AutoBeta(AutoBeta.net)11/13 Report--

So far, four Japanese car companies, including Toyota and Honda, have released their second-quarter results for the current fiscal year (April 2022-March 2023). From the statistical data, Toyota, Honda, Nissan and Mazda four car companies are affected by different external factors, their performance is also different.

On November 1, Toyota was the first to report second-quarter results. Data show that Toyota's total revenue in the second quarter (April-September 2022) rose 22 per cent year-on-year to 9.2 trillion yen, higher than the previous forecast of 8.8 trillion yen, while operating profit fell 25 per cent year-on-year to 562.798 billion yen, below market expectations of 765 billion yen. The company's net profit was 434.26 billion yen, also less than the 719.2 billion yen expected by the market. Among them, the sharp decline in operating profit in the second quarter was mainly due to the sharp depreciation of the yen and increased costs. Toyota said: "despite the positive impact of the depreciation of the yen, however, insufficient supply of semiconductors and soaring raw material prices and one-time costs have reduced the company's operating profit." At the same time, outbreaks and supply disruptions are also one of the main reasons. In terms of sales, Toyota rose 4.75% to 2.63 million vehicles in the second quarter from a year earlier.

For Nissan, data show that total revenue in the second quarter (April-September 2022) rose 30.23% year-on-year to 2.5 trillion yen, while operating profit rose 44.64% to 91.7 billion yen. However, Nissan's second-quarter sales plunged 21.38% year-on-year to 750000 vehicles, the highest year-on-year decline among the four companies. According to reports, Nissan CEO Makoto Uchida said at a communication meeting after the release of the results that the first-half results reflect Nissan's steadily improved profit structure and strong business base, but are also limited by semiconductor shortages, soaring raw material prices and the exchange rate of the yen.

In addition, withdrawing from the Russian market is also one of the key effects on Nissan's second-quarter results. Nissan officially announced its withdrawal from the Russian market on October 12. Nissan "transferred" its production and R & D facilities in St. Petersburg and its marketing center in Moscow to the National Institute of Automotive Engineering (NAMI) under the Russian Ministry of Industry and Trade at a price of 1 euro, resulting in an one-time loss of 24.1 billion yen in the second quarter. Toyota announced its withdrawal from the Russian market even more. Data show that Toyota's new car sales in Russia account for only 1% of its total sales, which has a negligible impact on its profits, but also caused a loss of nearly 100 billion yen in revenue.

For Honda, data show that total revenue in the second quarter (April-September 2022) rose 25.01 per cent to 4.2 trillion yen; operating profit rose 16.24 per cent to 231.2 billion yen; and sales rose 5.78 per cent to 970000 vehicles, making it the highest year-on-year increase among the four companies.

For Mazda, total revenue rose 48.06 per cent year-on-year to 1 trillion yen in the second quarter (April-September 2022), operating profit rose 449.26 per cent to 74.7 billion yen, and sales fell 8.47 per cent to 280000 vehicles. It should be noted that Mazda also announced its withdrawal from Russia on November 10. Mazda will sell its factory for 1 euro. Mazda said it would transfer all shares of Mazda Soles Manufacturing Russia Co., Ltd. (MSMR), an automobile manufacturing and sales company located in Vladivostok, Russia, to its joint venture partner Soles. The two sides signed a transfer agreement on October 24th. However, it is not known to what extent this decision will affect Mazda.

In view of the impact of the general environment, the above four Japanese car companies have adjusted their sales forecasts for the whole of the fiscal year. Toyota announced that its sales forecast for the current fiscal year (April 2022-March 2023) was cut by 300000 to 10.4 million vehicles, taking into account risks such as semiconductor purchases, but Toyota will maintain its operating profit forecast of 2.4 trillion yen for the fiscal year. In addition, Honda revised its sales forecast from 4.2 million to 4.1 million, but raised its operating profit forecast for the fiscal year from 830 billion yen to 870 billion yen; Nissan's sales forecast was revised from 4 million to 3.7 million vehicles, of which operating profit for the fiscal year is expected to rise sharply from 250 billion yen to 360 billion yen; Mazda sales forecast is revised from 1.35 million to 1.21 billion yen, and operating profit for the fiscal year is expected to increase by 20 billion yen to 140 billion yen. Taken together, the fiscal year sales forecasts of Toyota, Honda, Nissan and Mazda were all lower than the original expectations. In addition, the Chinese market as an important part of Japanese car companies, the performance of Japanese car companies in China is also very average after entering 2022. From January to June 2022, for example, Honda's cumulative sales in China were 679227, down 13.6% from a year earlier, mainly due to the epidemic and tight supply chain environment, while Nissan's cumulative sales in China were 546020, down 22.7% from the same period last year.

For Japanese car companies, the current global shortage of parts, the epidemic and the conflict between Russia and Ukraine and other uncertain factors continue to have a negative impact on Japanese car companies, while the decline in production capacity and rising prices may put pressure on the overall sales of Japanese car companies.

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