Japanese OEM's plans for FY 2016: 28% profit loss due to yen appreciation

Expected USD rate for second half set at JPY 102, performance may rise depending on exchange rates

2016/12/13

Overview

Variables for the total operating income of the nine Japanese
OEMs
Variables for the total operating income of the nine Japanese OEMs

  From the end of October to November 8th, 2016, the nine Japanese OEMs announced financial results for the first half of fiscal year 2016 (ends in March 2017) as well as revisions to their outlooks for the full year. This report will focus on the companies' new outlooks for the full year of FY 2016.

Vehicle sales: plans for an all-time high revised slightly downward

  The nine Japanese OEMs expected to sell a total of 26.36 million vehicles (year-over-year (y/y) increase of 2.3%) in FY 2016. Although this would be an all-time high, the total sales figures have been revised downward by 70,000 units from initial plans (announced along with the previous fiscal year financial results) due to the loss of last-minute demand that had been expected from the now delayed consumption tax hike in Japan, as well as downward revisions to vehicle sales in North America. However, Honda's healthy sales in Asia and North America, in combination with Fuji Heavy Industries' healthy sales in North America raised sales forecasts.

Operating income: Appreciation of the yen leads to a JPY 2.2 trillion loss in profits, but an increase when the impact of exchange rate fluctuations is excluded

  The total operating income forecast for the nine OEMs was revised downward slightly, and is expected to be roughly JPY 75 billion less than the original projection of JPY 3.91 trillion (y/y decrease of 28.3%), due to the greater than anticipated appreciation of the yen. By automaker, Honda and Suzuki revised their forecasts upward, and Nissan maintained its initial projection. Toyota lowered its operating income projection in its Q1 financial results announcement, but through emergency cost reductions, reverted to the original forecast of JPY 1.7 trillion. As of the first half of the fiscal year, the automaker had accomplished 66% of its yearly operating income forecast, and is expected to revise its forecast upward.

  Because the exchange rate has fluctuated from USD 1=JPY 120 in FY 2015 to a forecast of USD 1=JPY 104 in FY 2016, making for a major appreciation of the yen, each company has planned for major y/y losses. The total amount of financial impact will be roughly JPY 2.2 trillion. In order to offset losses caused by the fluctuation in exchange rates, the nine OEMs revised their sales mixes and are making efforts to reduce costs among other measures. The estimated total operating income for 2016, excluding the effects of exchange rates, is now JPY 6.1 trillion, making for a y/y increase of 12.8%. Individually, excluding Mitsubishi Motors, which is suffering from the effects of its fuel consumption scandal, as well as Toyota, the other seven OEMs have increased sales profits when the effects of changes in exchange rates are excluded.

  Japanese OEMs estimate the USD exchange rate for the second half of FY 2016 to be at an average of USD 1=JPY 102. If the current exchange rate of USD 1=JPY 109 (as of November 18) continues, the nine automakers will generate an increased operating income of JPY 300 billion.

Japanese OEMs' FY 2016 outlooks

Unit sales (Thousand units) Operating profit (billion yen)
FY 2015
Results
FY 2016
Initial
Projection
FY 2016 Revised
Projection in Q2
FY 2015
Results
FY 2016
Initial
Projection
FY 2016 Plan
Revised Projection in Q2 Currency
impact
Estimated operating
profit excluding
currency impact
Toyota 8,681 8,900 8,850 Downward 2,854 1,700 1,700 Unchanged -1,080 2,780
Nissan 5,423 5,600 5,600 Unchanged 793 710 710 Unchanged -255 965
Honda 4,743 4,915 4,980 Upward 503 600 650 Upward -370 1,020
Suzuki 2,861 2,956 2,873 Downward 195 180 200 Upward -86 286
Mazda 1,534 1,550 1,550 Unchanged 227 170 150 Downward -123 273
Mitsubishi 1,048 962 933 Downward 138 25 -27.6 Downward -91 63.4
FHI 958 1,050 1,062 Upward 566 420 373 Downward -197 570
Isuzu 509 488 508 Upward 172 175 150 Downward -41 191
Hino 168 175 172 Downward 98.3 80 60 Downward -40 100
Total 25,757 26,421 26,356 Downward 5,448 3,980 3,905 Downward -2,243 6,148
Source: OEMs' financial flash reports and earnings announcements
(Note) 1. The Total row does not include Hino Motors' consolidated figures as they are already included in the figures for Toyota. Since becoming a fully owned company of Toyota in August 2016, Daihatsu has been delisted, and no longer announces its results.
2. The comparison column with the Revised Projection of each automaker is in comparison to the initial projection announced by each company at the time their FY 2015 results were announced. Toyota and Fuji Heavy Industries revised their full-year plans at the time of their Q1 financial results announcements.

 

Related Reports:

Japanese OEMs' Financial Outlook for FY 2016: Downturn in sales and profit due to foreign exchange (May 2016)



Vehicle sales by region: Global sales expected to hit all-time high in FY 2016, but revised downward from initial projections

Vehicle sales by
region  Globally, the seven Japanese OEMs expect to sell a total of 25.85 million vehicles (y/y increase of 2.4%) in FY 2016, but the total number has been lowered by roughly 90,000 vehicles from the initial projections announced at the time of their financial results announcements for the first half of the year. Although the sales forecasts have been revised upward in Europe with its recovering market, the projections for North America, where growth is stagnant, and Japan, where the OEMs can no longer expect rush demand due to the delayed consumption tax hike, have both been revised downward.

  The only OEMs that raised their expectations are Honda and Fuji Heavy Industries. Honda is recording healthy sales in Asia, primarily in China, and Fuji Heavy Industries increased its sales plan in North America. Nissan and Mazda have both maintained their initial sales plans.

  Although a few automakers have made downward revisions to their sales forecasts, Nissan, Honda, Suzuki, Mazda, and Fuji Heavy Industries are still expecting record-high sales.

  In the first half of FY 2016, the seven OEMs sold a total of 12.53 million vehicles for y/y growth of 1.7%. Although sales outside of Japan primarily grew in North America, Europe, and China, domestically, Mitsubishi Motors' and Nissan suspended sales of their light vehicles, due to Mitsubishi Motors' fuel consumption scandal, leading to both OEMs selling 2.08 million vehicles for a y/y loss of 1.0%.

  By automaker, Honda, with healthy sales of its Civic, and Fuji Heavy Industries, with growing sales in North America, have recorded a y/y growth of 6.3% and 8.5%, respectively. At the same time, Nissan and Mitsubishi Motors recorded a y/y loss. In particular, Mitsubishi Motors recorded a y/y loss of 16.3% with 436,000 vehicles sold. Not only has the automaker recorded a loss in Japan due to its suspended sales, but its sales are also decreasing across the globe, excluding North America.

 (Click here for the statistical table)

 



Sales figures: Full-year projections revised downward due to effects of the strong yen

Sales figures  For FY 2016, the nine Japanese OEMs project consolidated sales to decrease 7.0% to JPY 64.3 trillion. This decline, which was the first in five years, resulted from the strong yen. The companies made these adjustments because of the downward revisions to their sales forecasts, as well as the changes to the expected exchange rate towards a strong yen.

  The only OEM that has made upward revisions to its initial forecast is Fuji Heavy Industries (see note). Nissan and Suzuki have maintained their initial projections, while other automakers have made downward revisions to their sales forecasts.

  In the first half of FY 2016, all of the automakers saw their sales drop, and the total for their consolidated sales was JPY 31.5 trillion, a y/y decrease of 8.0%. Mitsubishi (y/y fall of 19.2%) and Nissan (y/y fall of 10.3%) experienced significant declines in sales.

(Note) At the timing of the Q1 financial results announcements, Fuji Heavy Industries made revisions to its full year projection, and even with the upward revision, these figures are still lower than its first revised plan.

(Click here for the statistical table)

 



Operating income: Japanese automakers forecasted to generate JPY 3.9 trillion for a loss of 28% with an anticipated exchange rate of USD 1=JPY 102 in the second half

Operating income  The total profit projection for the nine OEMs for the full year have been revised downward slightly, with the forecast for operating income decreasing by 75 billion to JPY 3.91 trillion (y/y decrease of 28.3%), due to revisions to the expected exchange rate towards a stronger yen than initially anticipated.

  By OEM, the only companies that made upward revisions in comparison to their initial projections were Honda and Suzuki. Honda primarily made upward revisions to its sales forecasts in Asia thanks to increased profits resulting from pension processing in the first half. Suzuki enjoyed healthy sales in the first half, and has achieved a record high profit.

  Toyota and Nissan have maintained their initial projections. At the timing of its Q1 financial results announcements, Toyota made downward revisions to its operating income forecast, but reverted back to its initial figures when its financial results for the first half were announced as a result of emergency efforts to reduce costs, as well as revisions to its exchange rate forecasts for a stronger yen.

  Mitsubishi Motors is anticipating its first business deficit (JPY 27.6 billion) since FY 2004, due to costs relating to its fuel consumption scandal incident, loss of sales, and a strong yen. The OEM aims to be JPY 4 billion in the black in the second half. Additionally, the automaker expects a net loss of JPY 239.6 billion in FY 2016 due to impairment losses at its Mizushima plant.

  The expected exchange rate for FY 2016 (at the time of first-half financial result announcements) was set at an average of USD 1=JPY 104.1. The average settlement rate for the first half of FY 2016 was JPY 106.4, and the second half is expected to be an average of roughly JPY 102. Since Donald Trump was elected as the next U.S. president on November 9th, the yen has rapidly depreciated. If the rate of USD 1=JPY 109 continues (as of November 18), the total operating income of the nine Japanese OEMs may swing upward by roughly JPY 300 billion.

  The total operating income of the nine OEMS in the first half of FY 2016 decreased y/y by 21.0% to JPY 2.40 trillion. Although other companies suffered losses due to the effects of the strong yen, Honda and Suzuki have recorded healthy sales and increased profits.

(Click here for the statistical table)

 



Causes of operating income fluctuations: JPY 2.24 trillion in profits expected to be lost due to strong yen

  The total operating income of the nine Japanese automakers for FY 2016 has been revised downward by JPY 74.5 billion in comparison to the initial forecasts announced on the occasion of first-half financial results announcements to an expected JPY 3.91 trillion. This drop off was caused by expected exchange rates anticipating a strong yen, which has increased loss factors by JPY 360 billion from JPY 1.88 trillion to JPY 2.24 trillion. Changes in sales composition have increased profits, and efforts to reduce costs have largely contributed to increased profit factors, but failed to cover overall losses.

  The total operating income of the nine OEMs in the first half of FY 2016 was JPY 2.40 trillion, marking a y/y loss of 638.7 billion. At the same time there were increases in profit due to sales fluctuations accounting for JPY 431.7 billion, and cost reductions amounting to JPY 530.7 billion. However, JPY 1,169.6 billion was lost due to fluctuations in exchange rates, along with 359.7 billion due to increases in expenses and test-development costs.

 

Causes of
operating income fluctuations

 (Click here for the statistical table)



Capital investments, research and development costs: continuing to plan for record-high figures

  The total capital investment plan for the nine companies in FY 2016 has increased 4.1% y/y to JPY 3.11 trillion, maintaining record-high figures, although it has decreased slightly in comparison to initial projections. Furthermore, research and development cost plan totals have also marginally decreased in comparison to initial forecasts for a y/y increase to 2.3% at JPY 2.89 trillion, but FY 2016 marks the fourth consecutive year in which the automakers have planned for all-time high figures.

Capital investments Capital investments

 

 (Click here for the statistical table)



Summary of financial results for the first half of FY 2016 and year-round prospects

Toyota First half results * Increased sales in Japan and Asia contributed to a boost in consolidated vehicle sales, which increased 2.0% y/y to 4.363 million vehicles. Group vehicle retail figures including joint venture companies in China increased by 1.8% to 5.067 million vehicles.
* Operating income fell 29.5% y/y to JPY 1.1 trillion. Improvements in sales and costs contributed respective increases of JPY 205 billion and JPY 220 billion to total profits, but the strong yen lead to a loss of JPY 565 billion, and increases in various expenses to losses of JPY 225 billion.
Full year outlook * The company's consolidated vehicle sales forecast has been revised downward by 50,000 vehicles to 8.85 million vehicles (y/y increase by 1.9%). The revision will apply to regions excluding Europe. In spite of this, the forecast expects a marginal y/y increase in retail sales to 10.1 million vehicles.
* The automaker reverted its full year operating income outlook to the initial forecast of JPY 1.7 trillion (Toyota had reduced its forecast to JPY 1.6 trillion at the time of its Q1 financial results announcement). The OEM will secure profits through revisions to the expected exchange rate since the Q1 financial announcements for a weaker yen, emergency efforts to reduce costs following Brexit, marketing efforts, and cost reduction.
* In contrast with the full year operating income outlook of JPY 1.7 trillion, the company's progress rate in the first half was 66% with operating income of JPY 1.1 trillion, and depending on future exchange rates, an upward swing has been forecasted.
Nissan First half results * The automaker's vehicle sales decreased marginally by 0.1%. Sales of light vehicles jointly-developed with Mitsubishi Motors declined in Japan due to the fuel consumption Mitsubishi Motors' scandal caused by Mitsubishi and the sales suspension that resulted. Sales in North America and China have increased.
* The OEM's operating income decreased 14.0% y/y to JPY 339.7 billion. Although boosts in sales and cost reductions have contributed to increased profits, these figures have been exceeded by losses caused by increases in sales expenses and the strong yen.
Full year outlook * At the time of the company's financial results announcements (November 7th), the appreciation of the yen had advanced further than initially expected, but the OEM has maintained its initial outlook. Vehicle sales have increased by 3.3% y/y to 5.6 million vehicles, whereas operating income decreased by 10.5% to JPY 710 billion.
Honda First half results * With healthy sales of the redesigned Civic in China and North America, the automaker's vehicle sales increased by 6.3% to 2.431 million vehicles.
* Operating income suffered a loss of JPY 178 billion due to the strong yen, but increases in sales, cost reductions, and pension accounting processing has helped increase profits by 22.5% y/y to JPY 494.9 billion.
Full year outlook * The OEM increase its sales target by 65,000 vehicles primarily in Asia to 4.98 million vehicles.
* The company revised operating income upward by 50 billion for a projection for the full year of 650 billion. Although revisions for a stronger yen to the expected exchange rate lead to a fall in profits, cost reductions have compensated for the losses, and the effects of the pension accounting processing in the first half contributed to an increase in profit of JPY 84 billion.
Suzuki First half results * The OEM had record-high sales of 1.404 million vehicles in the first half (y/y increase of 1.2%). Sales increased in India and Europe, where new models are performing well.
* Operating income also hit an all-time high figure of JPY 115.5 billion (14.2% increase). Although the strong yen has caused major losses (JPY 50.2 billion), increases in sales and model mix changes have covered the losses (JPY 75.1 billion).
Full year outlook * The company reduced its full year outlook for vehicle sales by 83,000 units to 2.873 million vehicles (y/y increase of 0.4%). Although the automaker revised its sales forecast for India upward, it revised the forecasts for Japan, China, and Indonesia downward.
* The automaker initially projected that its operating income would decrease, but the forecast was revised upward to JPY 200 billion for a y/y increase of 2.4%. Although the revisions for a stronger yen have lead to a loss, the OEM's performance in the first half has been reflected.
Mazda First half results * The CX-9 released in North America and the CX-4 released in China have been selling well, and the automaker achieved all-time high sales of 775,000 vehicles.
* Operating income decreased by roughly 30% to JPY 88.3 billion due to the strong yen.
Full year outlook * The company maintained its forecast for record vehicle sales of 1.55 million units. Although forecasts for Japan were lowered, healthy sales in China are expected to compensate for the decrease.
* The automaker revised its operating income forecast downward by JPY 20 billion to JPY 150 billion. The OEM aims for an increase of JPY 17 billion through additional cost reductions, but expects the effects of the strong yen to become more prominent.
Mitsubishi First half results * Mitsubishi Motors' vehicle sales, suffering the effects of its fuel consumption scandal in Japan, dropped by 16.3% y/y to 436,000 units. In particular, the OEM's suspension of vehicle sales in Japan resulted in a drop of 37.0% to 29,000 units. Outside of Japan, the automaker has been experiencing across the board sales decreases in markets other than North America.
* The loss in sales relating to the fuel consumption scandal, market measure costs, and strong yen have lead to a JPY 31.6 billion deficit in operating income for the company.
* The OEM has recorded an extraordinary loss of JPY 166.2 billion relating to the fuel consumption scandal, for a net loss of JPY 219.6 billion.
Full year outlook * The company has lowered its full year vehicle sales outlook by 11.0% y/y to 933,000 vehicles. For the first time in four years, the OEM has set its sales outlook at under 1 million vehicles, and has replaced Fuji Heavy Industries as the Japanese passenger vehicle manufacturer with the lowest sales.
* The forecast released by the OEM after the fuel consumption scandal came to light projected full year operating income to maintain a surplus, but this was revised to a deficit of JPY 27.6 billion, due to decreased sales, the strong yen, and the effects of market measures. In the second half only the automaker aims for a surplus of JPY 4 billion.
* The projection for full year net losses has been revised downward from JPY 145 billion to JPY 239.6 billion due to impairment reviews at the Mizushima plant, depletion of capital investments at overseas subsidiaries, and reevaluation of overseas investments.
FHI First half results * The OEM has performed well in the U.S., and recorded all-time high vehicle sales for the fifth consecutive year with 512,000 vehicles.
* Operating income fell 26.9% y/y to JPY 208.5 billion. Although there vehicle sales increased, the loss in profit was caused by the strong yen, airbag related expenses, and increased incentives in the U.S.
Full year outlook * Since its initial projection, the automaker issued a new forecast that full year will exceed 1 million vehicles, and raised this outlook further to 1.062 million vehicles.
* The company decreased its full year operating income outlook by 34.1% y/y to JPY 373 billion, marking the second consecutive time following the Q1 financial results announcements that the OEM has made downward revisions. The reasons for the revisions are the same as for its first half results.
Isuzu First half results * The OEM has experienced increased sales in Japan, but saw a decrease overseas, particularly in emerging countries, for an overall decline of 4.3% y/y to 243,000 vehicles.
* The company operating income also declined by 20.6% y/y to JPY 68.4 billion, due to decreased sales and the strong yen.
Full year outlook * The automaker raised its global sales outlook to 508,000 vehicles, as the OEM believes overseas sales will exceed its expectations.
* It revised its operating income outlook downward to JPY 150 billion due to the strong yen.
Hino First half results * Thanks to the increase in sales in Japan, global sales have hit a record high of 82,000 vehicles. Overseas, while sales grew in Asia, they fell in Africa and the Middle/Near East.
* Operating income declined by roughly 40%, due to the strong yen, and decreased shipments overseas and to Toyota.
Full year outlook * The automaker reduced its global sales outlook by 3,000 vehicles overseas for a marginal downward revision to a total of 172,000 vehicles.
* Its initial operating income forecast of JPY 80 billion has been revised to JPY 60 billion due to the decreased sales and the strong yen.


Sales forecast by LMC Automotive: Japan Light Vehicle sales will be 4.86 million units in 2019

(LMC Automotive, Q3 2016)

Sales forecast by LMC
Automotive  According to LMC Automotive's forecast (Q3, 2016), light vehicle sales in Japan will be 4.78 million units in 2016, down 4.4% from 2015, and experience a 1.0% increase in 2017 to 4.83 million units. 2016 sales will end up slightly better than expected in spite of incidents including an accident at an Aichi Steel plant, the Kumamoto earthquakes, and Mitsubishi and Suzuki's fuel efficiency scandals. The Toyota Prius and Daihatsu's mini cars lead the market.

  In the medium term, Japanese light vehicle sales will hover around the 4.8 million-unit level. These are expected to rise to 4.82 million units in 2018, up 0.8% from 2016, and hit 4.86 million units in 2019, up 1.6% from 2016.


  LMC Automotive comments; "in the long term, Light Vehicle sales in Japan are projected to decline progressively, to eventually plateau at around 4.3‐4.4 mn units. As previously outlined, this gradual contraction will be driven by Japan's rapidly aging population and the younger generation's lack of interest in driving or in vehicle ownership. As the population ages, older drivers will not necessarily give up driving altogether, but they will be less inclined to replace their cars. Together, these factors will drive down new vehicle sales, while the vehicle parc will remain at the same level. Indeed, vehicle density in Japan is even expected to see a slight increase. However, should both the vehicle parc and vehicle density begin to decline, in line with sales, this is likely to occur beyond our forecast horizon".

  LMC Automotive also comments; "One of the major factors likely to affect Light Vehicle sales in Japan in the future is the rescheduled consumption tax hike. Originally due to be implemented in 2017, the government announced in June this year that it had postponed the tax increase by two‐and‐a‐half years to October 2019. This decision was taken as a way of safeguarding the economy from any negative impacts that may ensue from the higher duty rate. We now assume that the inevitable pre‐tax hike buying rush will begin in late 2018 and continue into 2019."

Japanese light vehicle sales forecast by make

GLOBAL MAKE 2013 2014 2015 2016 2017 2018 2019
Total 5,255,108 5,442,170 5,001,057 4,783,195 4,831,819 4,822,974 4,860,878
Toyota Group Toyota 1,516,002 1,487,958 1,439,542 1,451,909 1,359,907 1,480,479 1,405,122
Daihatsu 662,688 708,176 620,794 659,733 682,538 639,505 606,228
Lexus 46,769 44,196 48,228 61,436 67,774 62,798 69,986
Hino 18,323 22,455 6,750 6,588 6,292 5,469 6,779
Toyota Group sub-total 2,243,782 2,262,785 2,115,314 2,179,666 2,116,511 2,188,251 2,088,115
Honda Group Honda 742,295 849,914 726,970 706,045 752,260 696,359 791,668
Suzuki Group Suzuki 699,760 785,829 635,590 626,999 647,282 593,856 637,394
Nissan 1,555 1,529 1,140 809 918 921 1,017
Suzuki Group sub-total 701,315 787,358 636,730 627,808 648,200 594,777 638,411
Renault-Nissan Group Nissan 678,123 669,109 587,238 478,888 517,287 539,637 514,122
Renault 3,471 4,310 5,082 2,878 1,874 1,686 1,941
Samsung 301 347 0 0 0 0 0
Renault-Nissan Group sub-total 681,895 673,766 592,320 481,766 519,161 541,323 516,063
Mazda Motors Mazda 228,088 219,092 245,457 228,255 271,494 254,513 248,607
Fuji Heavy Subaru 181,924 168,171 162,262 153,045 143,516 138,112 144,140
Volkswagen Group Volkswagen 67,280 67,328 54,766 44,993 44,435 43,357 50,830
Audi 28,679 32,304 30,573 24,059 25,260 31,057 32,002
Porsche 4,869 5,361 6,706 5,429 5,154 5,271 5,173
Bentley 295 317 370 276 227 242 246
Lamborghini 180 187 349 206 78 92 100
Volkswagen Group sub-total 101,303 105,497 92,764 74,963 75,154 80,019 88,351
Mitsubishi Motors Mitsubishi 138,930 125,072 123,424 64,617 61,305 70,801 83,726
Isuzu Motors Isuzu 37,604 42,753 74,731 74,169 68,947 74,351 77,947
Daimler Group Mercedes-Benz 53,734 61,453 65,159 51,115 44,651 48,203 47,194
Fuso 21,863 25,182 26,459 24,523 22,221 21,820 22,559
Smart 1,298 1,114 1,011 2,153 4,266 4,844 4,857
Daimler Group sub-total 76,895 87,749 92,629 77,791 71,138 74,867 74,610
BMW Group BMW 46,533 47,928 47,235 40,180 37,444 41,301 40,149
MINI 16,982 17,597 19,494 16,635 14,534 15,375 14,909
Rolls-Royce 116 154 156 105 63 68 68
BMW Group sub-total 63,631 65,679 66,885 56,920 52,041 56,744 55,126
Fiat Chrysler Automobiles Fiat 7,007 7,079 7,504 6,091 5,444 5,096 5,070
Jeep 4,929 6,692 7,129 5,594 4,208 4,350 4,456
Dodge 725 504 256 961 1,739 1,795 1,792
Alfa Romeo 3,148 2,657 2,321 1,215 1,984 1,698 1,743
Chrysler 1,563 1,290 464 834 1,278 1,294 1,345
Maserati 491 1,407 1,449 576 226 243 248
Lancia 292 38 22 6 0 0 0
Fiat Chrysler Automobiles sub-total 18,155 19,667 19,145 15,277 14,879 14,476 14,654
PSA Group Peugeot 5,975 5,710 5,905 7,939 9,388 9,181 9,130
Citroen 769 1,087 1,978 1,514 1,540 1,616 1,627
DS 2,178 1,203 925 914 809 863 853
PSA Group sub-total 8,922 8,000 8,808 10,367 11,737 11,660 11,610
Geely Group Volvo 17,146 14,304 13,509 10,173 9,092 10,149 10,477
Tata Group Jaguar 990 1,065 1,349 2,058 1,926 2,109 2,121
Land Rover 3,422 3,225 2,979 2,458 1,970 1,835 1,924
Tata Group sub-total 4,412 4,290 4,328 4,516 3,896 3,944 4,045
General Motors Group Cadillac 1,277 965 710 1,098 1,586 1,579 1,666
Chevrolet 1,311 1,258 653 918 1,497 1,563 1,542
GM 110 92 24 39 58 63 66
Pontiac 12 13 16 2 0 0 0
Hummer 91 0 10 3 0 0 0
General Motors Group sub-total 2,801 2,328 1,413 2,060 3,141 3,205 3,274
DRB-Hicom Lotus 298 321 271 141 86 85 98
Mahindra Group Ssangyong 1 0 0 0 0 0 0
Hyundai Group Hyundai 15 0 14 0 0 0 0
MG Rover Group Rover 49 35 46 11 0 0 0
Ford Group Ford 4,189 4,447 4,856 3,726 0 0 0
Other Others 319 90 18,295 11,221 8,669 8,738 9,313
Ferrari 551 407 658 482 462 462 489
Aston Martin 210 170 164 117 70 75 85
UD Trucks 339 248 46 45 45 45 50
Saab 6 5 4 7 12 12 12
Morgan 33 22 14 7 3 6 7
Other sub-total 1,458 942 19,181 11,879 9,261 9,338 9,956
Source: LMC Automotive "Global Automotive Production Sales (Q3 2016)"
(Note) 1. Data indicates figures of only small-size vehicle, including passenger cars and light commercial vehicles with gross vehicle weight of under 6 tons.
2. All rights reserved. Reproduction of any data will require permission of LMC Automotive.
For more information or inquiries of forecast data, please contact LMC Automotive.


Fact sheets (Part 1): Unit sales, Revenue

Seven Japanese passenger car OEMs' sales volumes by region

(Thousand units)

FY
2009
FY
2010
FY
2011
FY
2012
FY
2013
FY
2014
FY
2015
FY 2016
Outlook
First half Second half
Initial
Plan
Revised
in Q2
FY
2015
FY
2016
FY
2015
FY
2016
Plan
Japan Toyota 2,163 1,913 2,071 2,279 2,365 2,154 2,059 2,240 2,200 984 1,078 1,075 1,122
Nissan 630 600 655 647 719 623 573 580 580 265 211 308 369
Honda 646 582 588 692 818 761 668 650 655 315 302 353 353
Suzuki 622 588 596 672 728 756 630 650 635 304 299 326 336
Mazda 221 206 206 216 244 225 232 233 210 120 93 112 117
Mitsubishi 171 164 152 134 143 115 102 60 64 46 29 56 35
FHI 171 158 172 163 182 163 145 156 159 67 68 78 91
Total 4,624 4,211 4,440 4,803 5,199 4,797 4,409 4,569 4,503 2,101 2,080 2,308 2,423
North
America
Toyota 2,098 2,031 1,872 2,469 2,529 2,715 2,839 2,850 2,820 1,413 1,400 1,426 1,420
Nissan 1,067 1,245 1,404 1,466 1,648 1,829 2,011 2,070 2,070 995 1,048 1,016 1,022
Honda 1,297 1,458 1,323 1,731 1,757 1,750 1,929 1,990 1,985 970 989 959 996
Suzuki 41 33 32 30 - - - - - - - - -
Mazda 307 342 372 372 391 425 438 449 449 233 224 205 225
Mitsubishi 88 94 106 85 97 117 135 138 143 69 69 66 74
FHI 250 307 309 390 478 570 630 696 714 317 355 313 359
Total 5,148 5,510 5,418 6,543 6,900 7,406 7,982 8,193 8,181 3,997 4,085 3,985 4,096
Europe Toyota 858 796 798 799 844 859 844 920 950 407 434 437 516
Nissan 517 607 713 660 676 755 754 770 770 367 362 387 408
Honda 249 198 158 171 169 161 172 190 180 74 90 98 90
Suzuki 281 244 223 197 205 195 207 232 232 101 116 106 116
Mazda 239 212 183 172 207 229 257 260 260 124 134 133 126
Mitsubishi 169 218 218 181 202 227 206 187 181 104 90 102 91
FHI 39 60 55 61 47 47 48 50 47 23 22 25 25
Total 2,352 2,335 2,348 2,241 2,350 2,473 2,488 2,609 2,620 1,200 1,248 1,288 1,372
Asia and
Others
Toyota 2,118 2,568 2,611 3,324 3,378 3,244 2,939 2,890 2,880 1,474 1,451 1,465 1,429
Nissan 1,301 1,733 2,073 2,141 2,145 2,111 2,085 2,180 2,180 989 992 1,096 1,188
Honda 1,200 1,274 1,039 1,420 1,579 1,695 1,974 2,085 2,160 927 1,050 1,047 1,110
Suzuki 1,407 1,778 1,710 1,761 1,778 1,917 2,025 2,074 2,006 983 989 1,042 1,017
Mazda 426 513 486 475 489 518 607 608 631 287 324 320 307
Mitsubishi 532 511 525 587 605 631 605 577 545 302 248 303 297
FHI 103 132 104 110 118 131 134 148 142 65 67 69 75
Total 7,087 8,509 8,548 9,818 10,092 10,247 10,369 10,562 10,544 5,027 5,121 5,342 5,423
Total Toyota 7,237 7,308 7,352 8,871 9,116 8,972 8,681 8,900 8,850 4,278 4,363 4,403 4,487
Nissan 3,515 4,185 4,845 4,914 5,188 5,318 5,423 5,600 5,600 2,616 2,613 2,807 2,987
Honda 3,392 3,512 3,108 4,014 4,323 4,367 4,743 4,915 4,980 2,286 2,431 2,457 2,549
Suzuki 2,350 2,643 2,560 2,660 2,711 2,868 2,861 2,956 2,873 1,388 1,404 1,473 1,469
Mazda 1,193 1,273 1,247 1,235 1,331 1,397 1,534 1,550 1,550 764 775 770 775
Mitsubishi 960 987 1,001 987 1,047 1,090 1,048 962 933 521 436 527 497
FHI 563 657 640 724 825 911 958 1,050 1,062 472 512 486 550
Total 19,210 20,565 20,753 23,405 24,541 24,923 25,248 25,933 25,848 12,325 12,534 12,923 13,314
Source: OEMs' financial results.
(Note) 1. Figures for Toyota, Suzuki, and Fuji Heavy Industries (FHI) are based on consolidated sales volumes.
2. The planned figures for the second half of FY 2016 are calculated values based on the ten companies' FY 2016 full-year plans and the first half-year performances.

Consolidated revenue of nine OEMs

(Billion Yen)

FY
2009
FY
2010
FY
2011
FY
2012
FY
2013
FY
2014
FY
2015
FY2016 Plan First half Second half
Initial
Plan
Revised
in Q2
FY
2015
FY
2016
FY
2015
FY
2016
Plan
Revenue Toyota 18,951 18,994 18,584 22,064 25,692 27,235 28,403 26,500 26,000 14,091 13,071 14,312 12,930
Nissan 7,517 8,773 9,409 8,737 10,483 11,375 12,190 11,800 11,800 5,933 5,321 6,256 6,479
Honda 8,579 8,937 7,948 9,878 11,842 13,328 14,601 13,750 13,400 7,326 6,735 7,275 6,665
Suzuki 2,469 2,608 2,512 2,578 2,938 3,016 3,181 3,100 3,100 1,556 1,499 1,625 1,601
Mazda 2,164 2,326 2,033 2,205 2,692 3,034 3,407 3,280 3,150 1,701 1,546 1,706 1,604
Mitsubishi 1,446 1,829 1,807 1,815 2,093 2,181 2,268 1,910 1,840 1,070 865 1,198 975
FHI 1,429 1,581 1,517 1,913 2,408 2,878 3,232 3,170 3,180 1,602 1,578 1,631 1,602
Isuzu 1,081 1,416 1,400 1,656 1,761 1,879 1,927 1,860 1,860 971 908 956 952
Hino 1,024 1,243 1,315 1,541 1,700 1,685 1,746 1,670 1,630 858 799 887 831
Total 43,636 46,462 45,211 50,847 59,910 64,925 69,208 65,370 64,330 34,249 31,522 34,959 32,808
Source: OEMs' financial results.
(Note) 1. Hino's results are included in Toyota's consolidated unit sales.
2. In FY 2013, Nissan changed the consolidation method for its Chinese JVs from the proportionate consolidation method to the equity method.
3. Starting from FY 2015, Honda is using the International Financial Reporting Standards (IFRS). FY 2014's results are also shown for reference, calculated into values based on the IFRS. Results up to and including FY 2013 are calculated using the US Generally Accepted Accounting Principles.


Fact sheets (Part 2):Operating profit & margin、Exchange rate

Nine OEMs' Operating profit/Ordinary profit/Net income

(Billion Yen)

FY
2009
FY
2010
FY
2011
FY
2012
FY
2013
FY
2014
FY
2015
FY2016 Plan First half Second half
Initial
Plan
Revised
in Q2
FY
2015
FY
2016
FY
2015
FY
2016
Plan
Operating
Profit
Toyota 148 468 356 1,321 2,292 2,751 2,854 1,700 1,700 1,583 1,117 1,271 583
Nissan 312 538 546 439 498 590 793 710 710 395 340 398 370
Honda 364 570 231 545 750 671 503 600 650 404 495 99 155
Suzuki 79 107 119 145 188 179 195 180 200 101 116 94 85
Mazda 10 24 -39 54 182 203 227 170 150 126 88 101 62
Mitsubishi 14 40 64 67 123 136 138 25 -28 58 -32 80 4
FHI 27 84 44 120 327 423 566 420 373 285 209 281 165
Isuzu 11 88 97 131 174 171 172 175 150 86 68 85 82
Hino 1 29 38 65 112 106 98 80 60 54 33 44 27
Total 964 1,919 1,418 2,822 4,535 5,123 5,448 3,980 3,905 3,039 2,401 2,409 1,505
Ordinary
profit
Toyota 291 563 433 1,404 2,441 2,893 2,983 1,900 1,900 1,675 1,177 1,308 724
Nissan 208 538 535 504 527 694 862 800 800 428 397 435 403
Honda 336 631 257 489 729 806 635 705 770 493 559 142 211
Suzuki 94 123 131 156 198 194 209 185 210 112 122 97 88
Mazda 5 37 -37 33 141 213 224 176 155 121 83 103 72
Mitsubishi 13 39 61 94 130 152 141 32 -28 59 -28 83 0
FHI 22 82 37 101 314 394 577 420 397 285 228 292 169
Isuzu 11 91 103 142 187 187 187 187 153 99 72 88 81
Hino -2 25 35 67 109 105 96 79 59 52 32 44 27
Total 980 2,103 1,520 2,922 4,666 5,533 5,818 4,405 4,357 3,271 2,609 2,547 1,748
Net
income
Toyota 209 408 284 962 1,823 2,173 2,313 1,500 1,550 1,258 946 1,055 604
Nissan 42 319 341 341 389 458 524 525 525 326 282 198 243
Honda 268 534 211 367 574 509 345 390 415 314 352 31 63
Suzuki 29 45 54 80 108 97 117 93 145 79 100 38 45
Mazda -7 -60 -108 34 136 159 134 115 100 88 56 46 44
Mitsubishi 5 16 24 38 105 118 89 -145 -240 52 -220 37 -20
FHI -17 50 39 120 207 262 437 293 278 193 164 244 114
Isuzu 8 52 91 97 119 117 115 115 90 53 39 62 51
Hino -3 -10 16 48 89 75 65 55 41 37 23 28 18
Total 539 1,364 936 2,039 3,460 3,893 4,073 2,886 2,863 2,363 1,719 1,709 1,144

Source: OEMs' financial results.
(Note) The Ordinary Profit data of Toyota and Honda shows respective pre-tax current profits since Toyota adopt the U.S. Generally Accepted Accounting Principles and Honda adopt IFRS.

Operating margin

FY
2009
FY
2010
FY
2011
FY
2012
FY
2013
FY
2014
FY
2015
FY2016 Plan First half Second half
Initial
Plan
Revised
in Q2
FY
2015
FY
2016
FY
2015
FY
2016
Plan
Operating
margin
Toyota 0.8% 2.5% 1.9% 6.0% 8.9% 10.1% 10.0% 6.4% 6.5% 11.2% 8.5% 8.9% 4.5%
Nissan 4.1% 6.1% 5.8% 5.0% 4.8% 5.2% 6.5% 6.0% 6.0% 6.7% 6.4% 6.4% 5.7%
Honda 4.2% 6.4% 2.9% 5.5% 6.3% 5.0% 3.4% 4.4% 4.9% 5.5% 7.3% 1.4% 2.3%
Suzuki 3.2% 4.1% 4.7% 5.6% 6.4% 5.9% 6.1% 5.8% 6.5% 6.5% 7.7% 5.8% 5.3%
Mazda 0.4% 1.0% -1.9% 2.4% 6.8% 6.7% 6.7% 5.2% 4.8% 7.4% 5.7% 5.9% 3.8%
Mitsubishi 1.0% 2.2% 3.5% 3.7% 5.9% 6.2% 6.1% 1.3% -1.5% 5.5% -3.7% 6.7% 0.4%
FHI 1.9% 5.3% 2.9% 6.3% 13.6% 14.7% 17.5% 13.2% 11.7% 17.8% 13.2% 17.2% 10.3%
Isuzu 1.0% 6.2% 7.0% 7.9% 9.9% 9.1% 8.9% 9.4% 8.1% 8.9% 7.5% 8.9% 8.6%
Hino 0.1% 2.3% 2.9% 4.2% 6.6% 6.3% 5.6% 4.8% 3.7% 6.3% 4.1% 5.0% 3.3%
Average 2.2% 4.1% 3.1% 5.5% 7.6% 7.9% 7.9% 6.1% 6.1% 8.9% 7.6% 6.9% 4.6%

Foreign exchange rates

(Yen)

FY
2009
FY
2010
FY
2011
FY
2012
FY
2013
FY
2014
FY
2015
FY2016 Plan First half Second half
Initial
Plan
Revised
in Q2
FY
2015
FY
2016
FY
2015
FY
2016
Plan
USD Toyota 93 86 79 83 100 110 120 105 103 122 105 118 101
Nissan 92.9 85.7 79.1 82.9 100.2 109.8 120.2 105 105 121.9 105.2 119 105
Honda 93 86 79 84 100 110 120 105 103 122 105 118 100
Suzuki 93 86 79 83 100 110 120 105 104 122 105 118 103
Mazda 93 86 79 83 100 110 120 110 104 122 105 118 103
Mitsubishi 92 85 79 82 100 109 121 106 103 122 108 120 100
FHI 93 86 79 82 100 108 121 105 104 122 107 120 101
Isuzu 91 85 79 82 98 107 120 110 107 121 110 119 104
Hino 93 86 79 82 100 109 120 105 104 121 107 119 101
Average 92.6 85.7 79.1 82.8 99.7 109.1 120.2 106.2 104.1 121.6 106.4 118.9 102.0
EUR Toyota 131 113 109 107 134 139 133 120 114 135 118 131 110
Nissan 131.2 113.1 109 106.8 134.2 138.7 132.6 120 120 135.1 118.0 130.1 122
Honda 130 114 108 108 136 139 - - - - - - -
Suzuki 131 113 109 107 134 139 133 120 116 135 118 131 113
Mazda 131 113 109 107 134 139 133 123 116 135 118 131 114
Mitsubishi 130 113 111 105 134 139 133 123 115 135 119 131 111
FHI 132 114 108 106 133 140 133 120 115 135 120 131 110
Average 130.9 112.9 109 106.7 134.2 139.1 132.9 121 116.0 135.0 118.5 130.9 113.3

Source: OEMs' financial results.
(Note) If an OEM announced multiple figures for the exchange rate, the rate used for sales is included in the table above.



Fact sheets (Part 3): analysis of variance in operating profit, capital investment , R&D costs

Analysis of variance in operating profit

(Billion Yen)

FY
2009
FY
2010
FY
2011
FY
2012
FY
2013
FY
2014
FY
2015
FY2016 Plan FY2016
Initial
Plan
Revised
in Q2
First
half
results
Second
half
plan
Total Operating profit 964 1,919 1,418 2,906 4,535 5,104 5,448 3,980 3,905 2,401 1,505
Increase (decrease) in operating profit 1,305 955 -500 1,488 1,628 569 325 -1,468 -1,543 -639 -904
Fluctuations in revenue -877 1,513 152 1,077 460 -14.8 401 342 452 432 20.3
Currency impact -848 -719 -658 257 1,865 591 140 -1,879 -2,243 -1,170 -1,073
Cost reductions, etc. 1,023 535 215 943 630 520 871 574 703 531 172
General expenses/R&D expenses 1,262 -345 -223 -700 -1,067 -508 -966 -412 -415 -360 -55.6
Other 746 -29 12.7 -89.7 -259 -18.9 -121 -93.4 -39.9 -71.8 31.9
Toyota Operating profit 148 468 356 1,321 2,292 2,751 2,854 1,700 1,700 1,117 583
Increase (decrease) in operating profit 609 321 -113 965 971 458 103 -1,154 -1,154 -467 -687
Sales & marketing activities -370 490 150 650 180 -70 -120 135 185 205 -20
Cost improvements 520 180 150 450 290 280 390 340 415 220 195
Financial business 270
Currency impact -320 -290 -250 150 900 280 160 -935 -1,080 -565 -515
Total expenses 470 -30 -100 -300 -480 -160 -340 -540 -485 -225 -260
(Above amount only for) R&D expenses 179 -25 -50 -20 -100 -100 -50 -25 -15 -5 -10
(Above amount only for) capital investment expenses 37.8 120 30 20 10 -10 -50 -100 -80 -30 -50
(Above amount only for) labor costs 62.7 -40 -100 -70 -100 -80 -110 -115 -115 -50 -65
(Above amount only for) other costs 191 -85 20 -230 -290 30 -130 -300 -275 -140 -135
Others 38.5 -29.3 -62.6 15.2 81.2 128 -130 -154 -189 -102 -87.4
Nissan Operating profit 312 538 546 524 498 590 793 710 710 340 370
Increase (decrease) in operating profit 450 226 8.3 -22.3 -25.1 91.2 204 -83.3 -83.3 -55.3 -28
Currency impact -163 -148 -170 30.2 248 68.6 -13.3 -255 -255 -180 -75.2
Sales volume/model mix effect 26.9 433 224 -57.2 70.4 32.4 113 43.5 -43.5
Purchasing costs, etc. 215 106 84.5 190 203 113 224 143 -143
Production/quality-related costs -53.7 -109 -20.1 -19.7 112 112 -9.6 121
Sales financing 142 29.5 49.8 0.2
R&D expenses 64.5 -18.5 -33.1 -37 -24.2 -24.4 19.6 -19.6
Marketing expenses 27.1 -192 -151 -53.5 -267 -83.3 -72.4 60 60 -76.8 137
Applying equity method of accounting -107
Others 136 15 4.8 -41.7 -38.8 -19.1 -3.4 5.1 -5.1
Honda Operating profit 364 570 231 545 750 652 503 600 650 495 155
Increase (decrease) in operating profit 174 206 -338 313 205 -98.6 -167 96.6 147 90.8 55.9
Changes to revenue/model-mix -247 322 -155 293 53.3 -82.5 220 49.6 28.6 60.9 -32.3
Currency impact -168 -138 -114 35.8 289 79 -60.1 -303 -370 -178 -192
Cost-reductions 67.4 153 -92.8 167 15 34.4 110 113 161 101 60
R&D expenses 99.8 -24.2 -32.2 -40.4 -49.3 -17.7 -39.7 -54 -60 -36.2 -23.8
Sales-management expenses 421 -62 55.8 -142 -102 -112 -397 291 303 59 244
Impact of pension accounting treatment 84 84 0
Natural disasters -45.7
Suzuki Operating profit 79.4 107 119 145 188 179 195 180 200 116 84.5
Increase (decrease) in operating profit 2.5 27.5 12.4 25.3 43.1 -8.3 15.9 -15.3 4.7 14.4 -9.7
Changes in revenue/model-lineup -69.6 25.3 -54.2 32.7 47.8 -18.1 58.6 54.7 108 75.1 32.6
Currency impact -46.9 -28.3 -28.9 -6.9 54.3 22.2 -2.9 -62 -86 -50.2 -35.8
Cost reductions 17.2 35.5 22.6 28.4 25.2 27.2 24.6 29 24 6.4 17.6
Depreciation expenses -0.6 3.4 35.3 9.4 -23.5 -17.2 -33.9 -2 -2 0.3 -2.3
R&D expenses 6.2 4.7 -5.7 -9.5 -7.8 1.2 -5.1 -9 -9 0.1 -9.1
Misc. expenses, etc. 96.2 -13.1 43.3 -28.8 -52.9 -23.6 -25.4 -26 -30 -17.3 -12.7
Mazda Operating profit 9.5 23.8 -38.7 53.9 182 203 227 170 150 88.3 61.7
Increase (decrease) in operating profit 37.9 14.3 -62.5 92.6 128 20.8 23.9 -56.8 -76.8 -37.6 -39.2
Volume change/model mix -60.6 35.7 -36.3 33.8 55 48.6 56 18 19 0.5 18.5
Currency impact -76.5 -43.7 -37.6 18.4 113 17 -42.4 -81 -123 -64.8 -58.2
Cost reductions 68 11.2 5.6 36.7 22 17.5 43.7 31 48 30.8 17.2
Marketing expenses 22.7 -5.6 -2.7 -6.8 -19.2 -15 1.7 -4 -3 2.3 -5.3
Others 84.3 16.7 8.5 10.5 -42.3 -47.3 -35.1 -20.8 -17.8 -6.4 -11.4
Mitsubishi Operating profit 13.9 40.3 63.7 67.4 123 136 138 25 -27.6 -31.6 4
Increase (decrease) in operating profit 10 26.4 23.4 3.7 56 12.5 2.5 -113 -166 -90 -76
Volume/model mix -85.6 53.3 16.8 12.3 -4.8 -6.5 18.7 -17 -27 -9.8 -17.2
Currency impact -41.8 -34.2 -10.5 -3.4 65.9 12.3 -17.2 -57 -91 -33.9 -57.1
Cost reductions 54.4 21.1 27.2 43.2 40.4 29.2 30.9 8
Costs on quality measures in market -32 -52.7 20.7
Others 57.8 -8.6 -10.6 -32.3 -15.2 -15 -24.7 -26.4 10 7.3 2.7
Marketing expenses 25.2 -5.1 0.5 -16.1 -30.3 -7.5 -5.2 -21 -26 -0.9 -25.1
FHI Operating profit 27.4 84.1 44 120 327 423 566 420 373 209 165
Increase (decrease) in operating profit 33.2 56.7 -40.1 76.4 206 96.5 143 -146 -193 -76.6 -116
Model mix 8.7 83.1 1.2 81.7 51.1 70.3 58.8 99.9 135 67.8 67.5
Currency impact -30.4 -35.6 -42 29.3 170 104 108 -169 -197 -81.7 -115
Cost reductions 26 8.9 -2.2 31.5 19.7 12.4 33.1 32 33.9 21.8 12.1
Testing/R&D expenses 5.7 -5.7 -5.2 -1 -10.9 -23.2 -18.8 -17.6 -14.6 -7.1 -7.5
Misc. expenses 23.2 6.1 8 -65 -24 -66.6 -39 -91.3 -151 -77.4 -73.3
Isuzu Operating profit 11 88.2 97.4 131 174 171 172 175 150 68.4 81.6
Increase (decrease) in operating profit -10.7 77.2 9.2 33.4 43.4 -3.1 0.5 3.4 -21.6 -17.8 -3.8
Fluctuations in revenue/in model mix -80.7 70.5 5.8 30.7 7.2 11 -4.1 1.4 3.4 -11.3 14.7
Currency impact -2.3 -2.4 -4.5 4 25.3 8.3 7.5 -17 -41 -16.2 -24.8
Economic changes 18.1 -9.8 -7.4 4.4 -4.5 -1.7 7.3 7 7 6 1
Cost reductions/Rationalizing 13 17.7 11.2 8.9 20.2 15.1 21 20 20 9 11
Spending changes, etc. 41.2 1.2 9.2 -13.1 -4.8 -9 -6.1 1 1 -1 2
Growth-strategy expenses -26.8 -25.1 -9 -12 -4.3 -7.7
Residual factors from previous years (idle time due to natural disasters, etc.) -5.1 -1.5
Hino Operating profit 1.1 28.9 37.5 65.1 112 106 98.3 80 60 32.9 27.1
Increase (decrease) in operating profit 20.5 27.8 8.6 27.6 47.1 -6.7 -7.2 -18.3 -38.3 -21.3 -17
Sales activities 23.1 33.7 36 30.8 18 -10.2 -4.9 6 -1 -4.2 3.2
Changes in management environment -7 -11.1 -30.8 2.8 21.5 -2.8 3.6 -27 -35 -14.1 -20.9
Cost improvements 19.9 18.7 18.6 19.9 19.5 18.9 16.9 20 19 7.2 11.8
Cost fluctuations, etc. 19 -13.5 -15.2 -19.8 -11.9 -12.6 -22.8 -17.3 -21.3 -10.2 -11.1
Other -34.5 -6.1

Source: OEMs' financial results.

Capital investment/Depreciation expenses/R&D costs

(Billion Yen)

FY
2009
FY
2010
FY
2011
FY
2012
FY
2013
FY
2014
FY
2015
FY 2016
Outlook
First half Second half
Initial
Plan
Revised
in Q2
FY
2015
FY
2016
FY
2015
FY
2016
Plan
Capital
investment
Toyota 579 642 707 853 1,001 1,177 1,293 1,350 1,340 561 511 732 829
Nissan 274 312 406 469 536 463 479 540 540 172 170 307 370
Honda 330 311 407 594 726 658 647 560 560 283 194 364 366
Suzuki 131 130 127 169 214 195 172 220 220 74.9 95.1 96.6 125
Mazda 29.8 44.7 78 77.2 133 131 89.2 105 105 36.9 35.8 52.3 69.2
Mitsubishi 47.1 52.5 71 51.4 72.2 68 69 80 71 35.4 21.5 33.6 49.5
FHI 56.1 43.1 54.3 70.2 68.5 111 136 160 160 50.6 63.7 85.1 96.3
Isuzu 25.7 29.4 33.3 57.5 81.9 78 98 110 110 49.9 40.9 48.1 69.1
Hino 28.5 30 42.9 49.9 66.2 69.3 88.1 83 83 20.5 37.5 67.6 45.5
Total 1,472 1,566 1,883 2,341 2,833 2,881 2,982 3,125 3,106 1,263 1,132 1,719 1,974
Depreciation
Expenses
Toyota 1,032 812 733 727 776 806 885 930 910 417 421 468 489
Nissan 363 372 334 297 347 373 402 400 400 199 185 203 216
Honda 367 325 294 287 346 408 440 440 440 220 208 221 0
Suzuki 142 138 103 93.7 117 134 168 170 170 76.8 76.5 91.5 93.5
Mazda 76.4 71.6 68.8 60 57.7 68.9 79 83 83 38.8 39.4 40.2 43.6
Mitsubishi 69 62.7 53.4 50.3 52.7 53.3 53.6 55 50 25.8 23.8 27.8 26.2
FHI 57.1 49.8 53.7 55.9 54.9 64.8 65 80 80 31.3 33.5 33.7 46.5
Isuzu 39.5 36.4 36 35.6 41.6 48.1 55.8 60 60 26.6 28.7 29.2 31.3
Hino 45.2 45.7 43.5 40.8 37.9 38.2 42.8 47 47 20.8 20.4 22 26.6
Total 2,146 1,869 1,676 1,606 1,793 1,957 2,149 2,218 2,193 1,035 1,015 1,114 946
R&D costs Toyota 725 730 780 807 911 1,005 1,056 1,080 1,070 530 532 526 538
Nissan 386 399 428 458 501 506 532 560 560 256 225 276 335
Honda 463 488 520 560 634 663 720 690 690 329 308 391 0
Suzuki 109 104 110 119 127 126 131 140 140 62.8 62.7 68.2 77.3
Mazda 85.2 91 91.7 89.9 99.4 108 117 125 125 55 58.8 61.6 66.2
Mitsubishi 44.4 49.4 55 59.9 67.5 74.6 78.7 97 93 38.5 40.6 40.2 52.4
FHI 37.2 42.9 48.1 49.1 60.1 83.5 102 120 117 46.3 53.4 56.1 63.6
Isuzu 55.2 58.6 58.8 61.2 66.6 77.6 91.1 94 97 47.3 47.7 43.8 49.3
Hino 38.1 41.1 40.4 43.4 46.3 50.1 61 61 63 27.4 30.7 33.6 32.3
Total 1,905 1,963 2,091 2,205 2,466 2,643 2,827 2,906 2,892 1,364 1,328 1,463 1,182

Source: OEMs' financial results.


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