During the April - June 2009 period, production volumes
|
The rate of decrease in production volume outside Japan in June 2009 was 14%, an...
Between April-June 2009, Honda, Nissan, and Suzuki each increased their production...
Vehicle exports from Japan continue to remain at extremely low levels, down 55.5%...
Toyota and Honda have revised upward their FY2009 sales volume forecast by 100,000 and...
Toyota, Honda, and Daihatsu see improved operating profit/loss forecasts for the first half of...
Japanese auto manufacturers have returned to profitability in North America and Asia in the...
Executive Summary
This report gives an outline of Japanese auto manufacturers' production volumes by region; and their April-June quarterly financial results.
Due to the continued low volume of vehicles being exported from Japan, the production volume in Japan for the April-June 2009 period for all companies combined decreased by 1,168,000 units overall (down 40.6%) when compared to that for the same period a year earlier.
Production volume outside Japan, which is mainly being supported by the auto manufacturers' Asian operations, declined 37% between January and March, 33.7% in April, 29.0% in May, and 14.1% in June, showing that the percentage of decline has been steadily improving each month. Taking a look at the number of units produced in Asia, excluding Japan, for the April-June 2009 period, we see that the production of Toyota, Honda, Nissan, Suzuki, and Mitsubishi Motors fell only 5.7% on average compared to the same period a year ago.
When looking at the volume of units sold between April and June 2009, we noted that the 10 Japanese auto manufacturers in total experienced a decrease of 1,772,000 units (down 32.3%) year-on-year, for a total of 3,707,000. For sake of comparison, they sold 5,478,000 units in the April-June period of 2008. As a group, their consolidated revenue fell 37.3% compared to the same period in 2008, and they ended up reporting a combined operating loss of 243.1 billion yen, which is in contrast to a combined operating profit of 801.6 billion yen in the same period in 2008.
Although they are still suffering from poor business results, the Japanese auto manufacturers saw some improvement in the April - June 2009 period compared to the January-March period. In addition, Toyota and Honda, which are currently enjoying strong sales of eco cars, revised their FY2009 sales volume forecasts upward by 100,000 and 85,000 units, respectively; and their forecasts for their full-year FY2009 operating profit upward by 100 billion yen and 60 billion yen, respectively. However, since they both revised their first-half-year results upward by 200 billion yen and 100 billion yen, respectively, they will fall short of the amounts for their second-half-year results that they initially had forecast.
Daihatsu also revised upward its operating profit forecast for the first half of FY2009, from 2 billion yen initially to 6 billion yen. However, Daihatsu has not changed its forecast for operating profit for the full year, which is still set at 17 billion yen, as it, like Toyota and Honda also, is taking a very cautious approach under the current business environment.
Production volume by region (Toyota, Honda, Nissan, Suzuki, and Mitsubishi Motors) |
|
| (1,000 units) | |
![]() |
|
Production volume by region (Toyota, Honda, Nissan, Suzuki, and Mitsubishi Motors) |
| (units) |
| 2007 | 2008 | Oct.-Dec. 2007 |
Jan.-Mar. 2008 |
Apr.-Jun. 2008 |
Jul.-Sep. 2008 |
Oct.-Dec. 2008 |
Jan.-Mar. 2009 |
Apr.-Jun. 2009 |
||
| Rate of change | ||||||||||
| Japan | 9,694,638 | 9,528,279 | 2,617,685 | 2,641,722 | 2,365,512 | 2,361,660 | 2,159,379 | 1,375,969 | 1,426,868 | -39.7% |
| North America |
4,017,363 | 3,581,464 | 996,096 | 989,369 | 978,531 | 870,398 | 743,173 | 497,128 | 615,354 | -37.1% |
| Europe | 1,821,195 | 1,693,316 | 474,254 | 505,527 | 472,443 | 406,811 | 308,514 | 225,186 | 256,780 | -45.6% |
| Asia | 3,437,803 | 3,681,589 | 903,880 | 956,782 | 930,091 | 922,334 | 872,445 | 801,992 | 876,952 | -5.7% |
| Others | 807,538 | 884,732 | 235,044 | 214,958 | 233,453 | 236,547 | 199,749 | 152,652 | 166,284 | -28.8% |
| Total | 19,779,537 | 19,369,380 | 5,226,959 | 5,308,358 | 4,980,030 | 4,798,750 | 4,282,260 | 3,052,927 | 3,342,238 | -32.9% |
| (Notes) 1. | The figures given for Honda, Nissan, and Mitsubishi Motors are based on information provided by each of the companies and are for vehicles sold under their own respective brands. The figures given for Toyota and Suzuki are based on the combined numbers of units produced according to their financial statements. |
| 2. | Nissan's figures for North America include Mexico. Nissan's figures for Asia only include China. Nissan's figures under "Other" include the production volumes in Asia, excluding China. |
| 3. | The figures given for each of the quarters are the totals for the respective three months based on preliminary monthly volume reports. Therefore, they don't match the total annual figures given by each auto manufacturer. |
| 4. | The total figures by region for 2007, July-September 2008, and October-December 2008 differ by 1,000 from the figures in the bottom row because Suzuki gave only approximate figures. |
The rate of decrease in production volume outside Japan in June 2009 was 14%, an improvement over the 37% drop seen in the January-March period
Between April-June 2009, the production volume in Japan of Japanese auto manufacturers decreased by 1,168,000 units compared to the same-period in 2008. Combined, the auto makers produced a total of 1,712,000 units, which is a 40.6% drop, resulting from the continued low volume of vehicles being exported from Japan.
The production volume outside Japan of eight Japanese passenger car manufacturers fell by 778,000 units (down 25.8%) for a total of 2,234,000 produced. However, the drop in percentage each month shows a steady improvement, as the numbers were down 33.7% in April, 29.0% in May, and 14.1% in June.
Figures for Japan:
|
| (units) |
| Domestic production |
Oversea production | Production total |
Domestic sales |
Export from Japan |
|||
| JAMA data | 8 company total |
||||||
| 2005 | 10,799,659 | 10,606,157 | 9,957,635 | 20,757,294 | 5,852,067 | 5,053,061 | |
| 2006 | 11,484,233 | 10,972,243 | 10,347,932 | 21,832,165 | 5,739,506 | 5,966,672 | |
| 2007 | 11,596,327 | 11,859,761 | 11,554,659 | 23,150,986 | 5,353,648 | 6,549,940 | |
| 2008 Rate of change |
11,575,644 -0.2% | 11,651,428 -1.8% | 11,335,259 -1.9% | 22,910,903 -1.0% | 5,082,235 -5.1% | 6,727,091 2.7% | |
| Jan.-Jun. | 2007 2008 2009 |
5,713,469 6,059,185 3,321,651 |
5,841,141 6,232,655 |
5,691,484 6,071,234 4,159,284 |
11,404,953 12,130,419 7,480,935 |
2,842,518 2,786,168 2,186,738 |
3,109,751 3,505,805 1,433,488 |
| Jul.-Sep. | 2007 2008 |
2,754,014 2,920,898 |
2,910,969 2,876,118 |
2,834,503 2,799,335 |
5,588,517 5,720,233 |
1,286,040 1,241,501 |
1,603,460 1,731,828 |
| Oct.-Dec. | 2007 2008 |
3,128,844 2,595,561 |
3,107,651 2,530,593 |
3,020,679 2,462,913 |
6,149,523 5,058,474 |
1,225,090 1,054,566 |
1,836,729 1,489,458 |
| Jan.-Mar. | 2008 2009 |
3,179,879 1,610,006 |
3,138,408 1,966,440 |
3,058,903 1,924,848 |
6,238,782 3,534,854 |
1,609,833 1,228,376 |
1,798,445 674,167 |
| Apr.-Jun. | 2008 2009 |
2,879,306 1,711,645 |
3,012,331 2,234,436 |
5,891,637 3,946,081 |
1,176,335 958,362 |
1,707,360 759,321 |
|
| April | 2008 2009 |
917,981 485,405 |
1,049,555 695,582 |
1,967,536 1,180,987 |
368,827 284,034 |
584,059 206,456 |
|
| May | 2008 2009 |
924,897 542,282 |
989,888 702,806 |
1,914,785 1,245,088 |
360,519 292,043 |
528,617 231,610 |
|
| June | 2008 2009 |
1,036,428 683,958 |
972,888 836,048 |
2,009,316 1,520,006 |
446,989 382,285 |
594,684 321,255 |
|
| Rate of change |
Jan.-Mar. | -49.4% | -37.1% | -43.3% | -23.7% | -62.5% | |
| Apr.-Jun. | -40.6% | -25.8% | -33.0% | -18.5% | -55.5% | ||
| Apr. | -47.1% | -33.7% | -40.0% | -23.0% | -64.7% | ||
| May | -41.4% | -29.0% | -35.0% | -19.0% | -56.2% | ||
| Jun. | -34.0% | -14.1% | -24.4% | -14.5% | -46.0% | ||
| (Notes) 1. | The above figures are provided by JAMA, except for the figures given for total production volume outside Japan by the eight companies. |
| 2. | The figures given for the total production volume outside Japan by the eight companies are from each company's respective press releases, and exclude truck production by four companies: Isuzu, Hino, Nissan Diesel, and Mitsubishi Fuso. Since the figures given for half-year and quarterly totals in the lower rows are based on monthly preliminary figures, they don't match the total annual figures given by each auto manufacturer. |
Between April-June 2009, Honda, Nissan, and Suzuki each increased their production volumes in Asia over the same period in 2008
In the April-June period of 2009, eight Japanese passenger car manufacturers' production volume decreased by a total of 1,852,000 units, or a 32.2% drop over the same period in 2008. A breakdown of the decrease shows that there was a drop in production volume in Japan by 1,074,000 units (down 39.2%) and a drop outside Japan by 778,000 units (down 25.8%). The total number of units produced between April and June by these eight companies amounted to 3,898,000 units, which is less than the 5,750,000 produced in the April-June period of 2008.
Although the business environment still remains very volatile, it has improved somewhat if you compare what the figures were for the first quarter (January-March) 2009. Between January and March, production volume fell by a total of 2,616,000 units (1,482,000 in Japan and 1,134,000 outside Japan). Taking a look at the April - June 2009 production volume, we found that the following companies reported same-period increases in certain regions compared to 2008 figures: Honda's production volume in China and other regions in Asia, Nissan's production volume in China, Suzuki's production volume in Asia, and Mitsubishi Motors' production volume in Europe and in other regions.
In addition, Honda resumed production in the UK in June 2009, after it halted production between February-May; and Mitsubishi Motors restarted production in Europe in May, after it halted production in March and April.
Japanese auto manufacturers' production volume, as announced by each auto manufacturer |
|
| (Notes) 1. | The figures are based on each auto manufacturer's press releases, except for those of Daihatsu and Hino, which are based on announcements made by Toyota. The figures for Isuzu, Nissan Diesel, and Mitsubishi Fuso are based on JAMA statistics. |
| 2. | Since the quarterly figures are based on monthly preliminary figures for the three months, they don't match the total annual figures given by each auto manufacturer. |
| 3. | The production volume given for Japan represents finished vehicles plus CKD, i.e., actual off-the-assembly-line figures. Production volume outside Japan represents, in principle, the volume of vehicles produced by each maker under its own brand, i.e., actual off-the-assembly-line figures (excluding CKDs) |
| 4. | Figures for production volume by region for Toyota (highlighted in light blue) include the combined production volume of Daihatsu and Hino, and are given as reference, with approximate figures for Central/South America, Oceania, and Africa. Those figures do not match the figures highlighted in green for Domestic, Overseas and Total. |
| 5. | Figures for production volume by region for Suzuki (highlighted in blue) include combined production volume and are given for reference and include vehicles produced on an OEM basis. Those figures do not match the figures highlighted in green for Domestic, Overseas and Total. |
| (units) | |
| 2007 | 2008 | Oct.-Dec. 2007 |
Jan.-Mar. 2008 |
Apr.-Jun. 2008 |
Jul.-Sep. 2008 |
Oct.-Dec. 2008 |
Jan.-Mar. 2009 |
Apr.-Jun. 2009 |
||
| Toyota | Domestic | 4,226,137 | 4,012,388 | 1,133,290 | 1,130,828 | 1,027,832 | 979,467 | 874,261 | 511,697 | 589,324 |
| Overseas | 4,308,553 | 4,198,430 | 1,129,054 | 1,140,405 | 1,164,543 | 997,531 | 894,417 | 653,043 | 784,963 | |
| Japan | 5,119,631 | 4,911,861 | 1,358,519 | 1,372,126 | 1,252,936 | 1,197,909 | 1,088,890 | 715,249 | 761,954 | |
| North America |
1,274,518 | 1,092,049 | 300,322 | 321,469 | 325,634 | 236,766 | 208,180 | 148,545 | 201,415 | |
| Europe | 701,110 | 580,440 | 182,684 | 187,035 | 168,095 | 126,483 | 98,827 | 88,107 | 92,691 | |
| Asia | 886,904 | 1,034,376 | 240,854 | 263,392 | 262,388 | 258,734 | 249,862 | 175,822 | 191,745 | |
| Central and South America |
152,000 | 152,000 | 40,000 | 31,000 | 40,000 | 44,000 | 37,000 | 30,000 | 34,000 | |
| Oceania | 149,000 | 140,000 | 39,000 | 33,000 | 38,000 | 38,000 | 31,000 | 22,000 | 19,000 | |
| Africa | 145,000 | 181,000 | 40,000 | 43,000 | 50,000 | 50,000 | 38,000 | 30,000 | 19,000 | |
| Total | 8,427,351 | 8,091,796 | 2,201,137 | 2,251,299 | 2,137,191 | 1,951,964 | 1,751,342 | 1,210,535 | 1,319,505 | |
| Total | 8,534,690 | 8,210,808 | 2,262,344 | 2,271,233 | 2,192,375 | 1,976,998 | 1,768,678 | 1,164,740 | 1,374,287 | |
| Honda | Domestic | 1,331,844 | 1,264,387 | 349,587 | 309,640 | 288,877 | 317,051 | 348,813 | 193,614 | 182,749 |
| Overseas | 2,579,969 | 2,692,994 | 675,815 | 709,220 | 679,754 | 681,095 | 622,902 | 442,151 | 501,587 | |
| North America |
1,432,731 | 1,421,427 | 357,769 | 379,980 | 363,536 | 352,316 | 325,602 | 209,579 | 247,397 | |
| (USA) | 1,015,462 | 987,169 | 251,536 | 268,893 | 249,836 | 243,375 | 225,072 | 139,523 | 172,174 | |
| Europe | 237,783 | 230,423 | 66,714 | 67,402 | 57,478 | 52,810 | 52,733 | 11,514 | 5,919 | |
| Asia | 778,612 | 858,537 | 210,882 | 215,963 | 210,293 | 229,002 | 203,249 | 186,277 | 211,515 | |
| (China) | 463,998 | 517,571 | 136,143 | 127,254 | 126,323 | 141,070 | 122,894 | 121,759 | 143,036 | |
| Others | 130,843 | 182,607 | 40,450 | 45,875 | 48,447 | 46,967 | 41,318 | 34,781 | 36,756 | |
| Total | 3,911,813 | 3,957,381 | 1,025,402 | 1,018,860 | 968,631 | 998,146 | 971,715 | 635,765 | 684,336 | |
| Nissan | Domestic | 1,179,080 | 1,293,082 | 350,858 | 395,867 | 317,943 | 331,855 | 247,417 | 153,272 | 191,619 |
| Overseas | 2,252,318 | 2,101,748 | 599,927 | 555,011 | 564,423 | 552,811 | 429,550 | 321,073 | 433,796 | |
| USA | 703,662 | 545,057 | 191,023 | 167,460 | 146,168 | 140,953 | 90,476 | 69,890 | 76,783 | |
| Mexico | 496,713 | 450,968 | 122,307 | 95,163 | 126,172 | 123,570 | 106,063 | 64,903 | 87,147 | |
| UK | 353,718 | 386,555 | 93,877 | 103,817 | 104,933 | 106,922 | 70,883 | 58,359 | 84,870 | |
| Spain | 222,914 | 157,237 | 56,971 | 56,998 | 50,942 | 36,608 | 12,668 | 8,272 | 15,026 | |
| China | 295,865 | 378,977 | 77,230 | 82,310 | 91,335 | 99,417 | 106,008 | 90,608 | 132,004 | |
| Others | 179,446 | 182,954 | 58,519 | 49,263 | 44,873 | 45,341 | 43,452 | 29,041 | 37,966 | |
| Total | 3,431,398 | 3,394,830 | 950,785 | 950,878 | 882,366 | 884,666 | 676,967 | 474,345 | 625,415 | |
| Suzuki | Domestic | 1,218,297 | 1,218,235 | 327,741 | 311,902 | 309,504 | 300,679 | 296,150 | 232,752 | 209,680 |
| Overseas | 1,377,882 | 1,405,553 | 352,300 | 393,165 | 373,223 | 337,766 | 300,224 | 342,625 | 353,907 | |
| Japan | 1,218,000 | 1,217,000 | 328,000 | 311,000 | 310,000 | 300,000 | 296,000 | 233,000 | 210,000 | |
| Europe | 239,000 | 285,000 | 59,000 | 72,000 | 79,000 | 74,000 | 60,000 | 47,000 | 46,000 | |
| North America |
31,000 | 13,000 | 7,000 | 6,000 | 4,000 | 2,000 | 1,000 | 0 | 0 | |
| Asia | 1,108,000 | 1,109,000 | 286,000 | 316,000 | 290,000 | 261,000 | 242,000 | 295,000 | 308,000 | |
| Total | 2,597,000 | 2,624,000 | 680,000 | 705,000 | 683,000 | 638,000 | 598,000 | 575,000 | 564,000 | |
| Total | 2,596,179 | 2,623,788 | 680,041 | 705,067 | 682,727 | 638,445 | 596,374 | 575,377 | 563,587 | |
| Mazda | Domestic | 995,511 | 1,078,690 | 281,211 | 293,507 | 272,533 | 287,267 | 225,062 | 114,265 | 165,793 |
| Overseas | 291,297 | 270,584 | 76,271 | 82,992 | 59,853 | 64,505 | 64,236 | 46,450 | 56,422 | |
| Total | 1,286,808 | 1,349,274 | 357,482 | 376,499 | 332,386 | 352,133 | 289,298 | 160,715 | 222,215 | |
| Mitsubishi Motors |
Domestic | 846,083 | 841,949 | 230,721 | 253,089 | 195,756 | 214,845 | 178,259 | 80,834 | 80,546 |
| Overseas | 565,892 | 459,424 | 138,914 | 129,232 | 113,086 | 111,129 | 105,977 | 76,448 | 68,436 | |
| Asia | 368,422 | 300,699 | 88,914 | 79,117 | 76,075 | 74,181 | 71,326 | 54,285 | 33,688 | |
| North America |
78,739 | 58,963 | 17,675 | 19,297 | 13,021 | 14,793 | 11,852 | 4,211 | 2,612 | |
| Europe | 66,670 | 53,661 | 15,008 | 18,275 | 11,995 | 9,988 | 13,403 | 11,934 | 12,274 | |
| Others | 52,061 | 46,101 | 17,317 | 12,543 | 11,995 | 12,167 | 9,396 | 6,018 | 19,862 | |
| Total | 1,411,975 | 1,301,373 | 369,635 | 382,321 | 308,842 | 325,974 | 284,236 | 157,282 | 148,982 | |
| Daihatsu | Domestic | 786,601 | 793,257 | 196,841 | 213,211 | 197,117 | 189,204 | 192,580 | 190,746 | 159,421 |
| Overseas | 69,570 | 114,945 | 19,009 | 24,563 | 30,036 | 32,676 | 27,670 | 27,055 | 25,054 | |
| Total | 856,171 | 908,202 | 215,850 | 237,774 | 227,153 | 221,880 | 220,250 | 217,801 | 184,475 | |
| Fuji Heavy Industries |
Domestic | 475,850 | 524,916 | 119,468 | 133,216 | 128,168 | 139,648 | 123,884 | 82,266 | 84,507 |
| Overseas | 109,178 | 91,581 | 29,389 | 24,315 | 27,413 | 21,822 | 17,937 | 16,003 | 10,271 | |
| Total | 585,028 | 616,497 | 148,857 | 157,531 | 155,581 | 161,470 | 141,821 | 98,269 | 94,778 | |
| 8 company total |
Domestic | 11,059,403 | 11,026,904 | 2,989,717 | 3,041,260 | 2,737,730 | 2,760,016 | 2,486,426 | 1,559,446 | 1,663,639 |
| Overseas | 11,554,659 | 11,335,259 | 3,020,679 | 3,058,903 | 3,012,331 | 2,799,335 | 2,462,913 | 1,924,848 | 2,234,436 | |
| Total | 22,614,062 | 22,362,163 | 6,010,396 | 6,100,163 | 5,750,061 | 5,559,712 | 4,949,339 | 3,484,294 | 3,898,075 | |
| Isuzu | Domestic | 240,287 | 253,913 | 59,024 | 65,017 | 67,276 | 73,547 | 48,073 | 23,628 | 19,625 |
| Hino | Domestic | 106,893 | 106,216 | 28,388 | 28,087 | 27,987 | 29,238 | 20,904 | 12,806 | 13,209 |
| Mitsubishi Fuso |
Domestic | 141,280 | 126,184 | 38,602 | 31,568 | 30,822 | 36,658 | 27,136 | 10,391 | 10,690 |
| Nissan Diesel |
Domestic | 45,993 | 47,960 | 12,465 | 13,200 | 12,705 | 13,377 | 8,678 | 3,570 | 4,373 |
| 12 company total |
Domestic | 11,593,856 | 11,561,177 | 3,128,196 | 3,179,132 | 2,876,520 | 2,912,836 | 2,591,217 | 1,609,841 | 1,711,536 |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Reference Material) FY2009 production volume forecasts by Toyota, Suzuki, Nissan, Mazda, and Fuji Heavy Industries |
| (units) |
| Toyota (non-consolidated) | Suzuki (consolidated production volume) | |||||||
| Japan | Overseas | Total | Japan | Europe | North America |
Other | Total | |
| 2007JFY | 4,264,000 | 4,424,000 | 8,688,000 | 1,219,000 | 252,000 | 28,000 | 1,138,000 | 2,637,000 |
| 2008JFY | 3,393,000 | 3,710,000 | 7,103,000 | 1,139,000 | 260,000 | 7,000 | 1,088,000 | 2,494,000 |
| 2009JFY Rate of change |
2,940,000 (453,000) |
3,360,000 (350,000) |
6,300,000 (803,000) |
953,000 (186,000) |
188,000 (72,000) |
0 (7,000) |
1,160,000 72,000 |
2,301,000 (193,000) |
| Sources: The figures above are based on the quarterly results for April-June 2009 that were released by Toyota and Suzuki. | |
| (Note) | The figures for FY2009 are based on forecasts made by each auto manufacturer. Toyota revised upward its forecast for vehicle sales in Japan for FY2009 by 100,000 units, to 2.02 million from its initial figure of 1.92 million. However, it has not changed the forecast for total production volume. |
| Nissan (Global production volume) | Mazda | Fuji Heavy Ind. (consolidated production volume) |
|||||||
| Japan | North America |
Europe | Other | Total | Japan | Japan | Overseas | Total | |
| 2007JFY | 1,263,000 | 1,151,000 | 594,000 | 650,000 | 3,658,000 | 1,047,000 | 490,000 | 109,000 | 599,000 |
| 2008JFY | 1,050,000 | 868,000 | 450,000 | 716,000 | 3,084,000 | 899,000 | 474,000 | 92,000 | 566,000 |
| 2009JFY Rate of change |
953,000 (97,000) |
792,000 (76,000) |
374,000 (76,000) |
831,000 115,000 |
2,950,000 (134,000) |
764,000 (135,000) |
404,000 (70,000) |
85,000 (7,000) |
490,000 (76,000) |
| Sources: | The figures for Mazda and Fuji Heavy Industries are based on materials given at the time they released their April-June 2009 financial results. The figures for Nissan are based on materials given on May 12, 2009, when the time the company released its FY2008 financial results. |
| (Note) | The figures for FY2009 are based on the forecasts given by each auto manufacturer. Mazda's production in Japan is on a consolidated basis. Nissan's figures for North America include Mexico. Nissan's global production volume includes vehicles produced at companies that Nissan accounts for under the equity method of accounting. |
Vehicle exports from Japan continue to remain at extremely low levels, down 55.5% (or 948,000 units) between April-June 2009 compared to same-period 2008 figures
Vehicle exports from Japan continue to remain at extremely low levels. Export volume for the January - March period was down 62.5% (or 1,124,000 units), and between the April-June period, it was down 55.5% (or 948,000 units) compared to same-period 2008 figures.
As a note, the following are forecasts given by some automakers on their FY2009 expected volume of exports. Toyota forecasts that its export volume will decline by 479,000 units, so it expects to export a total of 1.66 million, which is a drop of 22.4% in FY2009. Honda estimates that it will export 350,000 units, which is 272,000 less than it exported in FY2008, or a 43.7% drop. Suzuki expects exports will decrease by 140,000 units, only reaching a total of 191,000, which is a 42.3% drop.
The FY2009 export forecasts for these same three auto manufacturers hasn't changed from the figures they initially announced in May 2009, when they released their FY2008 financial results. In fact, Toyota and Suzuki have kept their initial forecasts intact when releasing their April - June 2009 quarterly results; while Honda didn't mention anything about its export forecast when it released its April-June 2009 financial results.
Exports from Japan by auto manufacturer and by destination, as released by each auto manufacturer |
|
| (Notes) 1. | The figures are based on each auto manufacturer's press releases, except for those of Daihatsu and Hino, which are based on announcements made by Toyota. The figures for Isuzu, Nissan Diesel, and Mitsubishi Fuso are based on JAMA statistics. |
| 2. | Since the quarterly figures are based on monthly preliminary figures for the three months, they don't match the total annual figures given by each auto manufacturer. |
| 3. | Toyota's figures for each region are approximate figures. The "Total" includes figures for "Other Regions". |
| (units) | |
| 2007 | 2008 | Oct.-Dec. 2007 |
Jan.-Mar. 2008 |
Apr.-Jun. 2008 |
Jul.-Sep. 2008 |
Oct.-Dec. 2008 |
Jan.-Mar. 2009 |
Apr.-Jun. 2009 |
||
| Toyota | North America |
1,244,100 | 1,124,200 | 350,000 | 321,000 | 310,000 | 273,000 | 268,000 | 77,000 | 131,000 |
| Europe | 441,500 | 420,300 | 103,000 | 116,000 | 117,000 | 108,000 | 80,000 | 46,000 | 58,000 | |
| Asia | 151,200 | 169,100 | 48,000 | 45,000 | 48,000 | 44,000 | 32,000 | 17,000 | 31,000 | |
| Central and South America |
178,900 | 146,400 | 33,000 | 25,000 | 26,000 | 25,000 | 22,000 | 6,000 | 5,000 | |
| Oceania | 175,200 | 184,200 | 49,000 | 52,000 | 51,000 | 44,000 | 38,000 | 27,000 | 34,000 | |
| Africa | 147,000 | 148,700 | 37,000 | 33,000 | 35,000 | 32,000 | 41,000 | 17,000 | 10,000 | |
| Middle East | 328,300 | 393,400 | 117,000 | 98,000 | 76,000 | 110,000 | 110,000 | 51,000 | 36,000 | |
| Total | 2,666,140 | 2,586,338 | 738,399 | 690,452 | 665,398 | 637,728 | 592,760 | 243,626 | 306,787 | |
| Honda | North America |
414,227 | 346,975 | 106,377 | 98,505 | 94,449 | 73,890 | 80,131 | 47,481 | 33,935 |
| (USA) | 390,486 | 323,751 | 103,318 | 94,258 | 89,781 | 67,249 | 72,463 | 41,885 | 31,829 | |
| Europe | 118,602 | 136,663 | 27,364 | 18,131 | 29,324 | 42,865 | 46,343 | 23,476 | 19,194 | |
| Asia | 29,578 | 37,887 | 9,538 | 11,469 | 9,219 | 9,843 | 7,356 | 3,730 | 1,789 | |
| Others | 144,642 | 128,783 | 39,518 | 33,419 | 26,534 | 34,570 | 34,260 | 10,090 | 5,141 | |
| Total | 707,049 | 650,308 | 182,797 | 161,524 | 159,526 | 161,168 | 168,090 | 84,777 | 60,059 | |
| Nissan | North America |
258,917 | 303,413 | 102,881 | 94,813 | 77,631 | 79,407 | 51,562 | 23,769 | 55,905 |
| Europe | 80,289 | 96,486 | 20,736 | 22,524 | 25,167 | 34,196 | 14,599 | 3,717 | 9,721 | |
| Others | 306,934 | 376,839 | 104,682 | 104,468 | 83,023 | 101,033 | 88,315 | 42,067 | 31,756 | |
| Total | 646,140 | 776,738 | 228,299 | 221,805 | 185,821 | 214,636 | 154,476 | 69,553 | 97,562 | |
| Suzuki | 406,838 | 393,101 | 106,183 | 108,531 | 104,303 | 110,008 | 70,259 | 51,900 | 43,639 | |
| Mazda | North America |
289,072 | 271,787 | 74,862 | 71,458 | 76,382 | 69,737 | 54,210 | 35,588 | 39,139 |
| Europe | 300,196 | 352,931 | 95,411 | 85,608 | 96,315 | 95,570 | 75,438 | 17,139 | 54,290 | |
| Oceania | 68,250 | 78,734 | 19,381 | 21,132 | 19,412 | 20,958 | 17,232 | 12,966 | 19,462 | |
| Others | 145,458 | 178,066 | 44,143 | 41,889 | 47,196 | 46,745 | 42,236 | 15,447 | 17,063 | |
| Total | 802,976 | 881,518 | 233,797 | 220,087 | 239,305 | 233,010 | 189,116 | 81,140 | 129,954 | |
| Mitsubishi Motors |
Asia | 40,323 | 41,587 | 12,278 | 12,577 | 12,438 | 8,710 | 7,862 | 4,411 | 5,844 |
| North America |
66,334 | 64,785 | 13,637 | 22,539 | 12,668 | 13,765 | 15,813 | 6,103 | 6,108 | |
| Europe | 221,308 | 264,791 | 51,693 | 84,911 | 69,619 | 66,039 | 44,204 | 14,858 | 4,988 | |
| Others | 244,347 | 233,678 | 69,592 | 65,136 | 55,147 | 60,664 | 52,749 | 18,041 | 18,875 | |
| Total | 572,312 | 604,841 | 147,200 | 185,163 | 149,872 | 149,178 | 120,628 | 43,413 | 35,815 | |
| Daihatsu | 153,742 | 129,759 | 40,615 | 39,417 | 38,357 | 31,639 | 22,881 | 8,455 | 12,160 | |
| Fuji Heavy industries |
250,514 | 326,492 | 60,271 | 80,830 | 74,487 | 88,779 | 83,354 | 52,851 | 46,492 | |
| 8 company total | 6,205,711 | 6,349,095 | 1,737,561 | 1,707,809 | 1,617,069 | 1,626,146 | 1,401,564 | 635,715 | 732,468 | |
| Isuzu | 168,638 | 194,233 | 46,160 | 47,077 | 46,234 | 56,891 | 44,031 | 20,907 | 10,978 | |
| Hino | 58,780 | 67,016 | 16,316 | 17,078 | 17,118 | 18,194 | 14,626 | 8,764 | 8,614 | |
| Nissan Diesel | 26,019 | 26,784 | 6,866 | 6,621 | 7,463 | 7,324 | 5,376 | 1,650 | 1,788 | |
| Mitsubishi Fuso | 90,694 | 89,963 | 26,911 | 22,071 | 20,755 | 23,276 | 23,861 | 7,140 | 5,440 | |
| 12 company total | 6,549,842 | 6,727,091 | 1,833,814 | 1,800,656 | 1,708,639 | 1,731,831 | 1,489,458 | 674,176 | 759,288 | |
Forecasts for FY2009 export volume from Japan by Toyota, Honda, and Suzuki |
| (units) |
| Toyota | Honda | Suzuki | ||||||||
| North America |
Europe | Asia | Central and South America |
Oceania | Africa |
Middle |
Total | |||
| 2007JFY | 1,304,000 | 427,000 | 164,000 | 119,000 | 187,000 | 142,000 | 359,000 | 2,708,000 | 758,000 | 415,000 |
| 2008JFY | 928,000 | 351,000 | 141,000 | 79,000 | 160,000 | 125,000 | 347,000 | 2,139,000 | 622,000 | 331,000 |
| 2009JFY Rate of change |
690,000 (238,000) |
340,000 (11,000) |
120,000 (21,000) |
40,000 (39,000) |
150,000 (10,000) |
80,000 (45,000) |
240,000 (107,000) |
1,660,000 (479,000) |
350,000 (272,000) |
191,000 (140,000) |
| (Note) | The figures for FY2009 are based on forecasts made by each auto manufacturer. Figures for Toyota and Suzuki are based on the figures they provided at the time they released their financial results for the April-June 2009 period. Figures for Honda are those the company provided at the time it released its FY2008 financial results. |
Number of units exported from Japan by destination (JAMA statistics) |
| (units) |
| Asia | Middle East |
Europe | North America |
Central America |
South America |
Africa | Oceania | Total | ||
| 2005 | 420,067 | 519,594 | 1,178,197 | 1,854,438 | 221,732 | 191,527 | 209,548 | 447,922 | 5,053,061 | |
| 2006 | 381,561 | 590,341 | 1,305,861 | 2,488,373 | 247,104 | 232,220 | 269,956 | 441,912 | 5,966,672 | |
| 2007 | 440,920 | 811,887 | 1,497,800 | 2,455,099 | 289,720 | 280,225 | 330,744 | 434,268 | 6,549,940 | |
| 2008 Rate of change |
525,081 19.1% | 952,749 17.3% | 1,589,054 6.1% | 2,318,254 -5.6% | 258,978 -10.6% | 258,922 -7.6% | 351,762 6.4% | 460,561 6.1% | 6,727,091 2.7% | |
| Oct.- Dec. |
2007 2008 |
132,538 108,994 |
275,462 256,327 |
379,420 317,835 |
672,301 502,682 |
88,409 63,000 |
71,042 51,695 |
90,782 91,407 |
124,577 94,289 |
1,836,729 1,489,458 |
| Rate of change | -17.8% | -6.9% | -16.2% | -25.2% | -28.7% | -27.2% | 0.7% | -24.3% | -18.9% | |
| Jan.- Mar. |
2008 2009 |
140,180 58,763 |
242,660 102,437 |
418,220 137,930 |
647,226 218,262 |
69,731 24,470 |
65,925 24,855 |
84,555 40,256 |
127,571 64,216 |
1,798,445 674,167 |
| Rate of change | -58.1% | -57.8% | -67.0% | -66.3% | -64.9% | -62.3% | -52.4% | -49.7% | -62.5% | |
| Apr.- Jun. |
2008 2009 |
143,594 83,446 |
191,545 57,760 |
418,183 171,454 |
608,061 297,454 |
62,386 19,392 |
68,217 18,021 |
89,938 25,527 |
122,708 84,584 |
1,707,360 759,321 |
| Rate of change | -41.9% | -69.8% | -59.0% | -51.1% | -68.9% | -73.6% | -71.6% | -31.1% | -55.5% | |
Source: JAMA News release 2009.7.30, etc.
(Note) The total includes "Other Exports".
Toyota and Honda have revised upward their FY2009 sales volume forecast by 100,000 and 85,000, respectively
In the April-June 2009 period, the consolidated sales volume of 10 Japanese auto manufacturers (excluding Mitsubishi Fuso and Nissan Diesel) decreased by 1,772,000 units compared to the same period a year earlier. This is a 32.3% drop. Their combined sales volume will be 3,707,000 units, in contrast to the 5,478,000 sold in the April-June 2008 period. Their combined gross revenue fell by 37.3%. They accumulated a combined operating loss of 243.1 billion yen, which is a drastic drop in financial performance compared to the 801.6 billion yen operating profit they recorded for April-June 2008.
Amid the harsh business environment, their results for the April - June period have somewhat improved, when compared to those posted in the January-March period of 2009. During the first quarter of 2009, the volume of units sold decreased by 2,187,000 and combined gross sales by 44.5%. This resulted in a combined operating loss of 1 trillion 298 billion yen. In addition, Toyota and Honda, which recently are seeing strong sales of eco-friendly cars, revised their FY2009 unit sales forecast upward; Toyota by 100,000 and Honda by 85,000. This revision, however, is for their sales forecasts in Japan, as they have not revised their sales forecasts for outside Japan.
Ten Japanese auto manufacturers' consolidated sales volume of vehicles |
| (1,000 units) |
| 2007 JFY |
2008 JFY |
2009JFY Plan | Oct.-Dec. | Jan.-Mar. | Apr.-Jun. | ||||||
| Original plan |
Revised plan |
2007 | 2008 | 2008 | 2009 | 2008 | 2009 | ||||
| Sales of four wheel vehicles |
Toyota | 8,913 | 7,567 | 6,500 | 6,600 | 2,281 | 1,838 | 2,331 | 1,479 | 2,187 | 1,401 |
| Honda | 3,925 | 3,517 | 3,210 | 3,295 | 991 | 940 | 1,051 | 680 | 962 | 766 | |
| Nissan | 3,698 | 3,138 | 2,807 | 928 | 689 | 1,092 | 676 | 845 | 593 | ||
| Suzuki | 2,406 | 2,306 | 2,190 | 592 | 511 | 666 | 611 | 635 | 493 | ||
| Mazda | 1,240 | 1,116 | 890 | 301 | 243 | 364 | 225 | 318 | 181 | ||
| Mitsubishi Motors | 1,337 | 1,011 | 836 | 319 | 254 | 357 | 173 | 287 | 129 | ||
| Daihatsu | 945 | 945 | 840 | 228 | 229 | 269 | 234 | 245 | 190 | ||
| Fuji Heavy industries | 597 | 555 | 508 | 145 | 141 | 180 | 132 | 128 | 100 | ||
| Isuzu | 509 | 401 | 275 | 110 | 104 | 178 | 54 | 117 | 44 | ||
| Hino | 112 | 99 | 79 | 28 | 23 | 32 | 19 | 27 | 16 | ||
| 10 companies total | 22,624 | 19,611 | 17,216 | 17,401 | 5,668 | 4,720 | 6,219 | 4,031 | 5,478 | 3,707 | |
| Domestic sales of four wheel vehicles |
Toyota | 2,188 | 1,945 | 1,920 | 2,020 | 541 | 465 | 641 | 464 | 513 | 407 |
| Honda | 615 | 556 | 555 | 635 | 145 | 135 | 191 | 141 | 128 | 128 | |
| Nissan | 684 | 576 | 576 | 142 | 116 | 225 | 157 | 146 | 109 | ||
| Suzuki | 673 | 665 | 655 | 152 | 153 | 206 | 192 | 184 | 150 | ||
| Mazda | 257 | 220 | 200 | 53 | 45 | 79 | 55 | 56 | 42 | ||
| Mitsubishi Motors | 214 | 164 | 193 | 52 | 40 | 67 | 43 | 35 | 30 | ||
| Daihatsu | 571 | 587 | 550 | 129 | 140 | 174 | 162 | 145 | 127 | ||
| Fuji Heavy industries | 209 | 179 | 160 | 45 | 37 | 65 | 48 | 43 | 33 | ||
| Isuzu | 74 | 58 | 49 | 16 | 12 | 20 | 13 | 14 | 7 | ||
| Hino | 46 | 35 | 29 | 11 | 8 | 13 | 7 | 9 | 4 | ||
| 10 companies total | 4,914 | 4,363 | 4,308 | 4,488 | 1,145 | 1,003 | 1,494 | 1,113 | 1,120 | 907 | |
| Overseas sales of four wheel vehicles |
Toyota | 6,725 | 5,622 | 4,580 | 1,740 | 1,373 | 1,690 | 1,015 | 1,674 | 994 | |
| Honda | 3,310 | 2,961 | 2,655 | 846 | 805 | 860 | 539 | 834 | 638 | ||
| Nissan | 3,013 | 2,562 | 2,231 | 787 | 573 | 867 | 520 | 699 | 483 | ||
| Suzuki | 1,732 | 1,641 | 1,535 | 440 | 358 | 459 | 419 | 450 | 343 | ||
| Mazda | 983 | 896 | 690 | 248 | 198 | 285 | 170 | 262 | 139 | ||
| Mitsubishi Motors | 1,123 | 847 | 643 | 267 | 214 | 290 | 130 | 252 | 99 | ||
| Daihatsu | 374 | 358 | 290 | 100 | 90 | 95 | 72 | 99 | 64 | ||
| Fuji Heavy industries | 388 | 377 | 348 | 100 | 104 | 115 | 84 | 85 | 67 | ||
| Isuzu | 435 | 343 | 226 | 94 | 92 | 157 | 41 | 103 | 37 | ||
| Hino | 66 | 64 | 50 | 17 | 16 | 19 | 11 | 19 | 12 | ||
| 10 companies total | 17,709 | 15,248 | 12,908 | 4,522 | 3,717 | 4,724 | 2,918 | 4,358 | 2,800 | ||
| (Notes) 1. | The 10 companies total does not include Daihatsu and Hino, which are already included in Toyota. |
| 2. | Suzuki's unit sales volume includes only Suzuki brand vehicles; however it includes Chevrolet vehicles in its sales volume in Japan. Its gross sales outside Japan for FY2007 include some estimated figures. |
| 3. | Nissan's FY2009 forecast is calculated by adding the expected increase/decrease in Nissan's planned FY2009 global sales volume to the FY2008 actual sales volume. The global sales volume includes vehicles shipped as assembly parts and assembled at facilities outside Japan that are accounted for under the equity method of accounting. |
| 4. | The FY2007 figure for Isuzu includes consolidated subsidiaries outside Japan, i.e., its eight subsidiaries in the ASEAN region that reported financial results that covered 15 months. If calculated on a 12-month basis, the figure would be 385,000 units. |
Toyota, Honda, and Daihatsu see improved operating prfit/loss forecasts for the first half of FY2009
Toyota and Honda revised their operating profit/loss forecasts for FY2009, announcing that they expect an improvement by 100 billion yen and 60 billion yen, respectively. Toyota announced that it expects its operating loss to improve from the initial 850 billion yen to 750 billion yen. Honda revised its initial forecast on operating profit, indicating an expected improvement from the initial 10 billion yen to 70 billion yen.
However, since Toyota and Honda revised their forecasts for their FY2009 first half results upward by 200 billion yen and 100 billion yen, respectively, they will fall short of their initial forecasts for their FY2009 second-half results. In addition, Daihatsu revised its operating profit forecast for the first half of 2009 upward from the initial 2 billion yen to 6 billion yen, and yet it has not changed its full financial year forecast of 17 billion yen. All three auto manufactures are taking very cautious approaches to the very volatile business environment.
Ten Japanese auto manufacturers' consolidated sales and operating profit/(loss) |
| (100 millions of Yen) |
| 2007 JFY |
2008 JFY |
2009JFY Plan | Jan.-Mar. | Apr.-Jun. | |||||||
| Full year | 1st half | 2008 | 2009 | 2008 | 2009 | ||||||
| Original plan |
Revised plan |
Original plan |
Revised plan |
||||||||
| Sales | Toyota | 262,892 | 205,296 | 165,000 | 168,000 | 76,000 | 78,000 | 65,671 | 35,363 | 62,151 | 38,361 |
| Honda | 120,028 | 100,112 | 83,700 | 82,800 | 39,500 | 39,200 | 30,556 | 17,839 | 28,672 | 20,022 | |
| Nissan | 108,242 | 84,370 | 69,500 | 29,896 | 17,512 | 23,473 | 15,148 | ||||
| Suzuki | 35,024 | 30,049 | 23,000 | 11,000 | 9,237 | 6,702 | 9,104 | 5,771 | |||
| Mazda | 34,758 | 25,359 | 20,300 | 9,300 | 9,695 | 4,480 | 7,718 | 4,282 | |||
| Mitsubishi Motors |
26,821 | 19,736 | 15,000 | 6,000 | 7,348 | 3,154 | 6,101 | 2,591 | |||
| Daihatsu | 17,026 | 16,314 | 14,000 | 6,500 | 6,600 | 4,823 | 3,842 | 4,459 | 3,557 | ||
| Fuji Heavy industries |
15,723 | 14,458 | 13,200 | 6,240 | 4,670 | 3,391 | 3,411 | 2,713 | |||
| Isuzu | 19,248 | 14,247 | 10,800 | 4,800 | 6,204 | 2,246 | 4,152 | 1,874 | |||
| Hino | 13,686 | 10,695 | 9,000 | 3,600 | 3,658 | 1,867 | 3,189 | 1,655 | |||
| 10 companies total |
622,738 | 493,626 | 400,500 | 402,600 | 163,277 | 90,687 | 144,782 | 90,763 | |||
| Operating profit |
Toyota | 22,704 | (4,610) | (8,500) | (7,500) | (6,000) | (4,000) | 3,967 | (6,825) | 4,126 | (1,949) |
| Honda | 9,531 | 1,896 | 100 | 700 | (1,100) | (100) | 1,688 | (2,830) | 2,105 | 252 | |
| Nissan | 7,908 | (1,379) | (1,000) | 2,117 | (2,304) | 799 | 116 | ||||
| Suzuki | 1,494 | 769 | 100 | 0 | 324 | 104 | 338 | 69 | |||
| Mazda | 1,621 | (284) | (500) | (600) | 538 | (649) | 283 | (280) | |||
| Mitsubishi Motors |
1,086 | 39 | 300 | (350) | 566 | (160) | 99 | (296) | |||
| Daihatsu | 652 | 382 | 170 | 20 | 60 | 261 | 61 | 185 | 50 | ||
| Fuji Heavy industries |
457 | (58) | (350) | (340) | 91 | (157) | 65 | (197) | |||
| Isuzu | 1,096 | 217 | (180) | (290) | 332 | (159) | 203 | (146) | |||
| Hino | 459 | (194) | (150) | (250) | 87 | (150) | 74 | (188) | |||
| 10 companies total |
45,897 | (3,410) | (10,030) | (8,430) | 9,623 | (12,980) | 8,016 | (2,431) | |||
| FOREX Rates: Yen to US Dollar |
114 | 101 | 94 | 93 | 106 | 93 | 105 | 97 | |||
| FOREX Rates: Yen to Euro |
162 | 144 | 122 | 123 | 158 | 122 | 162 | 133 | |||
| (Notes) 1. | The 10 companies do not include Daihatsu and Hino, which are already included under Toyota. |
| 2. | The currency exchange rate used is a simple average of the rates used by each auto manufacturer. When one auto maker used several rates, then the rates used here is the one the auto maker used for calculating gross revenue. |
Japanese auto manufacturers have returned to profitability in North America and Asia in the April-June 2009 period
When we look at consolidated sales and operating profit based on data for each individual region, we see that under "Other Regions", which includes Asia where the decrease in production volume has been growing smaller, Japanese auto manufacturers have in fact returned to operating at a profit in the April-June 2009 period, after having operated at a loss between January and March.
In North America, where Japanese auto manufacturers adjusted their inventory levels, they returned to profitability in the April-June 2009 period. Honda posted an operating profit of 7.2 billion yen for the term, compared to posting an operating loss of 107.5 billion yen in the January - March period. Nissan went from a 38.2 billion yen operating loss in the January-March 2009 period, to a 35.2 billion yen profit in the April - June period. Toyota also has improved its operating loss, narrowing down its 177 billion yen loss in the first quarter to 36.4 billion yen in the second quarter of 2009.
Seven Japanese auto manufacturers' sales and operating profit by region |
| (100 millions of Yen) |
| External Sales | Operating Profit | ||||||||||
| Japan | North America |
Europe | Others | Consoli- dated |
Japan | North America |
Europe | Others | Consoli- dated |
||
| 2005JFY | 166,400 | 192,074 | 67,147 | 70,739 | 496,359 | 20,444 | 12,557 | 2,141 | 4,595 | 39,215 | |
| 2006JFY | 170,449 | 217,437 | 86,971 | 81,270 | 556,127 | 21,859 | 12,985 | 3,073 | 4,845 | 42,471 | |
| 2007JFY | 179,620 | 221,210 | 97,127 | 105,533 | 603,490 | 22,192 | 10,493 | 3,654 | 8,268 | 44,801 | |
| 2008JFY | 160,468 | 152,687 | 70,680 | 95,545 | 479,379 | (6,746) | (3,814) | (1,430) | 6,501 | (3,626) | |
| Oct.-Dec. | 2007 2008 |
44,662 38,964 |
56,757 34,489 |
23,503 14,690 |
27,631 22,722 |
152,553 110,865 |
6,355 (3,941) |
3,007 (2,082) |
713 (479) |
2,375 1,715 |
12,142 (3,896) |
| Jan.-Mar. | 2008 2009 |
51,374 34,437 |
52,573 23,837 |
25,966 13,133 |
27,159 17,033 |
157,073 88,441 |
4,393 (8,551) |
1,069 (3,507) |
1,362 (1,668) |
1,926 (23) |
9,290 (12,821) |
| Apr.-Jun. | 2008 2009 |
42,539 29,214 |
48,523 29,326 |
21,926 12,092 |
27,642 18,257 |
140,630 88,889 |
3,290 (3,304) |
1,723 267 |
465 (132) |
2,332 859 |
7,814 (2,285) |
| (Notes) 1. | The seven auto manufacturers are Toyota, Nissan, Honda, Mazda, Mitsubishi Motors, Fuji Heavy Industries, and Suzuki. Daihatsu and Hino are included in Toyota. |
| 2. | The figures are based on consolidated reporting data for each individual region. The regional totals for operating profit and the consolidated totals do not match because the 'Elimination and Corporation' item for making adjustments was omitted. |
| 3. | The total is the simple sums of the figures provided, as no adjustments were made to account for subtle differences in regional make up, which is decided by each auto manufacturer. |
















