Issue: Jul 2003


Asia Report



Japanese Results Continue to Climb

After breaking sales and earnings records in 2001, Japanese automakers did it again in 2002 and are primed to do it yet again in 2003. With Toyota Motor leading the pack, the combined operating and net earnings of Japanís 11 vehicle manufacturers soared to $26.6 billion and $16.2 billion respectively, up 24 percent and 33 percent over fiscal 2001 historic highs, on 8.3 percent higher sales of $369 billion.

This year, with most analysts predicting slower sales growth, earnings are still expected to trend upward to $26.5 billion and $16.2 billion respectively.

Most profitable was Toyota reporting a record $7.9 billion net profit, followed by Nissan Motor at $4.1 billion and Honda Motor at $3.6 billion. Only truckmakers Isuzu Motor and Nissan Diesel Motor reported losses ó $1.2 billion and $27.5 million respectively.

Driving profits ó again ó was the North American market. UBS Securities Japan estimates that 80 percent of operating income was generated in the U.S. and Canadian markets where combined sales of Japanís Big 3 (Toyota, Nissan and Honda) rose to $10.9 billion. Meanwhile, the earnings share held by Japan market sales has fallen to around 10 percent.

By region, UBS estimates that the North American market contributed $19.4 billion to the combined fiscal 2002 earnings of the countryís five full-line automakers ó Toyota, Nissan, Honda, Mitsubishi Motors and Mazda Motor. Japanís share is estimated at $1.8 billion while other areas including Southeast Asia, the Middle East and Oceania contributed $3.9 billion to earnings.

Meanwhile, Europe was in deficit by $730.8 million. Since fiscal 2000 European losses have fallen by nearly 80 percent and are expected to drop below $417 million in the current fiscal year while breaking even in fiscal 2004.

On a unit basis, the five producers sold 14.4 million cars, trucks and assorted other vehicles last year; of these, only 32 percent (4.6 million units) were in Japan. The companies are projecting growth in fiscal 2003 to 14.6 million.

Against this backdrop, an estimated 40 percent of Japanese cars are now produced overseas. By 2010, this ratio is expected to increase to 60 percent or 15 million out of global output approaching 25 million units.

FISCAL 2002 SALES & EARNINGS RESULTS


































































  Sales Operating Profit Net Profit
Toyota $134.5 billion $11.4 billion $7.9 billion
Nissan $66.8 billion $6.2 billion $4.1 billion
Honda $57.4 billion $5.7 billion $3.6 billion
Mitsubishi $32.5 billion $692 million $313 million
Mazda $19.8 billion $425 million $233 million
Suzuki $16.8 billion $622 million $259 million
Fuji Heavy $11.5 billion $565 million $280 million
Isuzu $11.3 billion $129.8 million -$1.2 billion
Daihatsu $8.1 billion $172.6 million $12.3 million
Hino $7.1 billion $160 million $41 million
Nissan Diesel $3.2 billion $96.3 million -$27.5 million
Total $369 billion $26.1 billion $15.5 billion




FISCAL 2003 SALES & EARNINGS FORECAST



































































  Sales Operating Profit Net Profit
Toyota $139 billion $11 billion $6.7 billion
Honda $69.5 billion $5.2 billion $3.7 billion
Nissan $62.4 billion $6.8 billion $4.1 billion
Mitsubishi $24.3 billion $754 million $335 million
Mazda $20.2 billion $544 million $251 million
Suzuki $17.7 billion $712 million $293 million
Fuji Heavy $12.1 billion $519 million $276 million
Isuzu $10.4 billion $419 million $293 million
Daihatsu $8.3 billion $201 million $92 million
Hino $7.6 billion $259 million $134 million
Nissan Diesel $3.5 billion $117 million $16.7 million
Total $375 million $26.5 billion $16.1 billion





FISCAL 2002 PRODUCTION (in units)*































  Japan Overseas
Toyota 4,160,000 2,210,000
Nissan 1,442,000 1,155,000
Honda 1,352,000 1,610,000
Mitsubishi 868,000 960,000
Mazda 774,000 170,000
Total 8,596,000 6,105,000


* The total does not include Daihatsu Motor, Fuji Heavy Industries, Suzuki Motor, Isuzu, Hino Motor and Nissan Diesel. Minivehicle output, all for sale in Japan, totaled 1.8 million units. Suzuki and Daihatsu are the countryís top two 660cc minivehicle makers.

This article was provided exclusively to Automotive Industries by JēREPORTS, a new information service offering in-depth coverage of automotive technology based in Tokyo. For additional information about this and other studies and prices, contact jreports@attglobal.net

Send your comment:
Name: Email:
Phone: Town & Country:
Comment:



























































































































































































































































Automotive Industries
Call For Interviews, News & Advertising

x

Thank You

x