Japanese OEMs aim for record high sales in FY2013
Weaker yen and a strong US market are key to reaching 24.8 million unit sales target
2013/06/10
- Summary
- The Japanese OEMs plan to renew consolidated automobile record sales for second consecutive year with 24.83 million units
- Revenues: Nissan, Honda, Daihatsu, FHI and Hino plan to refresh their records
- Operating profit targets to total JPY 3.9 trillion with assumed exchange rate of 92.3 yen to U.S. dollar
- Factors of increased operating profit plans: JPY 1.1 trillion exchange rate fluctuations, JPY 400 billion sales fluctuations and JPY 400 billion cost reduction
- Nissan, Honda, Suzuki, Mazda, Isuzu and Hino plan record high investments in facilities and R&D
- Production Forecast by LMC Automotive: Japanese light vehicle production forecast by make
Summary
With correction of the yen appreciation, recovering Japanese economy, improved US market and increased sales in Asia, Japanese OEMs plan to achieve the record high sales and profits in FY2013. They will also make the largest investment in history in facilities and R&D, aiming for future growth.
The ten Japanese OEMs plan to renew the record sales for the second year with a total of 24.83 millions automobiles in FY2013, up 6.2% year-on-year basis. In North America, the seven Japanese passenger car OEMs plan a total sales of 7.0 million units, up 6.7% y/y and in Asia and other regions, they plan to increase the combined sales to 10.7 million units, up 8.9% y/y. The Japanese OEMs, except for Mazda and Mitsubishi, aim to break their records. Toyota Group plans to exceed the 10 million units mark with 10.10 million units.
The ten OEMs' combined target for the FY2013 consolidated revenues is JPY 57.5 trillion, up 11.1% y/y, approximately JPY five trillion less than the record high of 62.3 trillion JPY, down 8%. Nissan, Honda, Daihatsu, FHI and Hino aim to break their records.
Each Japanese OEM plans to increase profit in FY2013 and the total operating profit of the ten OEMs is projected to increase by 34.9% y/y to JPY 3.92 trillion, approximately JPY 600 billion less than the record profit achieved in FY2007.
The average assumed exchange rate of the Japanese OEMs is JPY 92.3 to the U.S. dollar, 10 yen lower than the previous year's, which is expected to raise the combined operating profit to 1,071.9 billion yen. As of the end of May 2013, the exchange rate hovers around JPY 101 to the dollar. If the rate stays at this level, it is highly likely that the business results outlook will be revised upward.
According to LMC Automotive Forecast in April 2013, Japanese light vehicle sales in 2013 will fall by only a small amount to just under 5.2 million units. The global research company has been raising its Japanese sales forecast every month, starting from 4.7 million units estimated for January. LMC Automotive points out as follows : "LMC also notes that risks to the forecast are currently on the upside - the market may outperform expectations. In Japan, sales continue to be buoyed by the rising expectation that the "Abenomics" will lift the economy out of two decades of stagnation. The selling rate (SAAR) averaged a solid 5.2 million units in Q1 2013. Sales are projected to surge higher ahead of the scheduled consumption tax hike in April 2014."
Japanese OEMs' FY2012 outlooks (figures in shaded cells represent record high)
Automobile sales volume (1,000 units) | Consolidated revenue (100 million yen) | Operating profit (100 million yen) | Exchange rate of yen to dollar | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
FY2012 Results | FY2013 Plan | (Reference) FY2007 results | FY2012 Results | FY2013 Plan | (Reference) FY2007 results | FY2012 Results | FY2013 Plan | (Reference) FY2007 results | FY 2013 Plan | Sensi- tivity (100 million yen) | |
Toyota | 8,871 | 9,100 | 8,913 | 220,641 | 235,000 | 262,892 | 13,208 | 18,000 | 22,704 | 90 | 400 |
Nissan | 4,533 | 4,889 | 3,698 | 96,296 | 103,700 | 108,242 | 5,235 | 6,100 | 7,908 | 95.0 | 150 |
Honda | 4,014 | 4,430 | 3,925 | 98,779 | 121,000 | 120,028 | 5,448 | 7,800 | 9,531 | 95 | 140 |
Suzuki | 2,660 | 2,803 | 2,406 | 25,783 | 28,000 | 35,024 | 1,446 | 1,500 | 1,494 | 90 | 40 |
Mazda | 1,053 | 1,120 | 1,240 | 22,053 | 24,800 | 34,758 | 539 | 1,200 | 1,621 | 90 | 25 |
Mitsubishi | 987 | 1,169 | 1,337 | 18,151 | 22,700 | 26,821 | 674 | 1,000 | 1,086 | 95 | 20 |
Daihatsu | 983 | 1,026 | 945 | 17,649 | 18,000 | 17,026 | 1,330 | 1,350 | 652 | 93 | 12-14 |
FHI | 724 | 752 | 597 | 19,130 | 20,500 | 15,723 | 1,204 | 1,800 | 457 | 90 | 75 |
Isuzu | 534 | 567 | 509 | 16,556 | 19,200 | 19,248 | 1,308 | 1,800 | 1,096 | 95 | N/A |
Hino | 155 | 175 | 112 | 15,414 | 16,200 | 13,686 | 651 | 850 | 459 | 90 | N/A |
Total | 23,376 | 24,830 | 22,625 | 517,389 | 574,900 | 622,736 | 29,062 | 39,200 | 45,897 | 92.3 | N/A |
Source: OEMs' financial flash reports and earnings announcements
(Note) "Total" does not include the consolidated data of Daihatsu and Hino to avoid overlaps with Toyota.
Related report: | Japanese OEM global production marks a record high in 2012 (April, 2013) New vehicle sales in Japan expected to drop by 11.7% in 2013 (February, 2013) |
The Japanese OEMs plan to renew consolidated automobile record sales for second consecutive year with 24.83 million units
The ten Japanese OEMs plan to sell a total of 24.83 million automobiles on a consolidated basis in FY2013, up 6.2% from the FY 2012 results, renewing the record for the second straight year. Although the government's new car purchase subsidies ended in Japan, they plan a total of 4.832 million consolidated unit sales in Japan, only 0.3% drop from the previous year, thanks partly to upturn in economy. For the FY2013 consolidated unit sales overseas, their plans total approx. 20 million units, up 7.9% y/y.
Looking at the OEMs respectively, those except for Mazda and Mitsubishi aim to break their records. Toyota plans to sell 9.1 million units on a consolidated basis and to exceed the 10 million units mark with 10.10 million units as the Toyota Group including its non-consolidated Chinese JV. Both Honda and Mitsubishi plan a great increase in sales, 10.4% y/y (4.43 million units) and 18.4% y/y (1.17 million units) respectively with emphasis on Japanese and Asian markets.
By region, the seven Japanese passenger car OEMs plan a total sales of 6.983 million units, up 6.7% y/y, in North America, the same seven million units' level as prior to the economic crisis. In Asia and other regions, they plan to increase the sales to 10.695 million units in total, up 8.9% y/y.
The ten OEMs' FY2012 total sales greatly increased to 23.376 million units, up 14.0% y/y, the record high exceeding the result prior to the economic crisis in FY2007. Sales expanded in Japan due to the government subsidies as well as in North America and Asia excluding China. Seven OEMs renewed their records: Nissan for the third consecutive year, Hino for the second consecutive year, and Honda, Suzuki, Daihatsu, FHI, and Isuzu.
Ten Japanese OEMs' consolidated unit sales of automobiles |
(1,000 units) |
FY2007 | FY2008 | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 Plan | ||
---|---|---|---|---|---|---|---|---|
Sales volumes of automobiles Sales | Toyota | 8,913 | 7,567 | 7,237 | 7,308 | 7,352 | 8,871 | 9,100 |
Nissan | 3,698 | 3,138 | 3,159 | 3,888 | 4,456 | 4,533 | 4,889 | |
Honda | 3,925 | 3,517 | 3,392 | 3,512 | 3,108 | 4,014 | 4,430 | |
Suzuki | 2,406 | 2,306 | 2,350 | 2,643 | 2,560 | 2,660 | 2,803 | |
Mazda | 1,240 | 1,116 | 963 | 1,100 | 1,016 | 1,053 | 1,120 | |
Mitsubishi | 1,337 | 1,011 | 805 | 987 | 1,001 | 987 | 1,169 | |
Daihatsu | 945 | 945 | 869 | 893 | 940 | 983 | 1,026 | |
FHI | 597 | 555 | 563 | 657 | 640 | 724 | 752 | |
Isuzu | 509 | 401 | 288 | 408 | 381 | 534 | 567 | |
Hino | 112 | 99 | 83 | 113 | 129 | 155 | 175 | |
Total | 22,624 | 19,611 | 18,757 | 20,503 | 20,514 | 23,376 | 24,830 | |
Japan | Toyota | 2,188 | 1,945 | 2,163 | 1,913 | 2,071 | 2,279 | 2,120 |
Nissan | 684 | 576 | 599 | 573 | 639 | 620 | 632 | |
Honda | 615 | 556 | 646 | 582 | 588 | 692 | 825 | |
Suzuki | 673 | 665 | 622 | 588 | 596 | 672 | 660 | |
Mazda | 257 | 220 | 219 | 206 | 226 | 226 | 228 | |
Mitsubishi | 214 | 164 | 170 | 164 | 152 | 134 | 148 | |
Daihatsu | 571 | 587 | 568 | 527 | 563 | 602 | 586 | |
FHI | 209 | 179 | 171 | 158 | 172 | 163 | 156 | |
Isuzu | 74 | 58 | 42 | 47 | 54 | 63 | 63 | |
Hino | 46 | 35 | 27 | 30 | 37 | 44 | 45 | |
Total | 4,914 | 4,363 | 4,632 | 4,231 | 4,498 | 4,849 | 4,832 | |
Oversea | Toyota | 6,725 | 5,622 | 5,074 | 5,395 | 5,281 | 6,592 | 6,980 |
Nissan | 3,013 | 2,562 | 2,560 | 3,315 | 3,817 | 3,913 | 4,257 | |
Honda | 3,310 | 2,961 | 2,746 | 2,930 | 2,520 | 3,322 | 3,605 | |
Suzuki | 1,732 | 1,641 | 1,729 | 2,053 | 1,964 | 1,989 | 2,143 | |
Mazda | 983 | 896 | 744 | 894 | 790 | 827 | 892 | |
Mitsubishi | 1,123 | 847 | 635 | 823 | 849 | 853 | 1,021 | |
Daihatsu | 374 | 358 | 301 | 366 | 377 | 381 | 440 | |
FHI | 388 | 377 | 392 | 499 | 468 | 561 | 596 | |
Isuzu | 435 | 343 | 246 | 361 | 327 | 471 | 504 | |
Hino | 66 | 64 | 56 | 83 | 92 | 111 | 130 | |
Total | 17,709 | 15,248 | 14,126 | 16,270 | 16,016 | 18,528 | 19,998 |
Source: OEMs' financial flash reports and earnings announcements | |
(Note) 1. | Daimler's subsidiary, Mitsubishi Fuso, and Volvo's subsidiary, UD Trucks, did not disclose their business results. |
2. | Toyota and Honda follow the U.S. Generally Accepted Accounting Principles. Mitsubishi represents Mitsubishi Motors. |
3. | The ten OEMs' total does not include the consolidated data of Daihatsu and Hino to avoid overlaps with Toyota. Consolidated unit sales include components for production. |
4. | Toyota plans to achieve 10.10 million total group unit sales for FY2013 including the non-consolidated JVs. the figure was 9.692 million units for FY2012. |
5. | The FY2013 plan of Nissan is reference values. It is calculated by adding to the FY2012 records the increase or decrease in the announced global sales volume plans. The global sales volumes are based on a retail basis which include components for production and assembled vehicles at Nissan's equity method foreign affiliates |
6. | Honda has changed its range of disclosed items for its unit sales from FY2012. Before FY2012, the disclosed unit sales were a sum of "(A) units sold by Honda and its consolidated subsidiaries" and "(B) sales of parts for local production at Honda's subsidiaries accounted for under the equity method of accounting," but from FY2012, only (A) is disclosed as its "consolidated unit sales." The sum of (A) and the "unit sales made by Honda's subsidiaries accounted for under the equity method of accounting" are now disclosed as the "Honda group unit sales." Honda's figure in the table above shows "Honda group unit sales," starting from the FY2011. |
7. | Suzuki's sales volume shows the number of Suzuki brand vehicles, excluding those supplied under the OEM agreement. The FY2012 overseas sales include some estimated values by Suzuki. |
8. | The FY2010 data of Mazda include 16,000 units arising from the 15-month business term of its overseas subsidiaries which changed the account settlement period. |
9. | Mitsubishi's sales volumes from FY2010 in the table show retail sales volumes of Mitsubishi brand cars, although the OEM has revised its method to count sales volumes since FY 2011 to count all the shipment including those supplied under the OEM agreement. |
10. | Daihatsu and Hino show the sales volumes of their own brand vehicles (Toyota's sales volume includes those of Daihatsu and Hino). |
11. | Isuzu's FY2007 data include the 15-month results of its eight overseas consolidated subsidiaries (the overseas sales volume was 385,000 units on a 12-month basis). |
Seven Japanese OEMs' sales volume by region |
(1,000 units) |
Toyota | Nissan | Honda | Suzuki | Mazda | Mitsubishi | FHI | Total | ||
---|---|---|---|---|---|---|---|---|---|
Japan | FY2007 | 2,188 | 721 | 615 | 673 | 256 | 219 | 209 | 4,881 |
FY2008 | 1,945 | 612 | 556 | 665 | 219 | 168 | 179 | 4,344 | |
FY2009 | 2,163 | 630 | 646 | 622 | 221 | 171 | 171 | 4,624 | |
FY2010 | 1,913 | 600 | 582 | 588 | 206 | 164 | 158 | 4,211 | |
FY2011 | 2,071 | 655 | 588 | 596 | 206 | 152 | 172 | 4,440 | |
FY2012 | 2,279 | 647 | 692 | 672 | 216 | 134 | 163 | 4,803 | |
FY2013 Plan | 2,120 | 660 | 825 | 660 | 220 | 148 | 156 | 4,789 | |
North America | FY2007 | 2,958 | 1,352 | 1,850 | N/A | 406 | 160 | 210 | N/A |
FY2008 | 2,212 | 1,133 | 1,496 | 85 | 347 | 119 | 207 | 5,599 | |
FY2009 | 2,098 | 1,067 | 1,297 | 41 | 307 | 88 | 250 | 5,148 | |
FY2010 | 2,031 | 1,245 | 1,458 | 33 | 342 | 94 | 307 | 5,510 | |
FY2011 | 1,872 | 1,404 | 1,323 | 32 | 372 | 106 | 309 | 5,418 | |
FY2012 | 2,469 | 1,466 | 1,731 | 30 | 372 | 85 | 390 | 6,543 | |
FY2013 Plan | 2,640 | 1,610 | 1,795 | 3 | 415 | 100 | 420 | 6,983 | |
Europe | FY2007 | 1,284 | 636 | 391 | N/A | 327 | 341 | 86 | N/A |
FY2008 | 1,062 | 530 | 350 | 302 | 322 | 272 | 78 | 2,916 | |
FY2009 | 858 | 517 | 249 | 281 | 239 | 169 | 39 | 2,352 | |
FY2010 | 796 | 607 | 198 | 244 | 212 | 218 | 60 | 2,335 | |
FY2011 | 798 | 713 | 158 | 223 | 183 | 218 | 55 | 2,348 | |
FY2012 | 799 | 660 | 171 | 197 | 172 | 181 | 61 | 2,241 | |
FY2013 Plan | 830 | 720 | 185 | 220 | 200 | 212 | 54 | 2,421 | |
Asia & others | FY2007 | 2,483 | 1,061 | 1,069 | N/A | 374 | 640 | 92 | N/A |
FY2008 | 2,348 | 1,136 | 1,115 | 1,253 | 373 | 507 | 92 | 6,824 | |
FY2009 | 2,118 | 1,301 | 1,200 | 1,407 | 426 | 532 | 103 | 7,087 | |
FY2010 | 2,568 | 1,733 | 1,274 | 1,778 | 513 | 511 | 132 | 8,509 | |
FY2011 | 2,611 | 2,073 | 1,039 | 1,710 | 486 | 525 | 104 | 8,548 | |
FY2012 | 3,324 | 2,141 | 1,420 | 1,761 | 475 | 587 | 110 | 9,818 | |
FY2013 Plan | 3,510 | 2,310 | 1,625 | 1,920 | 500 | 709 | 121 | 10,695 | |
Total | FY2007 | 8,913 | 3,770 | 3,925 | 2,406 | 1,363 | 1,360 | 597 | 22,334 |
FY2008 | 7,567 | 3,411 | 3,517 | 2,305 | 1,261 | 1,066 | 555 | 19,682 | |
FY2009 | 7,237 | 3,515 | 3,392 | 2,350 | 1,193 | 960 | 563 | 19,210 | |
FY2010 | 7,308 | 4,185 | 3,512 | 2,643 | 1,273 | 987 | 657 | 20,565 | |
FY2011 | 7,352 | 4,845 | 3,108 | 2,560 | 1,247 | 1,001 | 640 | 20,753 | |
FY2012 | 8,871 | 4,914 | 4,014 | 2,660 | 1,235 | 987 | 724 | 23,405 | |
FY2013 Plan | 9,100 | 5,300 | 4,430 | 2,803 | 1,335 | 1,169 | 752 | 24,889 |
Source: OEMs' financial flash reports and earnings announcements | |
(Note) 1. | Figures for Toyota, Honda, and Fuji Heavy Industries are based on consolidated sales volumes. |
2. | Nissan's figures show global sales volume (which includes vehicles assembled by its affiliates that are applicable to the equity method, using shipped parts for the production). |
3. | Honda's figures before FY2011 are based on unit sales. From FY2011, the figures are based on Honda group's unit sales. |
4. | Mazda's figures show global sales volume (representing all retailed volume under the Mazda brand). |
5. | The figures for Mitsubishi Motors are based on retail sales (a new counting method was introduced from the FY2010 performance). |
Revenues: Nissan, Honda, Daihatsu, FHI and Hino plan to refresh their records
The ten Japanese OEMs' targets for the FY2013 consolidated revenues total JPY 57.5 trillion , up 11.1% y/y. While their total unit sales are planned to renew the record high volume, the projected total revenue stays approximately JPY five trillion less, down 8% y/y, than the record high of JPY 62.3 trillion.
Looking at the OEMs respectively, Honda, Daihatsu, FHI and Hino aim to rewrite their records in revenue as well. Nissan also plans to achieve the highest revenue in history under the same accounting method used in FY2012 and before. Meanwhile, Toyota plans to increase its revenues by 6.5% y/y to JPY 23.5 trillion, which is 2.8 trillion less than its record high.
In FY2012, all the ten OEMs raised their consolidated revenues and achieved JPY 51.7 trillion in total, up 14.4% y/y. The OEMs with a large increase rate are FHI (26.1%), Honda (24.3%) and Toyota (18.7%). Notably, FHI's revenue increase rate of 26.1% almost doubled its sales volume increase rate of 13.1%, due to the improved product mix as a result of the withdrawal from the mini vehicle manufacturing.
Ten Japanese OEMs' consolidated revenues |
(JPY in 100 million) |
FY2007 | FY2008 | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 Plan | ||
---|---|---|---|---|---|---|---|---|
Revenue | Toyota | 262,892 | 205,296 | 189,509 | 189,937 | 185,837 | 220,641 | 235,000 |
Nissan (Note2) | 108,242 | 84,370 | 75,173 | 87,731 | 94,090 | 96,296 | 103,700 | |
Honda | 120,028 | 100,112 | 85,792 | 89,368 | 79,481 | 98,779 | 121,000 | |
Suzuki | 35,024 | 30,049 | 24,691 | 26,082 | 25,122 | 25,783 | 28,000 | |
Mazda | 34,758 | 25,359 | 21,639 | 23,257 | 20,331 | 22,053 | 24,800 | |
Mitsubishi | 26,821 | 19,736 | 14,456 | 18,285 | 18,073 | 18,151 | 22,700 | |
Daihatsu | 17,026 | 16,314 | 15,747 | 15,594 | 16,313 | 17,649 | 18,000 | |
FHI | 15,723 | 14,458 | 14,287 | 15,806 | 15,171 | 19,130 | 20,500 | |
Isuzu | 19,248 | 14,247 | 10,809 | 14,155 | 14,001 | 16,556 | 19,200 | |
Hino | 13,686 | 10,695 | 10,235 | 12,427 | 13,146 | 15,414 | 16,200 | |
Total | 622,738 | 493,626 | 436,356 | 464,621 | 452,105 | 517,389 | 574,900 | |
Revenue in Japan | Toyota | 61,362 | 54,218 | 57,291 | 53,250 | 56,621 | 55,026 | N/A |
Nissan | 21,878 | 20,383 | 18,032 | 18,694 | 19,466 | 19,041 | N/A | |
Honda | 15,858 | 14,465 | 15,773 | 15,038 | 15,179 | 16,530 | N/A | |
Suzuki | 9,814 | 9,656 | 9,526 | 9,374 | 9,868 | 10,409 | 9,800 | |
Mazda | 8,801 | 6,203 | 5,750 | 5,415 | 5,602 | 5,880 | 5,900 | |
Mitsubishi | 4,885 | 3,984 | 3,685 | 3,633 | 3,571 | 3,295 | 4,700 | |
Daihatsu | 11,771 | 11,913 | 11,296 | 10,567 | 11,608 | 11,820 | N/A | |
FHI | 5,440 | 5,075 | 5,208 | 4,673 | 4,985 | 6,718 | 6,081 | |
Isuzu | 6,547 | 5,338 | 4,330 | 4,986 | 5,584 | 5,922 | 6,000 | |
Hino | 9,246 | 6,944 | 6,754 | 8,455 | 8,926 | 9,854 | N/A | |
Total | 134,586 | 119,322 | 119,595 | 115,063 | 120,877 | 122,821 | N/A | |
Revenue outside of Japan | Toyota | 201,530 | 151,078 | 132,218 | 136,687 | 129,215 | 165,615 | N/A |
Nissan | 86,364 | 63,987 | 57,141 | 69,037 | 74,624 | 77,255 | N/A | |
Honda | 104,171 | 85,647 | 70,019 | 74,330 | 64,302 | 82,249 | N/A | |
Suzuki | 25,210 | 20,393 | 15,165 | 16,708 | 15,254 | 15,374 | 18,200 | |
Mazda | 25,957 | 19,156 | 15,889 | 17,842 | 14,729 | 16,173 | 18,900 | |
Mitsubishi | 21,936 | 15,752 | 10,771 | 14,652 | 14,502 | 14,856 | 18,000 | |
Daihatsu | 5,255 | 4,401 | 4,452 | 5,027 | 4,705 | 5,829 | N/A | |
FHI | 10,284 | 9,383 | 9,079 | 11,132 | 10,186 | 12,411 | 14,419 | |
Isuzu | 12,701 | 8,909 | 6,479 | 9,170 | 8,417 | 10,634 | 13,200 | |
Hino | 4,440 | 3,751 | 3,481 | 3,972 | 4,220 | 5,560 | N/A | |
Total | 488,153 | 374,304 | 316,761 | 349,558 | 331,228 | 394,567 | N/A |
Source: OEMs' financial flash reports and earnings announcement documents | |
(Note) 1. | Japan/overseas revenues represent revenues by the external customer location. |
2. | Nissan changes the consolidation method for its Chinese JV from proportionate consolidation to the equity method from FY2013. Nissan's financial data presented in this report are also based on the equity method (hereafter calculated in the same way). The total revenue estimated by the previous method is JPY 11.2 trillion , the highest in history. |
3. | The source for Daihatsu' revenues in Japan and overseas has been changed to its financial flash reports from FY2011 figures. |
Operating profit targets to total JPY 3.9 trillion with assumed exchange rate of 92.3 yen to U.S. dollar
Each Japanese OEM plans to increase profit in FY2013 and the total operating profit of the ten OEMs is projected to increase by 34.9% y/y to JPY 3.92 trillion, which is approximately JPY 600 billion less than the record profit achieved in FY2007. The combined planned ordinary profit for FY2013 is JPY 4.03 trillion, up 36.8%, while the planned net profits for FY2013 are combined to be JPY 2.81 trillion, up 37.5%.
Suzuki, Daihatsu, FHI, Isuzu and Hino plan to achieve the record highs in operating profit. Toyota aims to raise it by 36.3% y/y to 1.8 trillion JPY. Honda aims for 43.2% increase to JPY 780 billion and Nissan aims for 16.5% increase to JPY 610 billion.
The FY2013 average assumed exchange rate by the Japanese OEMs is JPY 92.3 to the U.S. dollar. Toyota, Suzuki, Mazda, FHI and Hino assume a relatively high rate of 90 JPY to the U.S. dollar, while Nissan, Honda, Mitsubishi and Isuzu assume JPY 95 to the U.S. dollar. The JPY-USD exchange rate sensitivity totals approx. JPY 85 billion.
The combined FY2012 operating profit of the ten OEMs was JPY 2.91 trillion, almost doubled the previous fiscal year results. Toyota posted JPY 1.32 trillion, approximately 3.7 times larger than the year before, exceeding JPY one trillion for the first time in five years. Mazda regained profitability, while Daihatsu, FHI, Isuzu and Hino renewed their record profits. Only Nissan, which posted the highest operating profit in FY2011, reported operating loss of JPY 523.5 billion, down 4.1% y/y, due to increased sales/production costs.
Ten Japanese OEMs' consolidated operating profits/ordinary profits/net profits |
(JPY in 100 million) |
FY2007 | FY2008 | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 Plan | ||
---|---|---|---|---|---|---|---|---|
Operating profit | Toyota | 22,704 | (4,610) | 1,475 | 4,682 | 3,556 | 13,208 | 18,000 |
Nissan | 7,908 | (1,379) | 3,116 | 5,375 | 5,458 | 5,235 | 6,100 | |
Honda | 9,531 | 1,896 | 3,637 | 5,697 | 2,313 | 5,448 | 7,800 | |
Suzuki | 1,494 | 769 | 794 | 1,069 | 1,193 | 1,446 | 1,500 | |
Mazda | 1,621 | (284) | 95 | 238 | (387) | 539 | 1,200 | |
Mitsubishi | 1,086 | 39 | 139 | 403 | 637 | 674 | 1,000 | |
Daihatsu | 652 | 382 | 407 | 1,034 | 1,155 | 1,330 | 1,350 | |
FHI | 457 | (58) | 274 | 841 | 440 | 1,204 | 1,800 | |
Isuzu | 1,096 | 217 | 110 | 882 | 974 | 1,308 | 1,800 | |
Hino | 459 | (194) | 11 | 289 | 375 | 651 | 850 | |
Total | 45,897 | (3,410) | 9,640 | 19,187 | 14,184 | 29,062 | 39,200 | |
Current profit | Toyota | 24,372 | (5,604) | 2,914 | 5,632 | 4,328 | 14,036 | 18,900 |
Nissan | 7,664 | (1,727) | 2,077 | 5,378 | 5,351 | 5,293 | 6,450 | |
Honda | 8,958 | 1,617 | 3,361 | 6,305 | 2,574 | 4,888 | 7,800 | |
Suzuki | 1,569 | 797 | 938 | 1,225 | 1,306 | 1,556 | 1,650 | |
Mazda | 1,485 | (187) | 46 | 369 | (368) | 331 | 970 | |
Mitsubishi | 857 | (149) | 130 | 389 | 609 | 939 | 900 | |
Daihatsu | 666 | 395 | 438 | 1,122 | 1,282 | 1,481 | 1,500 | |
FHI | 454 | (46) | 224 | 822 | 373 | 1,006 | 1,750 | |
Isuzu | 1,223 | 152 | 114 | 913 | 1,029 | 1,417 | 1,900 | |
Hino | 410 | (304) | (19) | 251 | 346 | 669 | 810 | |
Total | 46,583 | (5,147) | 9,804 | 21,033 | 15,202 | 29,466 | 40,320 | |
Net profit | Toyota | 17,179 | (4,369) | 2,094 | 4,081 | 2,835 | 9,621 | 13,700 |
Nissan | 4,823 | (2,337) | 424 | 3,192 | 3,414 | 3,424 | 4,200 | |
Honda | 6,000 | 1,370 | 2,684 | 5,340 | 2,114 | 3,671 | 5,800 | |
Suzuki | 803 | 274 | 289 | 452 | 539 | 804 | 900 | |
Mazda | 918 | (715) | (65) | (600) | (1,077) | 343 | 700 | |
Mitsubishi | 347 | (549) | 48 | 156 | 239 | 380 | 500 | |
Daihatsu | 349 | 221 | 212 | 526 | 651 | 814 | 820 | |
FHI | 185 | (699) | (165) | 503 | 385 | 1,196 | 1,100 | |
Isuzu | 760 | (269) | 84 | 516 | 913 | 965 | 1,150 | |
Hino | 222 | (618) | (30) | (100) | 163 | 477 | 600 | |
Total | 31,015 | (7,294) | 5,393 | 13,640 | 9,362 | 20,404 | 28,050 |
Source: OEMs' financial flash reports and earnings announcement documents | |
(Note) 1. | The Current Profit data of Toyota and Honda shows respective pre-tax current profits since they adopt the U.S. Generally Accepted Accounting Principles. |
2. | Nissan's profits plans estimated by the previous method are JPY 700billion for operating profit, JPY 665 billion for current profit and JPY 420 billion for net income. |
3. | Honda revised its method of depreciation for its tangible fixed assets (excluding operating lease assets) from a fixed percentage method to a straight-line method from FY2012. As a result, the net profit for FY2012 increased by JPY 35.7 billion from the previous method. |
Exchange rate of yen to dollar and euro by ten Japanese OEMs |
Yen |
FY2007 | FY2008 | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 Plan | Sensitivity (JPY in 100 million) | |||
---|---|---|---|---|---|---|---|---|---|---|
FY2012 | FY2013 Plan | |||||||||
US Dollar | Toyota | 114 | 101 | 93 | 86 | 79 | 83 | 90 | 350 | 400 |
Nissan | 114.4 | 100.7 | 92.9 | 85.7 | 79.1 | 82.9 | 95.0 | 170 | 150 | |
Honda | 114 | 101 | 93 | 86 | 79 | 84 | 95 | 160 | 140 | |
Suzuki | 114 | 101 | 93 | 86 | 79 | 83 | 90 | 40 | 40 | |
Mazda | 114 | 101 | 93 | 86 | 79 | 83 | 90 | 35 | 25 | |
Mitsubishi | 115 | 101 | 92 | 85 | 79 | 82 | 95 | 20 | 20 | |
Daihatsu | 114 | 101 | 92 | 85 | 80 | 84 | 93 | 12-14 | 12-14 | |
FHI | 116 | 102 | 93 | 86 | 79 | 82 | 90 | 65 | 75 | |
Isuzu | 115 | 101 | 91 | 85 | 79 | 82 | 95 | N/A | N/A | |
Hino | 114 | 101 | 93 | 86 | 79 | 82 | 90 | N/A | N/A | |
Average | 114.4 | 101.1 | 92.6 | 85.7 | 79.1 | 82.8 | 92.3 | N/A | N/A | |
Euro | Toyota | 162 | 144 | 131 | 113 | 109 | 107 | 120 | 50 | 40 |
Nissan | 161.6 | 144.1 | 131.2 | 113.1 | 109.0 | 106.8 | 122.0 | 0 | 0 | |
Honda | 162 | 142 | 130 | 114 | 108 | 108 | 120 | 10 | 5 | |
Suzuki | 160 | 144 | 131 | 113 | 109 | 107 | 120 | N/A | N/A | |
Mazda | 162 | 144 | 131 | 113 | 109 | 107 | 120 | 12 | 15 | |
Mitsubishi | 162 | 144 | 130 | 113 | 111 | 105 | 125 | 7 | 10 | |
Daihatsu | 161 | 152 | 131 | 110 | 109 | N/A | N/A | N/A | N/A | |
FHI | N/A | 147 | 132 | 114 | 108 | 106 | 120 | 4 | 3 | |
Isuzu | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |
Hino | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |
Average | 161.5 | 145.1 | 130.9 | 112.9 | 109.0 | 106.7 | 121.0 | N/A | N/A |
Source: OEMs' financial flash reports and earnings announcement documents | |
(Note) 1. | If an OEM announced multiple figures for the exchange rate, the rate used for sales is included in the table above. |
2. | The exchange rate sensitivity shows value of the impact of 1 JPY change in the JPY/USD exchange rate on operating profit. |
3. | Suzuki's exchange rate sensitivity is calculated by converting all the currencies to USD. |
Factors of increased operating profit plans: JPY 1.1 trillion exchange rate fluctuations, JPY 400 billion sales fluctuations and JPY 400 billion cost reduction
The ten OEMs' combined FY2013 outlook in operating profit is JPY 1,013.7 billion larger than the FY2012 results. The factors for the expected increase are: JPY 1,071.9 billion of "changes from exchange rate fluctuation," JPY 401.6 billion of "changes in sales" and JPY 420.9 billion of "cost reduction and etc." The factors for the expected decrease are: JPY 610.6 billion increase in "overhead, R&D costs and etc." and JPY 270.1 billion increase in "other" factors.
The ten OEMs' combined FY2012 operating profit amounted to JPY 2, 906.2 billion, JPY 1,487.7 billion more than the year earlier. "Changes in sales" accounted for JPY 1,077.4 billion increase, "cost reduction and etc." accounted for JPY 942.6 billion increase and "changes from exchange rate fluctuation" accounted for JPY 257.4 billion increase. Increased "overhead, R&D costs and etc." accounted for JPY 700 billion decrease.
Factors to cause increase/decrease in operating profits of Japanese OEMs |
(JPY in 100 million) |
FY2007 | FY2008 | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 Plan | ||
---|---|---|---|---|---|---|---|---|
Total | Operating profit | 45,897 | (3,410) | 9,640 | 19,187 | 14,184 | 29,062 | 39,200 |
Changes in operating profits | 2,571 | (49,306) | 13,050 | 9,547 | (5,003) | 14,877 | 10,137 | |
Changes in Sales | 6,260 | (26,333) | (8,774) | 15,132 | 1,518 | 10,774 | 4,016 | |
Impact from exchange fluctuation | 863 | (15,604) | (8,479) | (7,193) | (6,575) | 2,574 | 10,719 | |
Cost reduction etc. | 3,111 | (2,416) | 10,226 | 5,347 | 2,153 | 9,426 | 4,209 | |
Overhead, R&D costs, etc. | (5,849) | (4,348) | 12,615 | (3,449) | (2,226) | (7,000) | (6,106) | |
Others | (1,814) | (605) | 7,462 | (290) | 127 | (897) | (2,701) | |
Toyota | Operating profit | 22,704 | (4,610) | 1,475 | 4,682 | 3556 | 13,208 | 18,000 |
Changes in operating profits | 317 | (27,314) | 6,085 | 3,207 | (1,126) | 9,652 | 4,792 | |
Operation/sales | 2,900 | (14,800) | (3,700) | 4,900 | 1,500 | 6,500 | 800 | |
Cost improvements | 1,200 | 0 | 5,200 | 1,800 | 1,500 | 4,500 | 1,600 | |
Financial business | N/A | N/A | 2,700 | N/A | N/A | N/A | N/A | |
Impact from exchange fluctuation | 0 | (7,600) | (3,200) | (2,900) | (2,500) | 1,500 | 4,000 | |
Miscellaneous expenditures | (3,302) | (4,791) | 4,700 | (300) | (1,000) | (3,000) | (1,608) | |
(thereof:) R&D cost | (681) | 548 | 1,787 | (250) | (500) | (200) | N/A | |
(thereof:) Facility cost | (997) | (904) | 378 | 1,200 | 300 | 200 | N/A | |
(thereof:) Labor cost | (602) | 1,088 | 627 | (400) | (1,000) | (700) | N/A | |
(thereof:) Others | (1,022) | (5,523) | 1,908 | (850) | 200 | (2,300) | N/A | |
Others | (481) | (122) | 385 | (293) | (626) | 152 | N/A | |
Nissan (Note1) | Operating profit | 7,908 | (1,379) | 3,116 | 5,375 | 5,458 | 5,235 | 6,100 |
Changes in operating profits | 353 | (9,287) | 4,495 | 2,259 | 83 | (223) | 865 | |
Impact from exchange fluctuation | (162) | (2,230) | (1,625) | (1,475) | (1,700) | 302 | 2,250 | |
Sales volume/mix | 750 | (5,252) | 269 | 4,331 | 2,236 | (572) | 800 | |
Purchase cost, etc. | 882 | (1,342) | 2,154 | 1,058 | 845 | 1,904 | 1,600 | |
Production cost | N/A | N/A | N/A | N/A | N/A | (537) | N/A | |
Sales finance | N/A | N/A | N/A | 295 | 498 | 2 | (150) | |
Reserve for loss of leasing | N/A | (918) | 1,417 | N/A | N/A | N/A | N/A | |
R&D cost | (15) | N/A | 645 | (185) | (331) | (370) | N/A | |
Sales cost | (381) | N/A | 271 | (1,915) | (1,513) | (535) | (1,900) | |
Effect on equity method | N/A | N/A | N/A | N/A | N/A | N/A | (900) | |
Others | (721) | 455 | 1,364 | 150 | 48 | (417) | (835) | |
Honda | Operating profit | 9,531 | 1,896 | 3,637 | 5,697 | 2,313 | 5,448 | 7,800 |
Changes in operating profits | 1,012 | (7,634) | 1,741 | 2,060 | (3,384) | 3,134 | 2,351 | |
Difference from sales fluctuation/mix | 1,700 | (2,477) | (2,465) | 3,222 | (1,551) | 2,934 | 1,316 | |
Impact from exchange fluctuation | 376 | (2,695) | (1,675) | (1,376) | (1,140) | 358 | 2,480 | |
Effects of cost reduction etc. | 115 | (1,825) | 674 | 1,533 | (928) | 1,666 | 200 | |
R&D cost | (361) | 247 | 998 | (242) | (322) | (404) | (475) | |
Sales administration cost | (818) | (883) | 4,209 | (620) | 558 | (1,419) | (1,170) | |
Impact from the earthquake | N/A | N/A | N/A | (457) | N/A | N/A | N/A | |
Suzuki (Note2) | Operating profit | 1,494 | 769 | 794 | 1,069 | 1,193 | 1,446 | 1,500 |
Changes in operating profits | 165 | (725) | 25 | 275 | 124 | 253 | 54 | |
Sales/mix, etc. | 408 | (1,422) | (696) | 253 | (542) | 327 | 34 | |
Impact from exchange fluctuation | 225 | (707) | (469) | (283) | (289) | (69) | 260 | |
Cost reduction | 284 | 201 | 172 | 355 | 226 | 284 | 280 | |
Depreciation | (117) | 204 | (6) | 34 | 353 | 94 | (210) | |
R&D cost | (166) | (63) | 62 | 47 | (57) | (95) | (110) | |
Miscellaneous expenditures | (469) | 1,062 | 962 | (131) | 433 | (288) | (200) | |
Mazda | Operating profit | 1,621 | (284) | 95 | 238 | (387) | 539 | 1,200 |
Changes in operating profits | 36 | (1,905) | 379 | 143 | (625) | 926 | 661 | |
Volume/vehicle type mix | 80 | (865) | (606) | 357 | (363) | 338 | 499 | |
Impact from exchange fluctuation | 234 | (1,020) | (765) | (437) | (376) | 184 | 560 | |
Improving product appeal | (133) | (190) | N/A | N/A | N/A | N/A | N/A | |
Cost reduction | 158 | 440 | 680 | 112 | 56 | 367 | 157 | |
Raw material market conditions | N/A | (440) | N/A | N/A | N/A | N/A | N/A | |
Sales costs | (42) | 65 | 227 | (56) | (27) | (68) | (183) | |
Others | (261) | 105 | 843 | 167 | 85 | 105 | (372) | |
Mitsubishi | Operating profit | 1,086 | 39 | 139 | 403 | 637 | 674 | 1,000 |
Changes in operating profits | 684 | (1,047) | 100 | 264 | 234 | 37 | 326 | |
Volume/vehicle type mix | 543 | (720) | (856) | 533 | 168 | 123 | 280 | |
Impact from exchange fluctuation | 146 | (761) | (418) | (342) | (105) | (34) | 280 | |
Cost reduction etc. | 154 | 365 | 544 | 211 | 272 | 432 | 200 | |
Impact from rising raw materials costs | N/A | (317) | N/A | N/A | N/A | N/A | N/A | |
Others | N/A | 335 | 578 | (86) | (106) | (323) | (174) | |
For sales cost | (64) | 174 | 252 | (51) | 5 | (161) | (260) | |
US sales finance business | (95) | (123) | N/A | N/A | N/A | N/A | N/A | |
Daihatsu (Note3) | Operating profit | 652 | 381 | 407 | 1,034 | 1,154 | 1,330 | 1,350 |
Changes in operating profits | 109 | (271) | 26 | 627 | 120 | 176 | 20 | |
Sales/vehicle type mix | 190 | 113 | (258) | 224 | 237 | 267 | 110 | |
Impact from exchange fluctuation | 39 | (80) | (79) | (17) | (39) | 55 | 100 | |
Cost reduction | 106 | 105 | 123 | 150 | 78 | 55 | 60 | |
Sales related costs | N/A | N/A | N/A | (37) | N/A | N/A | N/A | |
Miscellaneous expenditures | (227) | (408) | 239 | 306 | (156) | (202) | (250) | |
FHI (Note4) | Operating profit | 457 | (58) | 274 | 841 | 440 | 1,204 | 1,800 |
Changes in operating profits | (22) | (515) | 332 | 567 | (401) | 764 | 596 | |
Sales mix disparity | (8) | 3 | 87 | 831 | 12 | 817 | 37 | |
Impact from exchange fluctuation | 10 | (435) | (304) | (356) | (420) | 293 | 639 | |
Cost reduction, etc. | 70 | (32) | 260 | 89 | (22) | 315 | 120 | |
Testing and research costs | (13) | 92 | 57 | (57) | (52) | (10) | (99) | |
Miscellaneous expenditures | (81) | (143) | 232 | 61 | 80 | (650) | (101) | |
Isuzu | Operating profit | 1,096 | 217 | 110 | 882 | 974 | 1,308 | 1,800 |
Changes in operating profits | 26 | (879) | (107) | 772 | 92 | 334 | 492 | |
Change in sales/difference in product mix | (113) | (800) | (807) | 705 | 58 | 307 | 250 | |
Impact from exchange fluctuation | 34 | (156) | (23) | (24) | (45) | 40 | 250 | |
Changes in economic conditions | (82) | (273) | 181 | (98) | (74) | 44 | (60) | |
Streamlining | 172 | 190 | 130 | 177 | 112 | 89 | 132 | |
Compressing costs etc. | N/A | N/A | 412 | 12 | 92 | (131) | (80) | |
Effect of pervious FY (Earthquake disaster) | N/A | N/A | N/A | N/A | (51) | (15) | N/A | |
Improvement of profitability etc. | 76 | 344 | N/A | N/A | N/A | N/A | N/A | |
Costs for facilities, R&D | (137) | (108) | N/A | N/A | N/A | N/A | N/A | |
Changed accounting period of subsidiaries | 76 | (76) | N/A | N/A | N/A | N/A | N/A | |
Hino | Operating profit | 459 | (194) | 11 | 289 | 375 | 651 | 850 |
Changes in operating profits | 92 | (653) | 205 | 278 | 86 | 276 | 199 | |
Impact on sales | 82 | (330) | 231 | 337 | 360 | 308 | 100 | |
Changes in business climate | (36) | (366) | (70) | (111) | (308) | 28 | 30 | |
Improvement of costs | 190 | 163 | 199 | 187 | 186 | 199 | 200 | |
Changes in costs | (144) | (120) | 190 | (135) | (152) | (198) | (131) | |
Fluctuation in sales volume | N/A | N/A | N/A | N/A | N/A | (61) | N/A | |
Operating profit | N/A | N/A | (345) | N/A | N/A | N/A | N/A |
Source: OEMs' financial flash reports and earnings announcements | |
(Note)1. | Nissan's "Purchase costs etc." include costs for raw material and energy. |
2. | Suzuki's fluctuation in "sales/mix etc." includes influence from raw material cost. |
3. | Daihatsu's "miscellaneous expenditures" includes depreciation. |
4. | FHI's "cost reduction etc." includes influence from rising raw material cost. |
Nissan, Honda, Suzuki, Mazda, Isuzu and Hino plan record high investments in facilities and R&D
The ten OEMs plan to spend a total of JPY 2,777 billion in capital expenditure in FY2013, up 15.6% y/y and the highest in five years. Honda, Suzuki, Mazda, Daihatsu, Isuzu and Hino plan the record high capital expenditure, while Toyota holds it down to JPY 910 billion, up 6.7% y/y but about 60% of its record high.
The FY2013 combined R&D cost will be increased by 10.7% y/y to JPY 2,454 billion, the highest in history. Nissan, Honda, Suzuki, FHI and Hino respectively plan the largest R&D costs in history.
Ten Japanese OEMs' consolidated capital expenditure, depreciation and R&D costs |
(JPY in 100 million) |
FY2007 | FY2008 | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 Plan | ||
---|---|---|---|---|---|---|---|---|
Capital expenditure | Toyota | 14,802 | 13,025 | 5,790 | 6,423 | 7,067 | 8,527 | 9,100 |
Nissan | 4,289 | 3,836 | 2,736 | 3,120 | 4,064 | 5,245 | 5,200 | |
Honda | 6,540 | 5,991 | 3,297 | 3,113 | 4,065 | 5,936 | 7,000 | |
Suzuki | 2,436 | 2,162 | 1,312 | 1,303 | 1,267 | 1,693 | 2,700 | |
Mazda | 755 | 818 | 298 | 447 | 780 | 772 | 1,300 | |
Mitsubishi | 567 | 719 | 471 | 525 | 710 | 514 | 800 | |
Daihatsu | 1,117 | 767 | 367 | 406 | 693 | 731 | 1,150 | |
FHI | 563 | 580 | 561 | 431 | 543 | 702 | 670 | |
Isuzu | 506 | 667 | 257 | 294 | 333 | 575 | 1,000 | |
Hino | 437 | 584 | 285 | 300 | 429 | 499 | 800 | |
Total | 30,458 | 27,798 | 14,722 | 15,656 | 18,829 | 23,964 | 27,770 | |
Depreciation | Toyota | 10,424 | 10,721 | 10,320 | 8,123 | 7,329 | 7,273 | 7,500 |
Nissan | 3,709 | 4,212 | 3,633 | 3,721 | 3,344 | 3,158 | 3,300 | |
Honda | 4,173 | 4,082 | 3,666 | 3,252 | 2,937 | 2,866 | 3,600 | |
Suzuki | 1,616 | 1,412 | 1,418 | 1,384 | 1,031 | 937 | 1,150 | |
Mazda | 665 | 752 | 764 | 716 | 688 | 600 | 580 | |
Mitsubishi | 719 | 790 | 690 | 627 | 534 | 503 | 600 | |
Daihatsu | 665 | 837 | 729 | 637 | 611 | 562 | 620 | |
FHI | 655 | 651 | 571 | 498 | 537 | 559 | 550 | |
Isuzu | 415 | 396 | 395 | 364 | 360 | 356 | 400 | |
Hino | 442 | 475 | 452 | 457 | 435 | 408 | 380 | |
Total | 22,376 | 23,016 | 21,457 | 18,685 | 16,760 | 16,252 | 17,680 | |
R & D cost | Toyota | 9,588 | 9,040 | 7,253 | 7,303 | 7,798 | 8,074 | 8,900 |
Nissan | 4,575 | 4,555 | 3,855 | 3,993 | 4,280 | 4,699 | 5,080 | |
Honda | 5,879 | 5,631 | 4,633 | 4,875 | 5,198 | 5,602 | 6,300 | |
Suzuki | 1,087 | 1,150 | 1,088 | 1,041 | 1,098 | 1,193 | 1,300 | |
Mazda | 1,144 | 960 | 852 | 910 | 917 | 899 | 1,000 | |
Mitsubishi | 776 | 640 | 444 | 494 | 550 | 599 | 730 | |
Daihatsu | 442 | 442 | 437 | 382 | 338 | 357 | 420 | |
FHI | 520 | 428 | 372 | 429 | 481 | 491 | 590 | |
Isuzu | 603 | 677 | 552 | 586 | 588 | 612 | 640 | |
Hino | 395 | 409 | 381 | 411 | 404 | 434 | 440 | |
Total | 24,172 | 23,081 | 19,049 | 19,631 | 20,910 | 22,169 | 24,540 |
Source: OEMs' financial flash reports and earnings announcements (Note) Honda revised its method of depreciation for its tangible fixed assets (excluding operating lease assets) from a fixed percentage method to a straight-line method from FY2012. As a result, the depreciation cost for FY2012 decreased by JPY 56.3 billion from the previous method.
Production Forecast by LMC Automotive: Japanese light vehicle production forecast by make
(LMC Automotive、April 2013) |
According to LMC Automotive Forecast in April 2013, Japanese light vehicle production in 2013 will decrease to about 9,116,000 units by 4.1 % and to 8,423,000 units in 2016. LMC Automotive explains in the report as follows: "our conservative view of sales is mirrored in production also with both domestic and export demand being possible sources of more positive demand. We see the chance of outperforming our current forecast as being significant. However, it is unclear whether Japanese vehicle exporters will be willing to use the increasing currency advantage to cut prices in export markets as this would have a detrimental brand impact in these markets. It may be more likely that repatriated profits will be increased, and this is something that is already happening."
Japanese light vehicle production by make until 2016 |
(Units) |
SALES GROUP | GLOBAL MAKE | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 |
---|---|---|---|---|---|---|---|---|
Total | 9,253,559 | 8,020,071 | 9,510,480 | 9,116,317 | 8,738,975 | 8,416,944 | 8,423,132 | |
Daimler Group | Fuso | 16,896 | 18,317 | 20,593 | 18,927 | 14,175 | 14,959 | 15,335 |
Fiat-Chrysler Group | Alfa Romeo | 0 | 0 | 0 | 0 | 0 | 11,720 | 15,152 |
Ford Group | Ford | 1,000 | 0 | 0 | 0 | 0 | 0 | 0 |
Fuji Heavy | Subaru | 511,361 | 458,739 | 555,425 | 568,067 | 562,130 | 548,250 | 533,649 |
General Motors Group | Chevrolet /Daewoo | 4,969 | 0 | 0 | 0 | 0 | 0 | 0 |
Honda Group | Acura | 34,502 | 34,212 | 22,855 | 25,879 | 0 | 0 | 0 |
Honda | 956,776 | 676,424 | 1,009,101 | 1,048,005 | 1,176,733 | 1,076,606 | 988,355 | |
Honda Group Sub-total | 991,278 | 710,636 | 1,031,956 | 1,073,884 | 1,176,733 | 1,076,606 | 988,355 | |
Isuzu Motors | Isuzu | 88,098 | 90,305 | 97,099 | 89,362 | 88,809 | 86,384 | 85,502 |
Mazda Motors | Mazda | 959,801 | 841,837 | 881,525 | 916,395 | 899,731 | 851,178 | 884,891 |
Mitsubishi Motors | Mitsubishi | 610,283 | 560,258 | 485,831 | 484,410 | 510,473 | 492,771 | 488,477 |
PSA Group | Citroen | 230 | 3,388 | 1,373 | 0 | 0 | 0 | 0 |
Peugeot | 230 | 3,390 | 1,885 | 0 | 0 | 0 | 0 | |
PSA Group Sub-total | 460 | 6,778 | 3,258 | 0 | 0 | 0 | 0 | |
Renault-Nissan Group | Infiniti | 141,634 | 145,441 | 123,086 | 186,968 | 191,174 | 201,386 | 207,313 |
Nissan | 1,150,106 | 1,117,746 | 1,179,811 | 1,014,129 | 793,280 | 698,905 | 722,234 | |
Renault-Nissan Group Sub-total | 1,291,740 | 1,263,187 | 1,302,897 | 1,201,097 | 984,454 | 900,291 | 929,547 | |
Suzuki Group | Suzuki | 913,484 | 787,447 | 885,828 | 823,992 | 729,775 | 687,459 | 642,816 |
Toyota Group | Daihatsu | 646,762 | 564,957 | 682,546 | 563,565 | 583,479 | 559,868 | 567,657 |
Hino | 30,367 | 38,137 | 58,484 | 40,678 | 36,346 | 35,594 | 34,669 | |
Lexus | 308,224 | 326,168 | 397,179 | 442,871 | 445,408 | 497,612 | 584,400 | |
Scion | 62,791 | 41,857 | 58,972 | 76,984 | 86,063 | 87,606 | 87,413 | |
Toyota | 2,816,045 | 2,311,448 | 3,048,887 | 2,816,085 | 2,621,399 | 2,566,646 | 2,565,269 | |
Toyota Group Sub-total | 3,864,189 | 3,282,567 | 4,246,068 | 3,940,183 | 3,772,695 | 3,747,326 | 3,839,408 |
Source; LMC Automotive "Global Automotive Production Forecast (April, 2013)" | |
(Note) 1. | Data indicate figures of only small-size vehicles, including passenger cars and light commercial vehicles with a gross vehicle weight of under 6 tons. |
2. | All rights reserved. Reproduction of any data will require permission of LMC Automotive. |
3. | For more detailed information or inquiries of forecast data, please contact LMC Automotive. |
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