Our Group started a new midterm management plan in FY2023 that sees increased needs for electrification, where our core technologies can be utilized, even as we face a harsh business climate due to issues such as the fluctuations in the automobile industry caused by the spike in raw material costs and wages, and changes in products to deal with the electrification of the automobile industry. In this midterm management plan, we have set out three management policies to serve as its pillars with the slogan of “Becoming a sustainable growing company that meets the expectations of a mobility society.” These are “Responding to mobility evolution,” “Strengthening the operating foundation,” and “Soundness of financial structure.” The entire Group is promoting this plan with a view to achieving Mitsuba Vision 2030.
Technology is evolving and lifestyles are changing. So, to adapt to these, the demands of mobility are becoming ever-more sophisticated. In the field of electrification in particular, there are now needs that never existed before, new players emerging, and increasing chances for new businesses. On the other hand, dealing with CASE (a neologism formed from the initial letters of Connected, Autonomous, Shared & Service, and Electric, representing the new technologies and services related to automobiles) has thrown into stark relief the differences along the time axis for each area. However, we see this as an area where we will steadily move into in the future, so shall respond to these expectations through the evolution and integration of motor technology and control technology, our core technologies.
We have seen a certain level of results thanks to moving ahead with the reinforcement of corporate structure through increasing the sophistication of our revenue management and reforming our structure. To take this further, we will be reinforcing our basic management system of increasing the sophistication of PSI (Production, Sales, Inventory) and optimizing global quality costs, and reconstructing our production and supply system on a global basis to build a strong operating foundation.
We are improving our cash flow by adapting to the evolution of mobility, boosting our product competitiveness, and reinforcing our operating foundation, working to create a sound accounting and finance system. While maintaining accounting and financial discipline, we will continue to push forward with shifting management resources to growth areas to build a strong accounting and financial foundation to support future businesses.
The global mobility evolution and motor demand will continue to expand and become more complex, and we have seen an increasing number of inquiry themes that lead to new business chances. On the other hand, changes are happening to the products required and the speed of mobility evolution due to the environment for each area. We shall continue working to respond to society’s expectations and become a trusted company by reinforcing corporate governance and ensuring compliance so we can achieve the Mitsuba Vision 2030, which calls for contributing to a carbon-neutral society, based on our corporate philosophy of providing pleasure and peace of mind to the people of the world.
Representative Director, PresidentSadami Hino
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