Core Viewpoint - The market share of mainstream joint venture brands in the passenger car market has significantly declined from 51% in 2020 to 24% in 2025, indicating a potential future decline for these brands [1]. Market Overview - In 2025, the sales volume of mainstream joint venture brands decreased by 530,000 units compared to the previous year, marking the lowest figure in the past five years, with the decline rate narrowing from 15.7% to 8.4% [3]. - Despite the overall market downturn, some joint venture companies like Toyota and Mazda have shown signs of recovery, with different strategies contributing to their growth [6]. Sales Performance of Joint Ventures - Notable joint ventures such as Dongfeng Nissan and SAIC General Motors have seen their sales decline rates decrease, stabilizing their market positions, while Honda and Ford continue to struggle [6][9]. - For instance, Dongfeng Nissan's retail sales reached 603,000 units in 2025, with a reduced decline rate of 4.5% compared to 12.7% in 2024 [9]. - SAIC General Motors reported a retail sales figure of 562,000 units, with a significant portion of the decline attributed to the Chevrolet brand [9]. New Energy Transition - The push for new energy vehicle (NEV) transformation has become a priority for joint venture automakers, with many adopting new strategies to enhance local development and pricing [7]. - Successful new joint venture products, such as GAC Toyota's Platinum 3X and Changan Mazda's EZ-60, have yielded positive results, with Changan Mazda achieving a 15.2% year-on-year increase in sales [8]. Challenges and Strategic Adjustments - Some joint venture brands, like Honda, are facing significant sales declines, with their reliance on a few models leading to vulnerabilities [16]. - Honda's sales dropped by 26.7% and 27.9% for its two main joint ventures, indicating a need for a more competitive approach in the NEV market [16]. Future Outlook - The outlook for 2026 appears cautiously optimistic, with several joint ventures setting ambitious sales targets and planning to launch new NEV products [18]. - Companies like Dongfeng Nissan aim for a 40% increase in sales, while new products are expected to target higher price segments [20]. - The overall market for fuel vehicles is projected to stabilize around 30%, with a focus on enhancing the intelligence of fuel vehicles becoming crucial for competitive advantage [23][24].

Financial Results - Honda Motor Co., Ltd. reported operating cash flows after R&D adjustment of 1,855.8 billion yen for the fiscal third quarter ended December 31, 2025 [1] - The automobile business experienced a decrease in profits due to tariffs and one-time expenses related to electric vehicles (EVs) [1] - The motorcycle business saw solid sales, primarily driven by markets in India and Brazil [1] - Operating profit for the quarter was 591.5 billion yen [1] Financial Forecast - For the fiscal year ending March 31, 2026, the automobile business forecast remains unchanged at 3.34 million units due to an uncertain business environment [1] - The motorcycle business continues to forecast a record-high of 21.3 million units, supported by strong sales in India and Brazil [1] - The weaker yen positively impacted profits, but intensified competition in Asian auto markets led to higher incentives, maintaining the previous forecast [1] - Operating profit forecast is set at 550.0 billion yen, with profit for the year projected at 300.0 billion yen [1] Shareholder Returns - The company announced the cancellation of 747,000,000 shares of common stock, scheduled for February 27, 2026 [1] - After the cancellation, the total number of shares issued will be 4,533,000,000 shares [1]

丰田同比增长6.6%，达14万5500辆。销量时隔4个月增长。2025年改款的SUV"卡罗拉Cross"等销售良 好。在EV方面，增加了SUV"bZ3X"和"bZ5"等产品线，EV销量增长70.9%，达6400辆。 日产增长10.1%，增至5万24辆。2025年升级了燃油轿车"天籁"。搭载华为的"智能座舱"，吸引了年轻顾 客群，增加了销量。 本田下降16.5%，降至5万7489辆。与同比减少4成的2025年12月相比，降幅缩小，但仍受到与中国车企 激烈竞争的影响。 中国政府从2026年1月开始，将购买EV等新能源车的车辆购置税减免额缩小到一半。汽车以旧换新补贴 制度等也在调整，有大型车企认为，"很多有意购车的消费者在观望政策动向"。 丰田销量时隔4个月增长。2025年改款的卡罗拉Cross等销售良好。在EV方面，增加了bZ3X和bZ5等产 品线，EV销量增长70.9%。日产2升级了天籁，搭载华为的智能座舱，增加了销量…… 2月9日，日本三大汽车制造商1月在华新车销售情况全部出炉。虽然中国纯电动汽车（EV）的销售补贴 政策有所改变，但丰田和日产汽车由于车型升级和新车型投放产生效果，实现了增长。本田的EV等没 有 ...

Group 1 - BYD has filed a lawsuit against the U.S. government to reclaim tariffs imposed on imported materials, claiming significant costs for its operations in the U.S. [2] - Over 1,000 companies, including major players like Costco and Toyota, have initiated similar lawsuits against the U.S. government regarding tariffs [2]. - NIO's CEO Li Bin emphasized the importance of optimizing the CBU mechanism to maximize efficiency and minimize costs in the company's operations [6]. Group 2 - Ford's global sales fell by approximately 2% to around 4.4 million units, while BYD's sales reached 4.6 million units, marking a significant shift in the automotive market [6]. - BYD aims to increase its export volume to 1.3 million units in 2025, following a successful year of expansion in Europe, South America, and Asia [6]. - NIO plans to implement a "store partner" program to enhance operational efficiency and market responsiveness, allowing store managers greater decision-making power [6]. Group 3 - The European Union has approved Google's acquisition of cybersecurity startup Wiz for $32 billion, marking Google's largest acquisition to date [9]. - Apollo Global Management is nearing a $3.4 billion loan agreement to finance the purchase of NVIDIA chips for Elon Musk's xAI [10]. - Alibaba's DAMO Academy has released an open-source foundational model for embodied intelligence, RynnBrain, enhancing its AI capabilities [10]. Group 4 - The Shanghai government has opened over 5,200 kilometers of autonomous driving test roads, with plans to expand the testing area further [17]. - Toyota and Nissan reported sales increases in China for January, while Honda's sales continued to decline due to delays in new electric vehicle launches [17]. - The launch of the Robotaxi ride-hailing service by Alipay indicates a growing trend towards automated transportation solutions in urban areas [15].

Core Viewpoint - Honda Marine has appointed Joshua Matthews as the new Division Director, succeeding Daniel Sherlock, who has retired after a 20-year career at American Honda Motor Co., Inc. [1][7] Group 1: Leadership Transition - Joshua Matthews will lead the development of integrated strategies, business planning, and operational execution for Honda Marine, focusing on strengthening relationships with dealers, sales channels, and customers to drive sustainable growth [3][4] - Daniel Sherlock is recognized for his leadership and dedication during his tenure, and the company expresses gratitude for his contributions [4] Group 2: Company Overview - Honda Marine is a division of Honda Power Sports & Products, specializing in a complete range of marine outboard motors powered exclusively by four-stroke engines, which have been designed and built since 1964 [2][5] - The company has set benchmarks for innovation, fuel efficiency, quiet operation, and performance in the marine outboard motor industry [2][5] Group 3: Product and Compliance - Honda Marine's product line includes models ranging from 2.3 to 350 horsepower, all meeting the California Air Resources Board (CARB) 3-star standards, ensuring regulatory compliance across all 50 states [5]

Core Viewpoint - Honda reported a 42% drop in profit for the nine months through December, primarily due to U.S. tariffs impacting earnings, marking the second consecutive year of profit decline during this period [1] Financial Performance - Honda's profit for the three quarters totaled 465.4 billion yen ($3 billion), down from 805.2 billion yen [1] - Sales for the same period decreased by 2.2% to 15.98 trillion yen ($102.6 billion) compared to the previous year [1] - The company maintained its full fiscal year profit forecast at 300 billion yen ($1.9 billion) [1] Market Dynamics - The slowdown in electric vehicle (EV) sales in the U.S. market was identified as a negative factor for Honda [1] - Honda reduced its global EV sales ratio projection for 2030 to 20% from a previous target of 30% and canceled the development of certain EV models due to market changes [1] Tariff Impact - U.S. tariffs on automobiles and auto parts were reduced from 25% to 15% by the Trump administration, which has favored the oil and gas industry [1] - Tariffs have significantly affected Japan's export-reliant economy, including its automakers [1] Industry Context - Toyota Motor Corp., another major Japanese automaker, also reported a decline in profit recently [1] - Japan's new Prime Minister Sanae Takaichi, who recently won a parliamentary election, is expected to promote policies aimed at boosting growth through increased government spending, particularly in technology and defense [1] Stock Market Reaction - Honda's stock rose by 2.1% in trading following the profit report [1] - The Nikkei 225 benchmark index increased by 2.3%, reaching a record high for the second consecutive day, partly due to Takaichi's popularity [1]

Financial Data and Key Metrics Changes - The operating profit for the third quarter was JPY 591.5 billion, a decrease of JPY 548.4 billion year-on-year [2][6] - Operating cash flow after R&D adjustment was JPY 1,855.8 billion, consistent with the same period last year [3] - The forecast for operating profit for the fiscal year ending March 2026 remains at JPY 550 billion, with profit for the year unchanged at JPY 300 billion [3][5] Business Segment Data and Key Metrics Changes - Motorcycle operations achieved record high unit sales of 21.3 million units, driven by strong sales in India and Brazil [4] - Automobile operations forecast remains at 3.34 million units, with a noted decline in profit due to non-recurring expenses related to EVs and tariffs [4][5] - Power products business sold 2.507 million units, with mixed results across regions [6] Market Data and Key Metrics Changes - The competitive environment for automobiles in Asia is expected to intensify, necessitating increased incentives [3] - The impact from tariffs is projected to decrease from an initial forecast of JPY 450 billion to JPY 310 billion [3][41] - The exchange rate against the U.S. dollar is assumed at 140 JPY for the full-year period [5] Company Strategy and Development Direction - The company aims to enhance its competitive strength by reviewing strategies in light of stagnated EV market growth and intensified competition from emerging OEMs [13][14] - Plans include settling losses related to EVs sold in North America and launching next-generation hybrid systems [14][15] - The company is focusing on building a well-balanced business portfolio to generate cash flow and maintain a sound balance sheet [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledges challenges such as the stagnation of the EV market and the need for flexible strategies to adapt to changing environments [12][13] - The company is monitoring supply chain risks, particularly concerning rare earth metals and semiconductors, and is taking steps to mitigate these risks [39][40] - Future strategies will be communicated at an appropriate time during the coming fiscal year [14] Other Important Information - The forecast for the full-year dividend remains at 70 JPY per share, unchanged from previous forecasts [5] - The board has resolved to cancel 747 million treasury stocks [5] Q&A Session Questions and Answers Question: Full year outlook and automobile profitability - Management indicated that while expenses are expected to be high in the fourth quarter, the overall outlook remains unchanged, with a focus on managing tariff impacts and sales strategies in North America [20][21][23] Question: EV market trends and strategy - Management acknowledged the need to revisit EV strategies due to negative demand environments and competition from local manufacturers in China [30][31][32] Question: Semiconductor supply issues - Management reported that they have good prospects for preventing recurrence of semiconductor shortages and are actively managing supplier relationships [33][37][39] Question: Tariff impact and sales situation - Management explained that the tariff impact has decreased and outlined recovery plans involving local procurements and adjustments to logistics [41][42][43] Question: Collaboration with other companies - Management confirmed ongoing discussions with Nissan and other potential partners regarding co-development and cost-sharing strategies [58][59]

Financial Data and Key Metrics Changes - The operating profit for the third quarter was JPY 591.5 billion, achieving record high unit sales, operating profit, and operating margin [2][4] - Operating cash flow after R&D adjustment was JPY 1,855.8 billion, consistent with the same period last year [3] - The forecast for operating profit for the fiscal year ending March 2026 remains at JPY 550 billion, with profit for the year also unchanged at JPY 300 billion [3][5] Business Segment Data and Key Metrics Changes - Motorcycle operations achieved cumulative sales of 16.44 million units, driven by strong sales in India, Pakistan, and Brazil [7] - Automobile operations reported sales of 2.561 million units, reflecting a decline primarily due to semiconductor shortages [7] - The power products business sold 2.507 million units, with mixed results across regions [7] Market Data and Key Metrics Changes - The competitive environment for automobiles in Asia is expected to intensify, necessitating increased incentives [3] - The impact from tariffs was initially forecasted at JPY 450 billion but has been revised down to JPY 310 billion [3][5] - The exchange rate against the U.S. dollar is assumed at 140 JPY for the full-year period, with potential upside from yen depreciation [5][12] Company Strategy and Development Direction - The company aims to build flexible business characteristics to adapt to changing environments and enhance product features and cost competitiveness [15][16] - A fundamental review of strategies is underway to rebuild competitive strength in light of stagnated EV market growth and intensified competition from emerging OEMs [14][15] - The company is focusing on launching next-generation hybrid systems and enhancing the earning capability of hybrid models [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges such as stagnated EV market growth, less stringent environmental regulations, and heightened supply chain risks [14] - The company is maintaining its forecast despite uncertainties in the business environment, indicating cautious optimism for the fourth quarter [3][28] - Management emphasized the need for disciplined expenditure control and a review of capital expenditure plans aligned with market conditions [15][28] Other Important Information - The board of directors approved the cancellation of 747 million treasury stocks [6] - The company has adopted a DOE indicator to ensure stable returns and dividends aligned with growth, even in volatile environments [16] Q&A Session All Questions and Answers Question: Full year outlook and automobile profitability - Management indicated that while expenses are expected to increase in the fourth quarter, the overall outlook remains unchanged, with a focus on managing BEV-related costs and incentives [21][25][28] Question: EV market trends and strategy - Management acknowledged the need to revisit EV strategies due to negative demand environments and competition from local manufacturers in China [31][33] Question: Tariff impact and sales situation - Management explained that tariff impacts have decreased from initial forecasts, with recovery plans in place to mitigate costs [43][45][46] Question: Rare earth metals supply concerns - Management confirmed reliance on China for rare earth metals and emphasized the need for timely export applications and inventory management [50][52] Question: Collaboration with other companies - Management stated that while discussions with Nissan continue, they are open to exploring collaborations with other companies to reduce development costs [56][62]

Honda Motor (NYSE:HMC) Q3 2026 Earnings call February 10, 2026 03:00 AM ET Speaker2I thank you very much for taking time out of your busy schedule to attend our briefing today. We would now like to start Honda Motor Co., Ltd.'s financial results briefing for the third quarter of fiscal year ending March 2026. First of all, allow me to introduce the attendees today. Mr. Noriya Kaihara, Director, Executive Vice President, and Representative Executive Officer. Good to see you, everyone. We have Mr. Eiji Fujimu ...

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