen, I would like to start the Q2 financial results announcement for fiscal year 2021. This is part 2 of the announcement. First of all, let me introduce to you the participants from TMC. We present the Director and President, Akio Toyoda; Banto, Koji Kobayashi; Board Member, Chief Competitive Officer and Chief Project Officer, Terashi -- Shigeki Terashi. Now our President, Toyoda, will make his presentation.

[解讀]女士們先生們，我想開始發布2021財年第二季度的財務業績。這是公告的第二部分。首先，讓我向您介紹一下TMC的參與者。我們介紹董事兼總裁豐田章男；班托，小林浩司； Terashi 董事會成員、首席競爭官和首席項目官——Shigeki Terashi。現在我們的總裁豐田章男將做他的介紹。

My name is Toyoda. Today, based on our first half results, I would like to share with you my thoughts as the person responsible for the management of Toyota. We thought that a forecast by Toyota would serve as a kind of signpost for those in the automotive industry, especially in these times of much uncertainty, regarding the future due to the COVID-19 crisis. So at our year-end results announcement in May this year, we issued a full year forecast for 8 million units in worldwide new vehicle sales and JPY 500 billion in operating income, presenting a guideline-enabled abnormality management, making it possible for each workplace to flexibly respond to changes in the environment. I believe that the upward revision to our forecast this time are due to -- not only to our initiatives of these 6 months, but also to our initiatives over the past 11 years, making Toyota stronger as a company step by step.

我叫豐田。今天，基於我們上半年的業績，我想和大家分享一下我作為豐田管理負責人的想法。我們認為，豐田的預測將為汽車行業的人們提供一種路標，尤其是在這個充滿不確定性的時期，由於 COVID-19 危機而導致的未來。所以在今年5月的年終業績公告中，我們發布了全年全球新車銷量800萬輛和營業收入5000億日元的預測，提出了基於指南的異常管理，使每個工作場所都可以靈活應對環境變化。我認為這次上調我們的預測是由於——不僅是我們這 6 個月的舉措，也是我們過去 11 年的舉措，使豐田作為一家公司一步步變得更加強大。

The increased strength of our financials and profit structure has also contributed, but I think that the #1 factor has been that the people working for Toyota have grown stronger. At our manufacturing plants, we voluntarily produced face masks and medical face fields needed by the society.

我們財務和利潤結構的增強也有所貢獻，但我認為第一大因素是為豐田工作的人變得更強大。在我們的製造工廠，我們自願生產社會需要的口罩和醫療面領域。

On planned nonoperation days, all members engaged in kaizen continuous improvement and greatly improved productivity. On the sales front, online sales and other initiatives allowed us to continue building relationships with our customers. Every single vehicle ordered by our customers keeps our plants and the economy going. To be able to keep on producing one vehicle at a time, I believe that our members in both production and sales desperately and fully developed themselves to -- devoted themselves to their work, and that led to a rapid sales recovery.

在計劃的非運營日，所有成員都參與了持續改進並大大提高了生產力。在銷售方面，在線銷售和其他舉措使我們能夠繼續與客戶建立關係。我們客戶訂購的每一輛車都讓我們的工廠和經濟繼續運轉。為了能夠一次生產一輛車，我相信我們的生產和銷售成員都拼命地、充分地發展了自己——全身心地投入到工作中，這導致了銷售的快速恢復。

Toyota sales recovery at the time of the global financial crisis lagged behind the market by 4%. But in the case of COVID-19 crisis, our sales recovery outpaced the market by more than 3%. I believe this is the result of our ever better cars being made by everyone and the effort to deliver them to our customers. Thus, plans suspended by COVID-19 got back into action. I believe that the site plants operating and people working energized their local communities.

豐田在全球金融危機時的銷售復甦落後於市場 4%。但在 COVID-19 危機的情況下，我們的銷售復甦速度超過了市場 3%。我相信這是每個人都在製造更好的汽車以及努力將它們交付給我們的客戶的結果。因此，被 COVID-19 暫停的計劃重新開始實施。我相信現場工廠的運營和人們的工作為當地社區注入了活力。

That makes auto builds a driving force of the economy. I already indicated the direction. I believe all else was thanks to the power of the workplace, which continued to move in that direction.

這使得汽車成為經濟的驅動力。我已經指明了方向。我相信其他一切都歸功於工作場所的力量，它繼續朝著這個方向發展。

Moving in that direction was not limited to Toyota as such action spread to 5 auto build trade organizations in Japan, including the Japan Automobile Manufacturers Association. The ripple effect is extremely strong in the automobile industry. The industry in Japan employs 5.5 million people. In Japan, auto build businesses generate approximately JPY 15 trillion in annual taxes. An economic ripple effect is 2.5x greater than the output of the automotive industry alone. Although we are only halfway through our fiscal year, I think the fast recovery of the automotive industry is already having a positive impact on Japan's economy.

朝這個方向發展的不僅限於豐田，因為這種行動蔓延到日本的 5 個汽車製造行業組織，包括日本汽車製造商協會。汽車行業的連鎖反應非常強烈。日本的工業僱傭了 550 萬人。在日本，汽車製造企業每年產生約 15 萬億日元的稅收。經濟漣漪效應是汽車行業單獨產出的 2.5 倍。雖然我們的財政年度才剛剛過半，但我認為汽車行業的快速復蘇已經對日本經濟產生了積極影響。

The numbers we announced today are the result of the hard work of many people. They are in no way simply an outcome that came about by itself. I would like to once again express my appreciation to all those concerned. Thank you so very much.

我們今天公佈的數字是許多人辛勤工作的結果。它們絕不是自己產生的結果。我想再次向所有相關人員表示感謝。非常感謝你。

Drive Society forward with automobiles. This commitment is not something that we realized during the COVID-19 crisis. It is exactly the commitment of Kiichiro Toyoda when he founded Toyota: Improve the quality of life of the Japanese people with automobiles. Due to the so-called CASE revolution, the automobile industry is in a one-in-a-century period of profound transformation. These are times in which the future is unclear, and there are no right answers. To where are we headed? To answer that question, I realize that we needed to know from where we came.

用汽車推動社會前進。這一承諾不是我們在 COVID-19 危機期間實現的。這正是豐田喜一郎創立豐田時的承諾：用汽車提高日本人的生活質量。由於所謂的CASE革命，汽車行業正處於百年一遇的深刻變革時期。這些是未來不明朗的時代，也沒有正確的答案。我們要去哪裡？為了回答這個問題，我意識到我們需要知道我們來自哪裡。

Please have a look at this conical shape. This graph was put together more than 60 years ago by our then top management after the passing of Kiichiro to guide them as they carried forth the baton passed down to them. I believe that to help Toyota move even further forward in a united way, top management at the time thought about what Toyota was and believed that the origin of Toyota should not be forgotten.

請看看這個圓錐形。這張圖表是 60 多年前我們當時的高層管理人員在喜一郎去世後拼湊起來的，以指導他們接過傳遞給他們的接力棒。我相信，為了幫助豐田更加團結一致地向前發展，當時的高層思考了豐田是什麼，並認為不應該忘記豐田的起源。

Toyota, though born in Japan, has expanded its presence around the world. Now we find that we are living in an era of profound transformation for our 370,000 people worldwide and their families as well as for the next generation that will support the Toyota of the future. In our Toyoda's philosophy, we have to find our mission as producing happiness for all. Even though Sakichi Toyoda made a loom and Kiichiro made an automobile, I think that what they truly wanted to make was a sense of happiness for any customer who used the products as well as happiness for all the people involved in work related to those products.

豐田雖然誕生於日本，但已在全球範圍內擴展其業務。現在我們發現，對於全球 370,000 名員工及其家人以及支持未來豐田汽車的下一代而言，我們正生活在一個深刻變革的時代。在我們豐田的哲學中，我們必須找到我們的使命，即為所有人創造幸福。儘管豐田佐吉製造了織布機，喜一郎製造了汽車，但我認為他們真正想要的是讓任何使用這些產品的客戶感到幸福，以及讓所有參與這些產品相關工作的人感到幸福。

We realize that even if we change what we make, our pursuit of happiness will never change. And our vision, as defined in our Toyoda philosophy, is creating mobility for all. After all, we are in the car business. Therefore, I would like to continue to be discerning when it comes to mobility. And we use the word mobility with an added meaning. That meaning is each person should take action.

我們意識到，即使我們改變了我們所做的事情，我們對幸福的追求也永遠不會改變。而我們的願景，正如我們豐田理念所定義的那樣，是為所有人創造機動性。畢竟，我們從事汽車行業。因此，在移動性方面，我想繼續保持敏銳的洞察力。我們使用具有附加含義的移動性一詞。這意味著每個人都應該採取行動。

What is required of us now is that each Toyota person takes actions that lead to the happiness of humankind, including concerning the global environment. I believe that the Toyoda philosophy, which is a continuation of the Toyota precepts, is the very spirit of the sustainable development goals. And I believe that management based on this philosophy will lead to sustainable efforts toward achieving these goals, along with the aim of international society to make a better world.

現在對我們的要求是，每一位豐田人都採取能夠帶來人類幸福的行動，包括在地球環境方面。我相信豐田理念是豐田理念的延續，是可持續發展目標的精神。我相信，基於這種理念的管理將導致實現這些目標的可持續努力，以及國際社會創造更美好世界的目標。

Even now during the COVID-19 crisis, many people around the world are doing their best to survive while enduring hardship. With Toyota's mission being producing happiness for all, we want to work, especially in these times of emergency, for someone other than ourselves as well as for society and the future. Going forward, we will be tested whether or not we can truly mass produce happiness. We will be grateful if we could receive strict yet warm guidance and support from all of our stakeholders, including you, who are here with us today. Thank you very much.

即使是現在在 COVID-19 危機期間，世界各地的許多人也在盡最大努力在忍受困難的同時生存下來。豐田的使命是為所有人創造幸福，我們希望為我們以外的人以及社會和未來工作，尤其是在這些緊急時刻。展望未來，我們將受到考驗，我們能否真正大量生產幸福。如果我們能得到今天在場的所有利益相關者（包括您）的嚴格而熱情的指導和支持，我們將不勝感激。非常感謝你。

[Interpreted] (Operator Instructions) From Daily Automotive Journal, Mr. [Fukui], please? (Operator Instructions) Mr. Fukui , could you start your question, please?

[解釋]（操作員說明）來自汽車日報，請[福井]先生？ （操作員說明）福井先生，請您開始提問好嗎？

[Interpreted] From Daily Automotive Journal, my name is [Fukui]. My question is addressed to Mr. Toyoda, President. Once again, what is your appraisal and the assessment of the first half financial results? And you have increased your forecast upward. What is your outlook for the second half? Since you became President, I think this is the first time that you are speaking at the announcement of interim financial results. What is the reason for you taking through this juncture?

[翻譯]來自Daily Automotive Journal，我的名字是[Fukui]。我的問題是向總裁豐田章男提出的。再次，您對上半年財務業績的評價和評價是什麼？而且你已經向上提高了預測。您對下半年有何展望？自從您成為總裁以來，我認為這是您第一次在中期財務業績公告中發言。你經歷這個關口的原因是什麼？

[Interpreted] Let me respond to your question. Thank you for the question. At the initial stage, we announced JPY 50 billion for the full -- JPY 500 billion for the full year basis. That was a projection, and we achieved that in the half year period rather than in the full year basis. And that's not an easy task. As I mentioned in my own presentation, it is quite true that these past 6 months was the period of hard work for those people at the gemba, and that was very important.

[解釋] 讓我來回答你的問題。感謝你的提問。在初始階段，我們宣布全年為 500 億日元——全年為 5000 億日元。這是一個預測，我們在半年而不是全年實現了這一目標。這不是一件容易的事。正如我在自己的演講中提到的，過去 6 個月確實是現場工作人員努力工作的時期，這非常重要。

But above anything else, since I became President of the company, we encountered many challenges, great financials result -- crisis, the Great East Japan earthquake and extreme appreciation of the yen. And having gone through those challenges, we added to our efforts and the part -- effort after effort, and that accumulated to produce the results that we see today. This is the first time that I attend this financial result announcement at the half year period.

但最重要的是，自從我成為公司總裁以來，我們遇到了許多挑戰，財務業績斐然——危機、東日本大地震和日元極度升值。在經歷了這些挑戰之後，我們增加了我們的努力和部分——一次又一次的努力，積累起來產生了我們今天看到的結果。這是我第一次參加半年期間的財報發布會。

And as far as TMC is concerned, it is quite rare for the top executive to be at the interim result announcement. But the reason why I am taking the floor now is because we are in the time of an emergency caused by COVID-19 crisis. I have decided to be here. At the time of the emergency, I think it's very important to contribute through our own business and work. By all of us working, we can protect employment, we can generate profit and we can pay tax. That, I think, is the responsibility and goal of the key industry, which is the bedrock of the nation. And the automotive industry, I believe, has a huge spillover effect. The ripple effect is huge. And for us to continue doing business, continue working, we can energize the related industries. That's my view as well.

而就TMC而言，高管出席中期業績公告的情況相當罕見。但我現在發言的原因是因為我們正處於由 COVID-19 危機引起的緊急情況。我決定來這裡。在緊急情況下，我認為通過我們自己的業務和工作做出貢獻是非常重要的。通過我們所有人的工作，我們可以保護就業，我們可以創造利潤，我們可以納稅。我認為，這是關鍵產業的責任和目標，是國家的基石。我相信，汽車行業具有巨大的溢出效應。漣漪效應是巨大的。而對於我們來說，繼續做生意，繼續工作，我們可以為相關行業注入活力。這也是我的看法。

And furthermore, at the initial stage, for the full year basis, to make a projection for the full year basis, I had the following -- the feeling that is to say by giving some baseline reference point for others, to the dealers, the suppliers and employees, we're energized to respond to those guidelines. They thought, is there any better way? Is there any other way that we can energize people? Is there anything more that we can do? And they took very positive initiatives. In doing so -- and I just wanted to express my gratitude on this occasion of a financial result announcement. And at the same time, many people are fighting this COVID-19 crisis, enduring sufferings and yet, they're trying to do their best going through this and survive that. I'm aware of that. Although this is a halfway point, but us working together covering the third quarter and the fourth quarter, by continuing to work and continuing our hard work, I just wanted to convey my strong determination doing that on this occasion. That's all. Thank you.

此外，在初始階段，對於全年基礎，對全年基礎進行預測，我有以下感覺 - 就是給其他人提供一些基準參考點，給經銷商，供應商和員工，我們積極響應這些指導方針。他們想，有沒有更好的辦法？有沒有其他方法可以激發人們的活力？我們還能做些什麼嗎？他們採取了非常積極的舉措。這樣做 - 我只是想在這個財務結果公告之際表達我的感激之情。與此同時，許多人正在與這場 COVID-19 危機作鬥爭，忍受著苦難，然而，他們正努力盡最大努力度過難關並度過難關。我對此很清楚。雖然這是一個中途，但我們一起工作涵蓋了第三季度和第四季度，通過繼續努力，繼續我們的努力，我只想在這個場合表達我這樣做的堅定決心。就這樣。謝謝你。

[Interpreted] We'd like to go onto the next question. From Automotive News, Mr. Hans, please? (Operator Instructions) Mr. Hans, please?

[解釋] 我們想進入下一個問題。來自汽車新聞，漢斯先生，好嗎？ （操作員說明）請漢斯先生？

Hans Greimel here from Automotive News. May I speak in English today?

Hans Greimel 來自汽車新聞。我今天可以說英語嗎？

I answer in Japanese.

我用日語回答。

That's a good deal. I'll keep my comments short. I just want to ask if you have an update on the Woven City project. Can you tell us when it will -- when construction will start, when it will finish, when it will open, when people will start moving there, how many partners you have? And maybe a second question would be, can you tell us your plans for the Olympics next year? Your technological showcase, how are you going to have to change that for the Olympics next year? (foreign language)

這是一個很好的交易。我會保持簡短的評論。我只想問你是否有關於編織城市項目的最新消息。你能告訴我們什麼時候——建設什麼時候開始，什麼時候完成，什麼時候開放，人們什麼時候開始搬到那裡，你有多少合作夥伴？也許第二個問題是，你能告訴我們你明年的奧運會計劃嗎？你的技術展示，你將如何為明年的奧運會改變它？ （外語）

[Interpreted] Thank you very much. I'd like to respond in Japanese. I probably have the simultaneous interpretation so I would be continuing to speak on in Japanese. So if you can't understand me, you can just raise your hand and let me know that you don't understand. For the project, Woven City project, it is steadily progressing. And the way that we are promoting this, we use the '80 sprint method. So myself, the top executive and the person in-charge, every 3 weeks, we hold a meeting to confirm the direction of the project. This rule that we introduced to have this meeting 3 -- once every 3 weeks, every time in this meeting, I will make the decision that we believe is best at that time. So maybe it will be that the decision would be different to what we have decided 3 weeks ago. But the important thing is that every time we have this meeting, we will make the most appropriate decision that meets the environment or the situation. So this is a rule that we have adopted for -- to promote this project.

[解釋] 非常感謝。我想用日語回答。我可能有同聲傳譯，所以我會繼續用日語說話。所以如果你看不懂我，你可以舉手讓我知道你不明白。對於項目，編織城市項目，它正在穩步推進。而我們推廣這一點的方式，我們使用'80 sprint 方法。所以我自己，高層和負責人，每3週，我們開一次會，確定項目的方向。我們為召開這次會議而引入的這條規則 3 -- 每 3 週一次，每次在這次會議上，我都會做出我們認為當時最好的決定。所以也許這個決定會與我們 3 週前的決定不同。但重要的是，每次我們開這個會議，我們都會做出最適合環境或情況的決定。所以這是我們採用的規則- 推廣這個項目。

Most important is the candidate area that we will be using. This place is Toyota Motor Corporation's East Japan Higashi Fuji plant. And this plant, after 1 month, it will be closing its operation. That is the plan. And therefore, the employees that are working in the plant will be transferring to different locations to the Tohoku plant. And unfortunately, there may be employees, because of family reasons or other reasons, they may not be able to move to a farer place. Therefore, we will be cooperating and supporting so that they can find a new job and any needs that they have. And in the meantime, we are -- have been working -- with the cooperation of the community and also with the suppliers nearby, we are trying to stand by each and every individuals working in the Higashi Fuji plant to try to secure a place to work for them after the closure of the plant. And we see -- think that steadily, we will be able to secure those job opportunities for them.

最重要的是我們將使用的候選區域。這裡是豐田汽車公司的東日本東富士工廠。而這家工廠，1個月後，將關閉其運營。這就是計劃。因此，在工廠工作的員工將轉移到不同的地點到東北工廠。而且不幸的是，可能有員工，因為家庭原因或其他原因，他們可能無法搬到更遠的地方。因此，我們將給予合作和支持，以便他們能夠找到新工作並滿足他們的任何需求。與此同時，我們正在——一直在努力——在社區和附近供應商的合作下，我們正努力支持在東富士工廠工作的每一個人，努力確保一個地方工廠關閉後為他們工作。我們看到 - 堅定地認為，我們將能夠為他們確保這些工作機會。

And this location -- so this location of the Higashi Fuji plant, we will start the construction work from next year. And from the public affairs division, I was told that I should not say anything about any date. But I'd like to say that I want to make the announcement, on February 23. The reason why it's February 23 is because it's 2-2-3. When you read it in the Japanese way, it's fuji-san or you can say it's Mount Fuji. So in this date, you can -- to the Mount Fuji day, we can make a ceremony to do the groundbreaking ceremony -- if we can do a groundbreaking ceremony at the foot of Mount Fuji, that will be very symbolic. And I'd like to say to everyone that we're making preparations so that it may happen that day.

還有這個位置——東富士工廠的這個位置，我們將從明年開始建設工作。公共事務部門告訴我，我不應該對任何日期說任何話。但我想說，我想在 2 月 23 日宣布。之所以是 2 月 23 日是因為它是 2-2-3。當你用日語閱讀時，它是 fuji-san，或者你可以說它是富士山。所以在這個日期，你可以——到富士山日，我們可以做一個儀式來做奠基儀式——如果我們能在富士山腳下做一個奠基儀式，那將是非常具有像徵意義的。我想對大家說，我們正在做準備，以便那一天發生。

So now what will be happening in this location? Well, for this, we have made a declaration that we're going to change ourselves from an automobile company to a mobility company. So in this plan, we are going to utilize this location to develop the products that can create a profit for us in the future -- value for us in the future. And one is we will be doing a demonstration test, and this will be used as a lab. One thing that we'll do using this [living] lab will be the automobile driving vehicles.

那麼現在這個位置會發生什麼？好吧，為此，我們已經宣布，我們要從汽車公司轉變為移動公司。所以在這個計劃中，我們將利用這個位置來開發可以在未來為我們創造利潤的產品——在未來為我們創造價值。一個是我們將進行演示測試，這將用作實驗室。我們將使用這個 [生活] 實驗室做的一件事是汽車駕駛車輛。

Automobile driving vehicles, it's important that you think in -- together with the infrastructure, it is a package. And by having this infrastructure together, the development speed will be accelerated significantly. And with that belief, we have created one basic unit to create this Woven City. I think that's a big use of -- for Woven City project. The basic unit that I'm talking about is that each -- or there will be a 150 meters x 150 meters square unit inside of the location, and then that will be consisting of 3 roads. There will be 3 roads woven in this location.

汽車駕駛車輛，重要的是你要思考——與基礎設施一起，它是一個包。通過將這些基礎設施整合在一起，開發速度將大大加快。帶著這種信念，我們創建了一個基本單元來創建這個編織城市。我認為這是一個很大的用途——對於 Woven City 項目。我所說的基本單元是每個——或者在該位置內部會有一個 150 米 x 150 平方米的單元，然後由 3 條道路組成。將在此位置編織 3 條道路。

One type of this road will be a dedicated road for automated driving -- autonomous driving vehicles. And the other road will be dedicated for pedestrians. And then the other third road will be a combination of a small mobility plus the pedestrians. So in this way, we want to look at how we can secure safety for autonomous driving vehicles. I think it will be easier to understand if we have this kind of roads. However, in the up ground, there will be weather conditions. Like it'll be different according to a sunny day, rainy day, hot day, cold day. The road conditions will differ.

其中一種道路將是自動駕駛專用道路——自動駕駛汽車。另一條路將專門供行人使用。然後另一條第三條道路將是小型流動性加上行人的組合。因此，通過這種方式，我們想看看如何確保自動駕駛汽車的安全。我認為如果我們有這樣的道路會更容易理解。然而，在地上，會有天氣條件。就像晴天、雨天、熱天、冷天一樣。路況會有所不同。

And in these kinds of difference -- so we'll have this difference above ground. But underground, we can have the environment that will not change with weather. So we can utilize that place for vehicles that can -- don't have to think about weather. And up ground, it will think about weather conditions plus moving people and things. So -- and what -- I'm not an engineer. But probably, it will be the most easiest level to achieve autonomous driving with these different dedicated roads.

在這些差異中——所以我們將在地面上有這種差異。但在地下，我們可以擁有不會隨天氣變化的環境。因此，我們可以將那個地方用於可以——不必考慮天氣的車輛。在地面上，它會考慮天氣狀況以及移動的人和事物。所以——還有什麼——我不是工程師。但可能，通過這些不同的專用道路實現自動駕駛將是最簡單的水平。

And for the city that is consisted by these 3 different types of roads, we're thinking of having 360 residents living in this area. And for the -- what kind of people these 360 members are? To explain a little bit, one group will be elderly -- elderlies; and the second will be people with families, the family group; and the third group of people will be inventors. So in a sense, in Japan and this Woven City, I want to -- this place that we'll be creating is a place that we will be able to understand the needs and the challenges that the elderlies and the families are facing in living in environment in Japan.

對於由這 3 種不同類型的道路組成的城市，我們正在考慮讓 360 名居民居住在該地區。對於——這些 360 成員是什麼類型的人？稍微解釋一下，一組是老年人——老年人；第二個是有家庭的人，家庭群體；第三類人將是發明家。所以從某種意義上說，在日本和這個編織之城，我想 -- 我們將要創建的這個地方是一個我們能夠了解老年人和家庭在生活中面臨的需求和挑戰的地方在日本的環境中。

And also in this location, we want to have inventors living together with those who have challenges in their everyday lives so that these inventors will be able to invent things that will be helpful for the challenges that the elderly and the family has, and that can be invented in a timely manner.

同樣在這個地方，我們希望發明家與那些在日常生活中遇到挑戰的人一起生活，以便這些發明家能夠發明有助於老年人和家庭面臨的挑戰的東西，並且可以及時發明。

And these inventors will apply a certain rule. So they will have a certain period of time that they can work in the city. If they cannot come up with results in that certain period of time, then we will exchange -- we'll have them changed with other inventors. So we're trying to have a rule or a mechanism so that this place will always be vigorous, will be quite active. And currently, individuals and also including corporations -- corporate organizations, there's about 3,000 peoples in corporate organizations who have applied and wanted to become a partner with us in this Woven City.

而這些發明者將應用一定的規則。所以他們會有一定的時間可以在城里工作。如果他們在那段時間內無法得出結果，那麼我們將交換——我們將與其他發明者進行更改。所以我們試圖建立一個規則或機制，讓這個地方永遠充滿活力，非常活躍。目前，個人，也包括企業——企業組織，企業組織中大約有3000人已經申請並希望成為我們在這個編織之城的合作夥伴。

So in that sense, I think for this Woven City project, it is going to be a living laboratory as a demonstration -- we'll be doing demonstrations. It's a living lab. So it's an ever-evolving city that will never be completed, and our ultimate goal is to develop safe mobility.

所以從這個意義上說，我認為對於這個編織城市項目，它將成為一個活生生的實驗室作為演示——我們將進行演示。這是一個活生生的實驗室。所以這是一個永遠不會完成的不斷發展的城市，我們的最終目標是發展安全的流動性。

And also, we want to have it human-centric. So creating this kind of city, a town, and together with infrastructure, we're going to create the future of mobility. And in order to do that, we can't just work with us alone and just automobile companies. We want to have many partners to work with us. And together with those partners, we want to develop that kind of city. So it will be ever-evolving and it will be a living laboratory.

而且，我們希望它以人為中心。因此，創建這樣的城市、城鎮，再加上基礎設施，我們將創造移動出行的未來。為了做到這一點，我們不能只與我們單獨合作，只與汽車公司合作。我們希望有很多合作夥伴與我們合作。我們希望與這些合作夥伴一起開發這樣的城市。所以它將不斷發展，它將成為一個活生生的實驗室。

So I hope that will be understood. And also, I'd like to ask you also to participate in a certain way. We want to create the future together with you as well. So I hope that you'll -- you can have high expectations and look forward to this project. So Hans-san, I'm sorry it was long in explanation, but that was -- that's all for my response.

所以我希望這會被理解。而且，我想請你也以某種方式參與。我們也希望與您一起創造未來。所以我希望你——你可以抱有很高的期望並期待這個項目。漢斯先生，很抱歉解釋的時間太長了，但那是——這就是我的回應。

[Interpreted] Now let's move on to the next question. Mr. Shimizu of Nippon Life, please?

[解釋] 現在讓我們繼續下一個問題。請問日本人壽的清水先生？

[Interpreted] My name is Shimizu of Nippon Life. As an institutional investor owning Toyota shares for a long period of time, I would like to ask the following question of Mr. Toyoda, the President. And including my explanation, I might take a really long time. Starting with the strong performance of second quarter exceeding the market expectations and also the upward revision of the outlook and projection for the full year basis. And I think this is due to the hard work by Mr. Toyoda and the top management as well as employees and others involved in those hard work and efforts. And I'd like to express my serious respect to that.

[解釋] 我的名字是日本人壽的清水。作為長期持有豐田股份的機構投資者，想請教豐田社長以下問題。包括我的解釋，我可能需要很長時間。從第二季度的強勁表現超出市場預期開始，以及對全年基礎的展望和預測上調。我認為這要歸功於豐田章男和高層管理人員以及參與這些辛勤工作和努力的員工和其他人的辛勤工作。我想表達我對這一點的崇高敬意。

I have been paying close attention to the words and phrases by President Toyoda. For example, in the past, you talked about intentional pause to increase competitiveness or making things is making people. And also, I want to ensure that I'll be the last person to spend time dealing with the consequences of the past activities, and those have been very impressive. And I here today heard a very strong determination. I think the very simple and succinct phrases clearly reflected the direction of Toyota moving forward and the determination of present Toyota. But I think above and beyond that is the role that Mr. Toyoda plays as a President to ensure sustainable development. Of course, that's naturally expected. But going beyond that, Mr. Toyoda seems to be taking on voluntarily an even greater responsibility at the country and global level. For example, he set as an objective of perceiving 3 million vehicle production in the domestic production. And that's a reflection of the determination to protect [one of the green] Japan, employment, technology and human resources. And at the same time, he is now trying -- implementing initiatives to achieve full redesign of Toyota to make it a mobility company. And that goes beyond the reform and change of Toyota as an individual company. But rather it reflects the determination of trying to realize the future of a mobility society that no one has ever envisioned yet, which we're [adopting] a central role. And to realize that, I think it is essential and dispensable to create the corporate alliances, partnering with other companies.

我一直在密切關注豐田總裁的言辭。例如，過去您談到故意暫停以增加競爭力或製造事物正在製造人。而且，我想確保我是最後一個花時間處理過去活動後果的人，這些都非常令人印象深刻。我今天在這裡聽到了非常堅定的決心。我認為非常簡單明了的短語清楚地反映了豐田前進的方向和現在豐田的決心。但我認為，除此之外，豐田先生作為總裁在確保可持續發展方面所扮演的角色。當然，這自然是意料之中的。但除此之外，豐田章男似乎自願在國家和全球層面承擔更大的責任。例如，他設定了在國內生產300萬輛汽車的目標。這反映了保護[綠色]日本、就業、技術和人力資源的決心。與此同時，他現在正在嘗試實施舉措，以實現對豐田的全面重新設計，使其成為一家移動公司。這超出了豐田作為一家個體公司的改革和變革。但更確切地說，它反映了努力實現人們從未設想過的移動社會未來的決心，我們正在[採取]核心角色。為了實現這一點，我認為與其他公司合作建立企業聯盟是必不可少且可有可無的。

So here, I'd like to ask the following question. Not limiting yourself to Toyota as a company, but still with Toyota playing a central role, you're at the leading edge of trying to create the society of the future and to produce happiness for all. I think you are at the cutting-edge of that. But I wonder, what drives you, Mr. Toyoda, to make those efforts so passionately, aiming at those activities and responsibility that goes beyond one -- of individual company?

所以在這裡，我想問以下問題。不把自己局限在豐田作為一家公司，但仍然讓豐田發揮核心作用，你處於努力創造未來社會並為所有人創造幸福的前沿。我認為你處於最前沿。但我想知道，是什麼驅使您，豐田先生，如此熱情地做出這些努力，瞄準那些超越個體公司的活動和責任？

[Interpreted] Thank you for your question. Especially focusing amongst media people, I don't receive very positive assessment or evaluation. Not that I'm not used to that. So I feel a bit embarrassed by receiving such a positive and favorable assessment. As Mr. Shimizu just mentioned and that reflected in his questions, I just wonder to myself, what really is driving myself? And probably, I could say that for one thing, the frustration and the bitterness that I felt. Since I became President and took helm of the company, what I always said that you can never pull it off. You can never achieve this. You have never experienced any hardship, and you don't know what's going on at the gemba. You have never been there. So you can't do this. You can't do this job. Let's see what you've got. And many people are simply waiting for me to fail and make mistakes.

[解釋] 謝謝你的提問。尤其是關注媒體人，我沒有得到非常積極的評價或評價。並不是說我不習慣。所以收到如此積極正面的評價，我感到有些尷尬。正如清水先生剛才提到的，這反映在他的問題中，我只是想知道，到底是什麼在驅使自己？也許，我可以這麼說，一方面是我感到的沮喪和痛苦。自從我成為總裁併掌管公司以來，我一直說你永遠無法做到這一點。你永遠無法做到這一點。你從來沒有經歷過任何困難，你不知道現場發生了什麼。你從來沒有去過那裡。所以你不能這樣做。你不能做這個工作。讓我們看看你有什麼。許多人只是在等待我失敗和犯錯。

And as expected, I told you so, this is what we expected. That's all the people had been expecting. And faced with that, to this point, I have been able to somehow muddle through because we encountered many, many challenges and crisis.

正如預期的那樣，我告訴過你，這就是我們的預期。這就是人們所期待的。面對這種情況，到目前為止，我能夠以某種方式度過難關，因為我們遇到了很多很多挑戰和危機。

To me, the crisis -- the word crisis, the characters, in a sense the critical situation, also reflects opportunity. That is to say predicament on the one hand and opportunity on the other hand. The word consisted these 2 words. So I have experienced those numerous crises. And every time, I try to turn that crisis or predicament into opportunity. And by doing so, I try to respond to those people who said, "You can never prove it out," or, "You can never achieve that." I wanted to demonstrate that I could do it. I did do this job. So I never wanted to be bested, and that drove me to work harder and harder.

對我來說，危機——危機這個詞，人物，某種意義上的危急情況，也反映了機遇。也就是說，一方面是困境，另一方面是機遇。這個詞由這兩個詞組成。所以我經歷了那些無數的危機。每一次，我都試圖將危機或困境轉化為機遇。通過這樣做，我試圖回應那些說“你永遠無法證明這一點”或“你永遠無法實現這一點”的人。我想證明我可以做到。我確實做了這個工作。所以我從不想被打敗，這促使我越來越努力地工作。

In addition to that, and I say this in many different opportunities, as a member of the founding family, I just wanted to make things right for the founders. I have been operating over the history of over 18 years and -- including myself and those people in the management who have supporting me are now sustaining Toyota. But looking back, the founding members never experienced the benefits of what they have accomplished and the success of their endeavors. I have advocated transforming Toyota from an automotive company to the mobility company and had in mind the determination of the founding members to change itself from the automatic loom company into the automotive company. And that really reflect what the hardship they had to go through and what sort of challenges they had to go through by completing transforming themselves.

除此之外，我在許多不同的機會中都這麼說，作為創始家族的一員，我只想為創始人做正確的事情。我已經經營了超過 18 年的歷史，包括我自己和支持我的管理層人員現在都在支持豐田。但回首過去，創始成員從未體驗過他們所取得的成就和努力的成功所帶來的好處。我主張將豐田從汽車公司轉變為移動公司，並牢記創始成員將自己從自動織機公司轉變為汽車公司的決心。而這真實地反映了他們在完成自我改造過程中所經歷的艱辛和所經歷的挑戰。

Now vis-à-vis the future generation, can we really do the same thing by transforming and redesigning the company completely? For us, we'll be able to do that, not just Toyota at the center but to make sure that Toyota, to be the company that is chosen by the people in the future society and for Toyota to become such a company that I think has been the prime mover that really drove over the years.

現在相對於下一代，我們真的可以通過徹底改造和重新設計公司來做同樣的事情嗎？對我們來說，我們將能夠做到這一點，不僅僅是以豐田為中心，而且要確保豐田成為未來社會中人們選擇的公司，讓豐田成為我認為的這樣的公司多年來一直是真正開車的原動力。

And if I may venture to add the following, I can refer to love Japan -- my love for Japan. Toyota is a global company today, and we always wanted to be the best-in-town company. And in any country or region in which we are allowed to operate, we have been trying to be a company chosen by the community. But the fact that we've been able to do that owes to what our founders started, that is to establish the first automotive company in Japan. And we owe us -- today to them. So to that, in Japan, we want contribute with our business, with our automotive industry. And that, I think, has been a very important driving force behind me.

如果我可以冒險補充以下內容，我可以提到愛日本——我對日本的愛。豐田今天是一家全球性公司，我們一直希望成為當地最好的公司。並且在我們獲准經營的任何國家或地區，我們一直在努力成為社區選擇的公司。但我們能夠做到這一點要歸功於我們的創始人開始的事情，那就是在日本建立第一家汽車公司。我們欠我們 - 今天對他們。因此，在日本，我們希望為我們的業務和汽車行業做出貢獻。我認為，這一直是我背後的一個非常重要的推動力。

At the initial stage, it is quite true that I felt very lonesome. I felt being alone. Even if I was old, nobody was dancing behind me. That's where I found myself. But today, I wouldn't say everybody or all of us, but there are so many who are dancing to my tunes. And increasingly, more and more people are dancing to my tunes or dancing with us. So for a little longer, as I look back the history -- or -- but not just looking back the history or the past, for the top management of the next generation, I want to make sure that they can move forward looking at the future. So I would like to hand the baton over in that manner. So I hope you'll continue to support us in that.

在最初的階段，我確實感到非常孤獨。我感到孤獨。即使我老了，也沒有人在我身後跳舞。那是我發現自己的地方。但是今天，我不會說每個人或我們所有人，但是有很多人在跟著我的曲調跳舞。越來越多的人隨著我的曲調跳舞或和我們一起跳舞。因此，再過一段時間，當我回顧歷史時——或者——但不僅僅是回顧歷史或過去，對於下一代的高層管理人員，我想確保他們能夠向前看未來。所以我想以這種方式交出接力棒。所以我希望你能繼續支持我們。

Based upon the history you are now trying to steer and forge the future, I once again heard from you the determination and the resolution.

基於你現在試圖駕馭和打造未來的歷史，我再次聽到了你的決心和決心。

[Interpreted] Going on to the next question from Nikkan Kogyo, Mr. [Nagatsuka], please. (Operator Instructions)

[翻譯] 請[長塚]先生繼續日刊工業的下一個問題。 （操作員說明）

[Interpreted] I'm from Nikkan Kogyo. My name is [Nagatsuka]. I have a question to President Toyoda for electrification. We are seeing an acceleration of the flow of electrification. And Tesla's performances is quite steady. And currently, the battery cells for the vehicle batteries, they are moving in-house and trying to improve the competitiveness on cost. So I'd like to ask how you view the company Tesla, President, Toyoda. And based on your view, can you talk about your outlook for Toyota's electrification plans?

[解釋] 我來自日刊工業。我的名字是【長塚】。我有一個關於電氣化的問題要問豐田總裁。我們正在看到電氣化進程的加速。特斯拉的表現相當穩定。而目前，車用電池的電芯，他們正在內部轉移，並試圖提高成本競爭力。所以我想問一下您對特斯拉公司的看法，豐田總裁。根據您的觀點，您能否談談您對豐田電氣化計劃的展望？

[Interpreted] Thank you for your questions. And well, I will be talking about how I view Tesla. And for electrification strategy, I will like to ask Mr. Terashi here to respond. So first of all, in the stock market, Tesla's market capitalization is around JPY 40 trillion. And this amount, JPY 40 trillion, for example, if you take Toyota and add the 7 Japanese car companies, it will be the total of -- looking at all of these automobile companies, it's JPY 33 trillion. So it means that just with one company, one Tesla, adding all the 7 automobile companies of Japan, they have more market value than these 7 Japanese automakers.

[翻譯] 謝謝你的提問。好吧，我將談談我如何看待特斯拉。而對於電氣化戰略，我想請教寺先生在此做出回應。所以首先，在股票市場上，特斯拉的市值在 40 萬億日元左右。而這個數字，例如40萬億日元，如果你把豐田加上這7家日本汽車公司，這將是所有這些汽車公司的總和，它是33萬億日元。所以這意味著只有一家公司，一輛特斯拉，加上日本所有的7家汽車公司，它們的市值就比這7家日本汽車製造商的市值還要高。

And this company, Tesla, they have made profit from BEVs, B-E-Vs. And also with software updates, they have been generating profit. So that is the business model that they have.

而這家公司，特斯拉，他們已經從 BEV、B-E-V 中獲利。而且隨著軟件更新，他們一直在創造利潤。這就是他們擁有的商業模式。

And also with adding renewable energies and looking at LCS, SAA, also reducing CO2, all these activities that they're doing, they are, for us, many points to learn from. But I'd also like to say that for Toyota as well, we have been taking measures to deal with the case areas. For the past 3 years, we have been making advanced investments in these areas. And in 2019, looking at the trend in the stock market, I think you will be able to see this reflected into the trend. For Toyota's stock price compared with other car companies, Toyota's shares -- or share price is making a different move -- starting to make a different move.

此外，隨著增加可再生能源和關注 LCS、SAA，以及減少二氧化碳，他們正在進行的所有這些活動，對我們來說，有很多值得學習的地方。但我也想說，對於豐田來說，我們一直在採取措施處理案件領域。在過去的 3 年中，我們一直在這些領域進行高級投資。而在2019年，看看股市的走勢，我想你會看到這一點反映在趨勢中。對於豐田的股價而言，與其他汽車公司相比，豐田的股票——或者說股價正在採取不同的行動——開始採取不同的行動。

In 2019, the press releases regarding CASE and the decisions that we made around CASE, in the companies that are working with the real industry, I think we have been making significant investments, and that has been acknowledged by the market.

在 2019 年，關於 CASE 的新聞稿以及我們圍繞 CASE 所做的決定，在與實體行業合作的公司中，我認為我們一直在進行重大投資，這已得到市場的認可。

In addition, we have established TRI and TRI-AD. And in these companies, the Arene software development is being worked on, and that will be the core to have our focus, not just on hardware but to employ the idea -- the approach of software first, and it will be realized utilizing the Arene that is being developed right now.

此外，我們還建立了TRI和TRI-AD。在這些公司中，Arene 軟件開發正在進行中，這將是我們關注的核心，不僅僅是硬件，而是採用這種理念——軟件優先的方法，它將利用 Arene 來實現現在正在開發中。

And so what we have and what Tesla doesn't have is the units in operation, more than 100 million vehicles out in the world, and this real world that we have in the business that we are in. So being -- without being hesitant to say this, Tesla's business, if I can say, is a business is like a -- you can use analogy of kitchen and a chef, I think. So the kitchen and the chef, they have not created a real business yet or a real world yet, but they're trying to trade the recipes. And the chef is saying that, "Well, our recipe is going to become the standard of the world in the future." I think that is the kind of business they have. But for Toyota, we have a kitchen, a real kitchen, and we all have a real chef, too, and we are creating real dishes. And there are the customers who are very picky about what they like to eat, and they are sitting in front of us and eating our dishes. So with all these people, we can say -- we see that the energy situation is different according to which region we talk about in the world. And also, we are holding the menu and the recipe, probably will be selected because we have the full menu lineup.

所以我們擁有和特斯拉沒有的是正在運營的單位，世界上超過 1 億輛汽車，以及我們在業務中擁有的真實世界。所以，毫不猶豫地存在這麼說，特斯拉的業務，如果我可以說，就像一個業務——你可以用廚房和廚師的類比，我想。所以廚房和廚師，他們還沒有創造出真正的生意或真正的世界，但他們正在嘗試交易食譜。廚師說，“好吧，我們的食譜將來會成為世界標準。”我認為這就是他們的業務。但是對於豐田來說，我們有一個廚房，一個真正的廚房，我們也都有一個真正的廚師，我們正在創造真正的菜餚。還有一些對自己喜歡吃的東西非常挑剔的顧客，他們坐在我們面前，吃著我們的菜。因此，對於所有這些人，我們可以說 - 我們看到能源狀況根據我們所談論的世界不同地區而有所不同。而且，我們拿著菜單和食譜，可能會被選中，因為我們有完整的菜單陣容。

And of course, in looking at the current share price, they are -- we are losing against their -- the evaluation as a share price. But we will always be watching and learning from them, and we will always be determined to be the electrification full lineup vehicle maker. And I think we will be one step ahead to be able to be selected from our customers because of the situation Toyota has.

當然，在查看當前股價時，他們 - 我們正在輸給他們 - 作為股價的評估。但我們會一直關注他們，向他們學習，我們將永遠立志做電動化全系列汽車製造商。而且我認為，由於豐田的情況，我們將領先一步能夠從我們的客戶中被選中。

And now for electrification strategy, I'd like Mr. Terashi to respond.

現在對於電氣化戰略，我希望 Terashi 先生做出回應。

[Interpreted] This is Terashi speaking. I'd like to talk a little bit about our electrification strategy. So Prime Minister Suga said that Japan is going to target becoming carbon neutral by 2050 -- at 2050. So this means, in other words, in 2050, in the mobility world, you need to have a zero-emission vehicle in order to achieve a 2050 carbon neutral Japan. So in this situation, in this environment, around the globe, the environmental regulations are becoming ever more tougher. Therefore, towards 2050, in order to achieve that target, various types of technologies will become important. For example, hydrogen. There are research in regions that have excess hydrogen supplies. Those regions should utilize the hydrogen. And then renewable energy. If they have a lot of electricity that can be created from renewable energy, then they can use that. So I think there's a lot of options according to the regions that we talk about.

[解釋] 這是寺師說的。我想談談我們的電氣化戰略。所以菅義偉首相說日本的目標是到 2050 年——到 2050 年實現碳中和。這意味著，換句話說，在 2050 年，在移動世界中，你需要擁有一輛零排放汽車才能實現2050 年碳中和日本。因此，在這種情況下，在這種環境下，在全球範圍內，環境法規變得越來越嚴格。因此，到 2050 年，為了實現這一目標，各種技術將變得重要。例如，氫氣。在氫氣供應過剩的地區進行了研究。這些地區應該利用氫氣。然後是可再生能源。如果他們有很多可以從可再生能源中產生的電力，那麼他們就可以使用這些電力。所以我認為根據我們討論的地區有很多選擇。

And like our President has just said, what -- who selects mobility? Who selects the cars? At the end, it's the customers. So whatever the regulation is, the customer will select what they want and we will be trying to achieve carbon neutral with what the customer selected.

就像我們的總統剛才所說的那樣，什麼——誰選擇了機動性？誰選擇汽車？最後，是客戶。因此，無論法規是什麼，客戶都會選擇他們想要的東西，我們將努力通過客戶選擇的東西來實現碳中和。

So from those 2 perspectives, we will need to advance our technology in order to achieve that target. We can't just look at 1 side of these 2. So we need to look at the region, the customer, the regulation level, also the environment of that region. All these factors will be a factor to select the type of mobility. And at that time, we want to be able to provide a mobility that customers can select from in each of those respective situations.

因此，從這兩個角度來看，我們將需要推進我們的技術以實現這一目標。我們不能只看這兩個方面的一方面。所以我們需要看地區、客戶、監管水平，還有那個地區的環境。所有這些因素都將成為選擇移動類型的一個因素。那時，我們希望能夠提供一種移動性，客戶可以在每種情況下進行選擇。

So we, as a full lineup maker, will be working on the fuel cell vehicle and also the electric vehicles -- electrified vehicles, too. But amongst the electrified vehicles, the most practical solution will be hybrid. Probably next will be plug-in hybrid. So having those multiple options. And every year, the distribution will be different on how much will be supplied. And at the end, we'll be achieving zero emission by utilizing all of these types of vehicles. And that, we want always to be of help and use of those people who are going to select. Thank you, Mr. [Nagatsuka].

因此，作為全系列製造商，我們將致力於燃料電池汽車以及電動汽車——電動汽車。但在電動汽車中，最實用的解決方案將是混合動力。可能下一個將是插電式混合動力車。所以有這些多種選擇。每年，供應量的分配都會有所不同。最後，我們將通過使用所有這些類型的車輛來實現零排放。而且，我們希望始終為那些將要選擇的人提供幫助和使用。謝謝你，[長塚]先生。

[Interpreted] Now let us move on the next question. From Chunichi Newspaper, Ms. Osada, please? (Operator Instructions)

[解釋] 現在讓我們繼續下一個問題。中日報社的長田女士，好嗎？ （操作員說明）

[Interpreted] Osada of Chunichi Newspaper. And in your presentation, you mentioned that -- and I was about to ask the question relating to that. It related to the Toyota's car making. You said -- talked about the importance of producing and selling each vehicle one by one. And at the same time, for people working for Toyota, they have grown stronger. You mentioned that in your presentation as well. Looking at the first half and the new car sales in Japan for fiscal year 2021, the -- amongst the top 10 best-selling vehicles, the Toyota-made cars are #6 models -- 6 models -- Toyota models are included amongst top 10. So even if you're able to produce those vehicles, but unless they are appealing and attractive, customers don't choose them. The fact that your cars are chosen by customers means that you have been able to deliver and provide attractive cars in a timely manner. That, I think, led to the recovery that you have achieved to date.

【翻譯】中日報社長田。在您的演講中，您提到了這一點——我正要問與此相關的問題。這與豐田的汽車製造有關。你說——談到了生產和銷售每一輛車的重要性。同時，對於為豐田工作的人來說，他們變得更強大了。你在演講中也提到了這一點。從上半年和 2021 財年日本的新車銷量來看，在前 10 名最暢銷的汽車中，豐田製造的汽車是第 6 款車型 - 6 款車型 - 豐田車型位居榜首10. 因此，即使您能夠生產這些車輛，但除非它們具有吸引力和吸引力，否則客戶不會選擇它們。客戶選擇您的汽車這一事實意味著您能夠及時交付和提供有吸引力的汽車。我認為，這導致了您迄今為止所取得的恢復。

In terms of the evolution of car making, has there been any important evolution -- or important factor in car making? Have -- is there anything that you have personally felt about the important factor in car making under the COVID-19 crisis?

就汽車製造的演變而言，汽車製造是否有任何重要的演變或重要因素？有 - 您個人對 COVID-19 危機下汽車製造的重要因素有什麼感受嗎？

And toward the last part of your presentation, you referred to Toyoda philosophy, and I just wanted to ask about that since this is a very good opportunity. Stemming from the Toyoda precepts, you referred to Toyoda philosophy which you propose as the company mission to produce happiness for all. Now why now? Why have you defined Toyoda's philosophy in this current context?

在你演講的最後一部分，你提到了豐田哲學，我只是想問一下，因為這是一個很好的機會。源於豐田戒律，您提到了豐田哲學，您提出的豐田哲學是為所有人創造幸福的公司使命。現在為什麼是現在？您為什麼要在當前背景下定義豐田章男的哲學？

Going back to Toyoda precepts, starting with Sakichi and after his passage. In order to achieve this automotive industry, to determine -- the determination, Kiichiro, the founding father of this company, compiled this Toyoda precepts. And stemming from that -- as a continuation from that, you announced and codified this Toyoda's philosophy now. So could you refer to the reason behind that?

回到豐田戒律，從佐吉開始，在他通過之後。為了實現這個汽車產業，為了下定決心——這家公司的創始人喜一郎，編撰了這個豐田戒律。源於此——作為此的延續，您現在宣布並編纂了豐田的哲學。那你能說說這背後的原因嗎？

[Interpreted] Thank you for your question. The -- it is the customers and market that determine whether a car is attractive and appealing. We are trying to produce those cars and make them appealing and make them attractive. But sometimes, some models are not regarded as such by customers. And therefore, the fact that we have introduced a large number of new models -- and that's how I analyzed the situation. One of the reasons relates to the establishment of so-called company system within Toyota. We produce and sell close to 10 million vehicles on a full line basis. But in the past, within TMC, we did have a system under which we called -- what is called a global master plan was used. What sort of model is produced to what sort of volume, and the different models were prioritized based upon global master plan. That's how we did our business. And under such plan, those cars that sell well and produce a large amount of profit receives a high priority. And some years ago, I don't exactly remember when, but we had decided to introduce the company system.

[解釋] 謝謝你的提問。 ——決定一輛車是否有吸引力和吸引力的是客戶和市場。我們正在努力生產這些汽車，使它們具有吸引力，並使它們具有吸引力。但有時，有些型號並不被客戶認為是這樣的。因此，我們引入了大量新模型這一事實——這就是我分析情況的方式。原因之一與豐田內部建立所謂的公司製度有關。我們全線生產和銷售近 1000 萬輛汽車。但過去，在 TMC 內部，我們確實有一個我們稱之為的系統——使用了所謂的全球總體規劃。什麼樣的模型生產到什麼樣的體積，不同的模型是根據全球總體規劃優先考慮的。這就是我們做生意的方式。而在這樣的計劃下，那些賣得好、產生大量利潤的汽車會得到優先考慮。幾年前，我不記得是什麼時候了，但我們決定引入公司製度。

And under the company system in Toyota Motor Corporation, each company would play a certain role as amongst the 10 million units. And each company will have the hardest efforts to make making so that vehicles produced in that company will become the most attractive and appealing so that they will be given higher platforms. Sometimes [it's based on] platform or the vehicles used for daily life or posters or Land Cruiser, which was not redesigned for over decades or centuries, another model. And for many decades, it didn't have any redesigns, and we didn't have a hybrid version for a century. So that's how we stood.

而在豐田汽車公司的公司製下，每家公司在1000萬輛汽車中都扮演著一定的角色。而每家公司都會盡最大的努力去製造，讓該公司生產的汽車成為最有吸引力、最吸引人的汽車，從而獲得更高的平台。有時[它基於]平台或用於日常生活的車輛或海報或陸地巡洋艦，幾十年或幾個世紀以來都沒有重新設計，另一種模型。幾十年來，它沒有任何重新設計，我們也有一個世紀沒有混合版本。所以我們就是這樣站著的。

And in that general context, we wanted to introduce a system where somebody within the company wanted to produce and sell a certain type of models. And that, I think, produced positive results.

在一般情況下，我們想引入一個系統，公司內部有人想生產和銷售某種類型的模型。我認為，這產生了積極的結果。

And in the most recent period, at the time of the great global financial crisis or Great East Japan earthquake, we wondered what we should be doing with different projects. And we applied the decelerating break at the time of the global financial crisis covering all the new projects we have decided to stop and discontinue those projects for months. But this time facing the crisis, instead of suppressing or discontinuing those activities, we simply tried to continue producing and continued doing business, especially in April and May when we were not able to operate plants -- in those plants. What happened with the different production plants? Once the COVID-19 crisis is over, the dealer starts selling. In months, we are able to restart the production of the vehicles. I'm sure there are many customers waiting to buy new models. And therefore, a maximum of 50 units per day needed to be added or increased in production. What do we do -- have to do now? And many workers at the front line thought what needs to be done at this point in order to add the production by 50 units per day. And in order to achieve that, the speed of a production line had to be shortened by 4 seconds because of Toyoda.

在最近的時期，在全球金融危機或東日本大地震的時候，我們想知道我們應該如何處理不同的項目。我們在全球金融危機期間應用了減速休息，涵蓋了我們決定停止和停止這些項目數月的所有新項目。但是這次面對危機，我們沒有壓製或停止這些活動，而是試圖繼續生產並繼續開展業務，尤其是在四月和五月，當我們無法在這些工廠運營工廠時。不同的生產工廠發生了什麼？一旦 COVID-19 危機結束，經銷商就會開始銷售。幾個月後，我們就能重新開始生產車輛。我敢肯定有很多客戶在等待購買新型號。因此，每天最多需要在生產中增加或增加 50 個單位。我們做什麼——現在必須做什麼？很多一線工人都在想，此時需要做些什麼，才能每天增加 50 台的產量。而為了實現這一點，生產線的速度不得不因為豐田而縮短了 4 秒。

It's not easy to shorten production line time by 4 seconds. Some can be done when the production line is stopped. If that is the case, the production lines operating in daytime or night, idle those lines or stop using that, a stoppage. Based upon assiduous efforts, they tried to achieve a 4-second shortening of the production line. And in doing so, if the production had to be increased all of a sudden, those increased production requirement was achieved without increasing people assigned to those production lines. So by doing so, without stopping any of the new projects, that allowed us to introduce new models, as have been planned initially.

將產線時間縮短4秒並非易事。有些可以在生產線停止時完成。如果是這種情況，白天或晚上運行的生產線，讓這些生產線閒置或停止使用，即停產。經過不懈的努力，他們力求將生產線縮短4秒。在這樣做的過程中，如果必須突然增加產量，則無需增加分配到這些生產線的人員就可以實現這些增加的生產要求。因此，通過這樣做，在不停止任何新項目的情況下，我們可以按照最初的計劃引入新模型。

And at the same time about your question on Toyoda philosophy, why now? Why did we decide to make a statutory framework for that? Actually, inside Toyota, when I have discussion with many employees, we talk about fight and fight. I think I've been using that word very often in my discussion. But at the same time, I say I shouldn't discuss in terms of confrontation context. So people asked, why -- who are you fighting against? And once, I was asked by one of the employees, why -- who are you fighting against? And I wondered, who am I fighting against? Myself.

同時關於你對豐田哲學的問題，為什麼是現在？為什麼我們決定為此制定一個法定框架？實際上，在豐田內部，當我和很多員工討論時，我們談論的是戰鬥和戰鬥。我想我在討論中經常使用這個詞。但同時，我說我不應該在對抗的背景下討論。所以人們問，為什麼——你在和誰作戰？有一次，其中一名員工問我，為什麼——你在和誰打架？我想知道，我在對抗誰？我。

And the person I'm fighting against was actually for the purpose of regaining what it is that makes Toyota, Toyota. And when I was thinking, what is really making Toyota, Toyota? And when -- I had that in mind and was faced with this COVID-19 crisis. And during that crisis time, I stayed in the training center of the group, and there were many historical documents and materials. And one of the employees found that cone that showed the Toyoda precepts. And I really thought that this must be the good thing for us to think about the philosophy. So based upon that conical shape, I established this Toyoda philosophy, adding a new vision and also new missions.

而我與之對抗的人實際上是為了重新獲得豐田，豐田的原因。當我在想，到底是什麼造就了豐田、豐田？什麼時候——我想到了這一點，並面臨著這場 COVID-19 危機。而那段危機時刻，我留在了集團的培訓中心，那裡有很多歷史文獻資料。其中一名員工發現了顯示豐田戒律的錐體。我真的認為這對我們思考哲學來說一定是件好事。所以基於那個圓錐形，我確立了豐田的哲學，增加了新的願景和新的使命。

But earlier, one of the members of the Corporate Auditing Board mentioned that Toyota thinks that its job is done so long as what is necessary is produced. We used to have Neanderthal and homo sapiens, but we now see the Neanderthal disappearing. Do you know the reason why the homo sapiens survived despite the fact that Neanderthal didn't survive? Neanderthal produced what they needed solidly. That's the sort of people they were. In the case of homo sapiens, in addition to that, they added beauty, enjoyment and those other aspects in addition to producing what is needed. And that's what one of the members of the [organization] said. So that's just to say based upon the vision or the drawings to describe what is needed. And even if we can reflect that in those visions, that doesn't ensure your survival. You also need beauty or aesthetics or enjoyment.

但早些時候，公司審計委員會的一名成員提到，豐田認為只要生產出必要的東西，它的工作就完成了。我們曾經有尼安德特人和智人，但我們現在看到尼安德特人正在消失。儘管尼安德特人沒有倖存下來，但您知道為什麼智人倖存下來的原因嗎？尼安德特人確實生產了他們需要的東西。他們就是這樣的人。就智人而言，除此之外，他們除了生產所需的東西外，還增加了美感、享受和其他方面。這就是[組織]的一位成員所說的。所以這只是根據願景或圖紙來描述需要什麼。即使我們可以在這些願景中反映出來，這也不能確保您的生存。您還需要美麗或美學或享受。

Going back to the issue of Toyota Production System, Toyota is not necessarily always after high efficiency. We always wanted to make things easier, and that is what I continue to say over the years. And according to that person and also listening to his advice, not just making things easier, I have decided to make things enjoyable. That is to say to introduce or add the element of homo sapiens. Of course, the ease and also the enjoyment use the same Chinese character. But last, enjoyment and also the like because these factors lead to people choosing our vehicles and allows us to survive over the years.

回到豐田生產方式的問題上，豐田並不一定總是追求高效率。我們一直想讓事情變得更容易，這就是我多年來一直在說的。根據那個人的說法，也聽取了他的建議，不僅僅是讓事情變得更容易，我決定讓事情變得愉快。即引入或添加智人的元素。當然，輕鬆和享受使用同一個漢字。但最後，享受等等，因為這些因素導致人們選擇我們的車輛並讓我們能夠生存多年。

So in that sense, that's one of the reasons why we have decided to create and -- in the statutory reform the Toyoda philosophy. But by creating this, we're able to invite those advice flowing into the company. So what is important is by having such vision, we can continue discussing what it is that makes Toyota, Toyota. And always, we have been able to reflect upon ourselves in response to inevitable changes. So it's very important to use that as the tool for doing this.

所以從這個意義上說，這就是我們決定在法定改革中創造豐田哲學的原因之一。但是通過創建這個，我們能夠邀請那些流入公司的建議。所以重要的是有了這樣的願景，我們可以繼續討論是什麼造就了豐田、豐田。而且，我們總是能夠反思自己以應對不可避免的變化。因此，將其用作執行此操作的工具非常重要。

In that sense, SDGs is very close to what factor that makes Toyota, Toyota. And comparing the 2, we'll make sure that we'll be able to be chosen by many partners and give them good credit as compared to the SDGs, and we'll continue to make efforts to that end. So I hope I can continue asking for your support going forward. I feel as if I'm speaking at the AGM. I have many -- major shareholders right in front of me so that somehow makes me to respond as if this is an AGM.

從這個意義上說，SDGs 非常接近於什麼因素造就了豐田、豐田。並且比較兩者，我們將確保我們能夠被許多合作夥伴選擇並與SDGs相比給予他們良好的信譽，我們將繼續為此努力。所以我希望我能繼續尋求你們的支持。我覺得我好像在年度股東大會上發言。我有很多——主要股東就在我面前，所以不知怎的，我的反應就好像這是一次年度股東大會。

[Interpreted] I'd like to go on to the next question. Mr. Yasuhisa Shimashita, please? (Operator Instructions)

[解釋] 我想繼續下一個問題。島下康久先生，好嗎？ （操作員說明）

[Interpreted] I'm a motor journalist. My name is Shimashita. So under COVID, your performance is quite good. And President Toyoda, you always say that you don't like to win. I don't like to lose. And I'm feeling how Toyota is becoming stronger. And my question is about the Mirai. The next-generation Mirai had a test drive recently. And very simply, I thought it was cool. That's my impression. And also, I was very impressed with the very good driving performance. And so 30,000 units and -- globally and more than 10,000 units India, Japan, and growing this Mirai volume is going to be a key for Toyota. And for the previous generation, I've used Mirai for 4 years. And from that experience, well, we heard a question about Tesla. But in the similar timing, these 2 vehicles coming out, Tesla, they point also Mirai. There were people around me also who's wondering which they should buy. And Tesla, they have been updating -- using those updating opportunities with new -- of new technologies, and Elon Musk was a strong character who appealed with strong messages. And -- but Mirai on the other hand didn't have that kind of strong message. But for Toyota, I think Mirai is important. The hydrogen society in the future is important. And what is the advantages, what is necessary for the future, that kind of message was not really heard easily from Toyota's side. And that's what the people around me were saying, and I felt that way, too.

[解釋] 我是一名汽車記者。我的名字是島下。所以在COVID下，你的表現相當不錯。還有豐田總裁，你總是說你不喜歡贏。我不喜歡輸。而且我感覺豐田正在變得越來越強大。我的問題是關於未來的。下一代 Mirai 最近進行了試駕。很簡單，我覺得這很酷。這就是我的印象。而且，非常好的駕駛性能給我留下了深刻的印象。因此，30,000 輛，全球以及超過 10,000 輛印度、日本和增長的 Mirai 銷量將成為豐田的關鍵。而對於上一代，我已經使用 Mirai 4 年了。從那次經歷中，我們聽到了一個關於特斯拉的問題。但在類似的時間點，這2輛車出來了，特斯拉，他們點的也是Mirai。我周圍也有人在想應該買哪個。而特斯拉，他們一直在更新——利用那些更新的機會——新技術，而埃隆馬斯克是一個強大的角色，他以強烈的信息吸引人。而且——但另一方面，Mirai 並沒有那種強烈的信息。但是對於豐田來說，我認為Mirai很重要。未來的氫能社會很重要。什麼是優勢，什麼是未來的必要條件，這種信息在豐田方面並不是很容易聽到的。這就是我周圍的人所說的，我也有這種感覺。

So for the people who like the advanced technologies, I think those people quite resonate with those messages and then they decide to make their purchase. So for the new-generation Mirai -- or if -- as you are going to be spreading out, popularizing the other CV, commercial vehicles, FCVs, -- sorry, excuse me, the fuel cell vehicles further, what is your idea in how you'll be doing that? Or any -- your plans about the fuel cell vehicles?

所以對於喜歡先進技術的人來說，我認為這些人對這些信息產生了共鳴，然後他們決定購買。因此，對於新一代 Mirai ——或者如果——你將要傳播，普及其他 CV、商用車、FCV，——對不起，對不起，燃料電池車更遠，你的想法是什麼？你會怎麼做？或者任何——你對燃料電池汽車的計劃？

[Interpreted] Well, rather than a massage, I think it's a story that we try to tell. So we want to introduce our vehicles with a story. We want our models to be understood together with the story that it brings. For us, when we launch a new vehicle, we talk about the new features. I think there's a tendency to focus on the new features in the past. But now what we want to focus on is by using or having this model, what kind of story will be brought to you? What kind of story that you will be able to participate in as the main character? I think that should be added to the explanation that we provide when we present a new model.

[解釋] 好吧，與其說是按摩，我認為這是一個我們試圖講述的故事。所以我們想用一個故事來介紹我們的車輛。我們希望我們的模型與它帶來的故事一起被理解。對我們來說，當我們推出新車時，我們會談論新功能。我認為過去有關注新功能的趨勢。但是現在我們要關注的是，通過使用或者擁有這個模型，會給你帶來什麼樣的故事呢？您將能夠作為主角參與什麼樣的故事？我認為這應該添加到我們在展示新模型時提供的解釋中。

And for the new-generation Mirai as well, it's not that just by launching the new Mirai, the FCV vehicles start to be seen on the road. It's not for pure EVs and also the FCVS. It always has to be thought together with the infrastructure. So it's not about which comes -- either comes first. What I always say is it's like the flower and the honeybee. So both needs the -- so you need both. Infrastructure in the vehicles is like the relationship between a flower and the honeybee. And now in the environment, we're seeing the wave of electrification with these -- around these 2. So that will be the trigger. And with that trigger, the electrification will be going on the direction of electrification. And as a full lineup maker, we want to provide the multiple options to the customers. That is what we are thinking. And I hope that, Mr. Shimashita, you will always be sharply looking at our -- what we do. And if you have any criticisms about our story, you should voice that any time. So we're looking forward to your very sharp comments.

而對於新一代的Mirai來說，不僅僅是推出了新的Mirai，FCV車輛也開始出現在路上。它不適用於純電動汽車和 FCVS。它總是必須與基礎設施一起考慮。所以這不是關於哪個來 - 要么先來。我總是說它就像花和蜜蜂。所以兩者都需要 - 所以你需要兩者。車輛中的基礎設施就像花和蜜蜂之間的關係。現在在環境中，我們看到了電氣化的浪潮——圍繞著這兩個。所以這將是觸發因素。有了這個觸發器，電氣化將朝著電氣化的方向發展。作為一個完整的陣容製造商，我們希望為客戶提供多種選擇。這就是我們的想法。我希望，Shimashita 先生，您將始終敏銳地審視我們的 - 我們所做的事情。如果您對我們的故事有任何批評，您應該隨時提出。因此，我們期待您的非常尖銳的評論。

So for those kinds of -- I hope that, that can be done in a continuous way. I think for -- to give a story, it's important to have a continuation. But give us those sharp comments with love, please. We want you to have -- with your loving emotion, please.

所以對於那些——我希望，這可以以連續的方式完成。我認為——為了講一個故事，有一個延續很重要。但是請用愛給我們那些尖銳的評論。我們希望你擁有——請帶著你的愛意。

[Interpreted] (Operator Instructions) Mr. Takayuki Yasui, please? (Operator Instructions)

[解釋]（操作員說明）Takayuki Yasui先生，好嗎？ （操作員說明）

[Interpreted] Yasui is my name. About Toyoda philosophy or the company that produces -- mass produces the vehicles for the market, that's very good to define your company as such. But the important thing is whether you can sustain that and if you can remain such a company for over a long period of time. Looking at the Japanese companies in the past -- of course, the founding spirit talks about very lucky ideals. But companies tend to change over the years, focusing on profit and thinking about revenue, numerous companies and such. And Toyota does have this Toyoda precepts, but there may have been some less emphasis placed on that. And I really think it's a very good thing that they have decided to have this Toyoda philosophy. But I don't know how long and until when you will continue to be in the current position. And you never know when Toyota's performance deteriorates in the future. So when those things happen, for this to be remain the unwavering value of the company, to make sure that, that is going to be the case, is it safe with having the current situation to make sure that the philosophy needs [to come]? Or if the environment changes or conditions change, do you think that things could change in the company? The values and focuses may change? Is that how you think? So you're still thinking what is further needed to ensure focusing on this Toyoda precepts, which leads onto the Toyota philosophy?

[解釋] 安井是我的名字。關於豐田理念或生產的公司——為市場批量生產車輛，這樣定義你的公司非常好。但重要的是你是否能維持這種狀態，以及你是否能在很長一段時間內保持這樣的公司。看看過去的日本公司——當然，創始精神談到了非常幸運的理想。但多年來，公司往往會發生變化，專注於利潤並考慮收入，眾多公司等等。豐田確實有豐田的這條戒律，但可能沒有那麼強調這一點。而且我真的認為他們決定採用這種豐田哲學是一件非常好的事情。但我不知道你會在現在的位置上持續多久，直到什麼時候。而且你永遠不知道未來豐田的業績何時會惡化。因此，當這些事情發生時，這仍然是公司堅定不移的價值，以確保，這將是這種情況，在目前的情況下確保哲學需要 [to come] 是否安全?或者如果環境發生變化或條件發生變化，您認為公司會發生變化嗎？價值觀和重點可能會改變嗎？你是這樣想的嗎？因此，您仍在考慮進一步需要什麼來確保關注豐田理念，從而引導豐田理念？

And one of the question which is addressed to Mr. Kobayashi -- and you now are called banto. And I saw a little smile -- light smile when you're called banto. What is the definition of banto, Mr. Kobayashi? And what is the role of banto? Or what is it that banto should never do? What is the view on that? Could you share your own thoughts on that? Sorry for asking 2 questions at a time.

還有一個是向小林先生提出的問題——你現在被稱為班托。我看到了一點微笑——當你被稱為班托時，微笑。 banto的定義是什麼，小林先生？班託的作用是什麼？或者班托永遠不應該做什麼？對此有何看法？您能分享一下您對此的看法嗎？很抱歉一次問了 2 個問題。

[ph]

[ph]

[Interpreted] So let us start with the answer on banto.

【解讀】那麼讓我們從關於banto的答案開始吧。

Kobayashi banto. Now banto -- actually, this is until fourth year of Showa, that is 1929, and it disappeared because of the change of the commercial code because it may be considered as segregation. And when I wanted to introduce banto and the HR people rejected that. I used to be presented as a boss, and both Kawai-san and myself seem to be a very difficult superior to present. Therefore, he didn't want to call us Executive Vice President. Because he's the president, he may be looking down on those, these 2 vice presidents. So we eliminated the system of EVPs. And once the EVP position was eliminated, our President started calling banto and oyaji. So this will be -- just be the system for my own generation.

小林班托。現在banto——實際上，直到昭和四年，也就是1929年，它因為商業代碼的變化而消失了，因為它可能被認為是隔離。當我想介紹班托時，人力資源部的人拒絕了。我曾經被當做老闆，而河合先生和我自己似乎都很難成為現在的上司。所以，他不想叫我們執行副總裁。因為他是總統，他可能會看不起這兩位副總統。因此，我們取消了 EVP 系統。一旦執行副總裁的職位被取消，我們的總統就開始打電話給班托和王爺。所以這將是——只是我這一代人的系統。

And banto's role is to help and assist the President and to convey the philosophy of President to employees in easy-to-understand manner. And whatever employees are thinking about, to make sure that those ideas of the employees are reflected and embodied in the strategy. And those, I think, are the most important role of a banto. So in that sense, I make sure when I have lunch -- whenever -- I make sure that I have lunch with executives or key employees.

而班託的作用是幫助和協助總裁，將總裁的理念以通俗易懂的方式傳達給員工。無論員工在想什麼，都要確保員工的這些想法在戰略中得到反映和體現。我認為，這些是班托最重要的角色。所以從這個意義上說，我確保我什麼時候吃午飯——無論何時——我都會確保我與高管或關鍵員工共進午餐。

And this leads to your first question. To have good and correct understanding of top executive is the key to ensuring good running of the company. That's most important. I joined Toyota Motor again at a high age. There are numerous people who are capable and with great ability, with great caliber. But whether you have the same structure as the top executive, your ideal is aligned with the top executive. Actually, the alignment of philosophy is very important. And I personally feel very strongly about that. I mean whether one is performing well or not is up to others to evaluate. But to have aligned [values] is different.

這就引出了你的第一個問題。對高層有良好和正確的認識，是保證公司良好運行的關鍵。這是最重要的。我在高齡時再次加入豐田汽車。有能力、有能力、有大才的人不計其數。但是，無論你的結構是否與高管相同，你的理想都與高管保持一致。實際上，哲學的對齊非常重要。我個人對此感覺非常強烈。我的意思是，一個人的表現是否好，取決於其他人的評價。但是對齊 [values] 是不同的。

So in that context, I wanted to convey and communicate what the President is thinking to younger employees or younger executives. So by doing so -- and you talked about the philosophy. And we said you may only be focused on the -- in the future, the companies tend to change. I referred to that in your question. But including younger members of the society, as the company itself has an in-depth understanding of that, that will ensure sustainable practice of this philosophy itself in the company.

因此，在這種情況下，我想向年輕員工或年輕高管傳達和傳達總統的想法。所以通過這樣做 - 你談到了哲學。我們說你可能只關注 - 在未來，公司往往會發生變化。我在你的問題中提到了這一點。但包括社會的年輕成員，由於公司本身對此有深入的了解，這將確保這一理念在公司本身的可持續實踐。

And actually in the past, we created many visions or philosophies. We had Toyota Way, codified, but none of that had really permeated throughout the company because once those are codified and printed and distributed to employees, that was the end of those, Toyota Way and other documents. But we wanted to use a new philosophy in a different manner, reconsidering our own happiness and what we should be doing. I mean Toyoda precept is the backbone, which reflect the thinking and the idea of the company. And we wanted to translate that Toyoda precept, which was written in the rather archaic Japanese into easier-to-understand Japanese. So in translating that, I -- the role that I play is very important.

實際上，在過去，我們創造了許多願景或理念。我們有豐田之道，編纂成文，但這些都沒有真正滲透到整個公司，因為一旦這些被編纂、印刷並分發給員工，那些豐田方式和其他文件就結束了。但是我們想以不同的方式使用一種新的哲學，重新考慮我們自己的幸福和我們應該做什麼。我的意思是豐田戒是骨幹，體現了公司的思想和理念。我們想把用相當古老的日語寫成的豐田訓令翻譯成更容易理解的日語。所以在翻譯時，我——我扮演的角色非常重要。

So in that sense, I reprimand and scold all the executives almost every day, and that raised my blood pressure significantly. The younger employees are -- have nothing to be blamed. But when I discuss those things with the employees, they think, "I now, for the first time, understand what the President had in mind." So I'm not quite sure I'm responding to Mr. Yasui's question, but that, I think, is the role of a banto.

所以從這個意義上說，我幾乎每天都在斥責和責罵所有的高管，這讓我的血壓明顯升高。年輕的員工——沒有什麼可責備的。但是當我與員工討論這些事情時，他們會想，“我現在，第一次明白了總統的想法。”所以我不太確定我是在回答安井先生的問題，但我認為那是班託的角色。

One of the point which relates to the Toyoda philosophy, this is not in gold. The philosophy is not in gold itself. It's only a starting point, in my view. As I mentioned earlier, to a certain extent, going forward, any conditions and environmental change and when those changes take place, for -- the next generation top executive may face difficult challenges and probably to have some guiding post when they find themselves in difficult situation. This Toyoda philosophy could serve a useful purpose. If it will be used in that manner, I think it'd be good.

與豐田哲學有關的要點之一，這不是黃金。哲學並不在於黃金本身。在我看來，這只是一個起點。正如我之前提到的，在一定程度上，未來任何條件和環境的變化以及這些變化何時發生，因為——下一代高管可能會面臨艱難的挑戰，並且可能會在他們遇到困難時獲得一些指導職位情況。這種豐田哲學可以起到一個有用的目的。如果它以這種方式使用，我認為它會很好。

And Mr. Yasui talked about focus on profit. I don't think it's wrong and it's a bad thing to pursue profit. Being a company means to make profit and pay tax. That, I think, is very important actually, and that's the best way to contribute to the society, in our view. So seeking only profit doesn't mean the company is wrong. The important thing is what that profit is used for. For whom the profit is going to be used? And having people have full understanding of the importance of for whom the profit will be used and how the profit will be used, to generate such people as many as possible is very important. It -- generally speaking, in the society, that -- making profit is something wrong. But a company not making profit cannot make any investment for its future and the future in general.

安井先生談到了對利潤的關注。我不認為這是錯誤的，追求利潤是一件壞事。成為一家公司意味著賺錢和納稅。我認為這實際上非常重要，在我們看來，這是為社會做出貢獻的最佳方式。因此，只求利潤並不意味著公司是錯誤的。重要的是這些利潤是用來做什麼的。利潤將用於誰？而讓人們充分了解利潤將用於誰以及如何使用的重要性，盡可能多地產生這樣的人是非常重要的。它——一般來說，在社會上——賺錢是不對的。但是一家沒有盈利的公司不能為自己的未來和整個未來進行任何投資。

When I became President, the condition was [faced]. The company was booking deficits. We were a loss-making company at the time. And when we are still making losses, we have to stop and put a brake on everything we had been engaged in. And in that general context, we went through that. And today, we find ourselves capable of making investment in the future (inaudible) secure with employees and we can shift to those works and jobs that people can fully enjoy.

當我成為總統時，情況[面臨]。該公司正在記賬赤字。當時我們是一家虧損的公司。當我們仍在虧損時，我們必須停下來，制止我們所做的一切。在一般情況下，我們經歷了這些。而今天，我們發現自己有能力對員工進行安全投資（聽不清），我們可以轉向人們可以充分享受的工作和工作。

Unless you're making profit, you won't be able to do all those. You will simply continue putting your foot on the brake pedal. So Mr. Yasui and all those stakeholders, I'd like to ask all of you not to criticize or put a brake on Toyota trying to save profit -- or making profit. But please question us what those profit are used for, for what purpose and what sort of determination and intention that we are making for those profits. You can be critical on that, but please look at us from that light.

除非你賺錢，否則你將無法做到所有這些。您只需繼續將腳放在製動踏板上。所以安井先生和所有這些利益相關者，我想請你們所有人不要批評或阻止豐田試圖節省利潤 - 或賺取利潤。但請質疑我們這些利潤用於什麼目的，以及我們為這些利潤做出什麼樣的決心和意圖。您可以對此持批評態度，但請從這個角度看待我們。

Faced with criticism or advice, we are willing to listen to those at all times. And over the long term, if we said that decision made at that time is not paying off and although everybody was against that decision made at that time, but looking back, that really represented the trading point, I would like to continue making decisions day in, day out. That -- the decision we make today could be looked at from that perspective. So I hope you'll continue to give us rather strict but also very encouraging support.

面對批評或建議，我們隨時願意傾聽。從長遠來看，如果我們說當時做出的決定沒有回報，雖然每個人都反對當時做出的決定，但回顧過去，這確實代表了交易點，我想繼續做決定在，一天出來。我們今天做出的決定可以從這個角度來看待。所以我希望你們繼續給予我們相當嚴格但也非常鼓舞人心的支持。

[Interpreted] Thank you very much, Mr. Yasui, for your question. With this, we would like to complete this financial results announcement. Thank you very much for your participation and your attention.

[翻譯] 非常感謝安井先生的提問。有了這個，我們想完成這份財務業績公告。非常感謝您的參與和關注。

[Portions of this transcript that are marked Interpreted were spoken by an interpreter present on the live call.]

[此成績單中標記為已口譯的部分由現場通話中的口譯員朗讀。]