Promoting Growth StrategiesTaking on new challenges in our core businessesWe have been taking on—and beginning to see the results of—a variety of challenges, such as our quest “To someday create bikes that lean but do not fall” showcased by our MOTOROiD and LMW models, efforts to promote the devel-opment and commercialization of EVs, and efforts aimed at more automated watercraft operation in the Marine Products business. Today, responding to the trend for “connected, autono-mous, shared & services, and electric” (CASE) vehicles has become an urgent priority in the transportation equipment industry. In this context, electrification has become a key word and Yamaha Motor has set a target of reducing CO2 emissions from its products by 50% by 2050 (compared with 2010). As part of these efforts, we are promoting the manufacture and sale of electric products, including the electrification of motorcycles. Given that engine develop-ment is our traditional strength and that it remains an important element of differentiation for us, electrification in the transportation equipment industry has the potential to threaten our survival. However, while the mobility needs of people may change, those needs are not likely to disappear. Although I feel that a diverse change will come to the values regarding mobility, due partly to the global COVID-19 pandemic, I would like to establish as soon as possible a model for generating steady earnings even when electric products become the norm, while ascertaining market and customer needs. To that end, we have positioned EV-related investments as an issue of the highest priority for our core business framework and will undertake these without constraint. Promoting the development of new businessesWith an eye on developing prominent new businesses by 2030, I envisioned a three-phase process: the three years of the current Medium-Term Management Plan as a period for identifying opportunities; a subsequent three-year period for investing management resources in a focused manner in the chosen fields; and another three-year period in which the newly developed businesses begin to contribute to earnings. I believed that these periods were realistic based on my own personal experience. However, the incredibly impactful changes to the external environment brought by the global COVID-19 pandemic has brought to the fore various societal issues, and amid this we have fast-tracked our new business opportunity identification plan and narrowed down the fields to pursue to four: mobility services, LSM, agriculture, and medical. Going forward, we will focus on these four fields and invest our management resources to create new businesses and grow their scale. Forecast for Fiscal 2020At the financial results briefing in February 2020, I conveyed our intention to focus in fiscal 2020 on restoring the profit-ability of our existing businesses and moving forward in coordination with each business and corporate function, in light of growing uncertainty about the global economic outlook, the signs of a recessionary environment, and our business performance in fiscal 2019.However, the global COVID-19 pandemic is having an enormous impact not only on economies and business but also human life. Yamaha Motor has also implemented countermeasures, including production control based on careful assessment of demand and extensive cuts to expenses and investment spending.In addition, we have proactively and quickly provided donations and carried out support activities in our various regions of operation. In Japan, we manufactured plastic face shields and sterilizing detergent and distributed them to medical institutions as well as donating and offering free motorcycle rentals to physicians overseas (Thailand, Germany, and Sweden). In recent years, the Company has overcome several crises that have cut off its supply chain, from the large-scale floods in Thailand to the Great East Japan Earthquake and heavy rains in Japan. In the process, the level of the Company’s various initiatives related to our Business Continuity Plan (BCP), such as the preservation of our supply chain, has risen considerably. Accordingly, when an event occurs in a 13Yamaha Motor Co., Ltd. Integrated Report 2020
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