For the consolidated fiscal year under review, the global economy remained on a moderate recovery trend. However, it was affected by the prolonged economic stagnation in Europe due to the Russia-Ukraine war, China's economic slowdown, the inauguration of the new administration in the Unites States, geopolitical risks, and fluctuations in energy prices. In Japan, continuously rising material and energy prices, along with ongoing price escalation due to the weak yen, caused a temporary sense of stagnation. However, from the middle of the year onwards, the economy maintained a recovery trend due to a rebound in personal consumption and strong inbound demand.
In the automotive industry, the number of four-wheeled vehicles sold globally was 88,637 thousand units in calendar year 2024 (down 1.6% year-on-year). In the United States, due to the rush in demand before the imposition of additional tariffs, the number of cars sold reached 15,977 thousand units in the calendar year (up 2.4% year-on-year), surpassing the previous year for the second consecutive year. In Europe, the number of cars sold reached 12,964 thousand units in the calendar year (up 0.9% year-on-year), surpassing the previous year for the second consecutive year. In China, due to the government's car trade-in subsidy policy, the number of cars sold reached 31,436 thousand units in the calendar year (up 4.5% year-on-year), surpassing the previous year for the fourth consecutive year. In Japan, the number of cars sold increased for the third consecutive year to 4,576 thousand units in FY2024 (up 1.1% year-on-year). The number of registrations was 2,948 thousand units (up 1.5% year-on-year), increasing for the third consecutive year, and the number of registrations of mini cars was 1,627 thousand units (up 0.1% year-on-year), increasing for the first time in two years.
On the other hand, global sales of two-wheeled vehicles reached 19,543 thousand units in the calendar year (up 14.5% year-on-year), surpassing the previous year for the fourth consecutive year. The increase in sales was due to strong demand and infrastructure investment in India, the largest market. In Indonesia, sales reached 6,333 thousand units (up 1.5% year-on-year), surpassing the previous year for the fourth consecutive year. In Japan, due to declines in Class 2 motor-driven cycles and mini-sized motorcycles, sales reached 320 thousand units in the calendar year (down 15.1% year-on-year), marking the second consecutive year of decline.
Under these circumstances, the Group is now in the second year of its Medium-Term Management Plan (FY2023-FY2027),and continues to work toward achieving its key measures of “Responding to the evolution of mobility,”“The strengthening of our management foundations,” and “Making our financial structure sounder.”
The consolidated financial results for the consolidated fiscal year under review are as follows: Consolidated net sales reached 349,353 million yen (up 1.5% year-on-year), consolidated operating profit reached 20,930 million yen (down 1.1% year-on-year), and consolidated ordinary profit reached 19,778 million yen (down 11.4% year-on-year) due to sluggish sales of four-wheeled vehicles in Japan and China, and strong sales of twowheeled vehicles, mainly in India and Indonesia. Additionally, due to the recording of impairment losses of 1,607 million yen at production bases in China and Turkey, etc., profit before income taxes reached 18,091 million yen (down 2.3% year-on-year), and profit attributable to owners of the parent reached 11,864 million yen (down 13.7% year-on-year).
We ask you, our shareholders, for your continued support and guidance.
Representative Director, PresidentSadami Hino
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