Integrated Report 2021(For the year ended December 31, 2020)

Land MobilityWe will redefine the value of mobility and strive to create Kando that goes beyond the boundaries of mobility. We had a difficult year in fiscal 2020 with sales and profits both falling due to the COVID-19 pandemic. However, thanks to managing risks while adapting to market trends and endeavoring to cut expenses at the same time, our results show that we were able to avoid the worst-case scenario we projected for April 2020 that estimated the impacts of the virus on our business. That being said, Yamaha Motor’s demand chain management practices traditionally keep product inventory to a mini-mum in line with demand, so the drastic demand fluctuations seen in fiscal 2020 made it very difficult for us to respond. This made the imme-diate issues with our production planning and supply capabilities clear, and we will address these matters with vigor going forward.The progression of technology and environmental regulations as well as the value placed on day-to-day life and life in general have grown even more diverse amid the pandemic, and the view on what consti-tutes “mobility” has also greatly changed. Under these circumstances, thinking about what users are really looking for as well as the reasons why is part of Yamaha’s corporate agenda. At the same time, I think it is vital that, with our products, we redefine the value they provide to elevate them beyond being just a way to move from one place to another. Whether it is musical instruments or mobility, owning a Yamaha-brand product is about fun and the user’s happiness. I believe redefining the value of mobility to go beyond simple “use of a consumer product” is key to delivering value that connects to the human happi-ness expressed in our Long-Term Vision of ART for Human Possibilities. Simply raising product performance will not suffice. As we redefine mobility and think about the kind of Kando we want to deliver to our customers, we also need to ponder where the source of our future Kando will come from. Yamaha Motor developed the world’s first electrically power-assisted bicycle and brought the side-by-side ROV to market, providing users with fresh experiential value over the years. In this way, it is in our DNA to pioneer new markets by creating new forms of mobility, and by doing so, we have established a firm position in each of our fields. While coordinating our efforts internally and externally, we will apply the unique advantages, technologies, and know-how we have accumulated from engaging in a wide range of segments—from electrically power-assisted products to low- and high-speed mobility—toward creating new forms of mobility that embody our corporate values and thereby ensure we seize any opportunities that arise.Strengths• Diverse and global product lineup combining both high performance and quality through our cultivated core technologies• Established global brand position for motorcycles• Pedigree of constantly pioneering new markets by creating new forms of mobilityOpportunities• Expansion of middle-income markets in ASEAN and other emerging economies• Global rollout of models compliant with emissions regulations• Evolution of marketing through digital technologiesMarkets and conditions at Yamaha MotorMain competitorsMotorcycles and commuter vehicles for developed marketsOverall demand has remained largely flat since the 2008 global financial crisis. Demand decreased in the first half of fiscal 2020 as a result of the lockdowns instituted in response to the COVID-19 pandemic, but demand for outdoor recreation and personal mobility offered a boost in the second half of the year.Honda, Suzuki, Kawasaki, Harley-Davidson, BMW, Ducati, Triumph, KTM, Aprilia, Piaggio, KYMCOMotorcycles and commuter vehicles for emerging marketsUnit sales fell in our mainstay market of Indonesia and other markets across the globe due to the COVID-19 pandemic.Honda, Suzuki, Kawasaki, Hero, BajajROVs / ATVsThe North American market accounts for the majority of demand. A rise in demand was seen prior to the summer season of 2020.Polaris, BRP, Honda, KawasakiElectrically power-assisted bicycles and OEM drive unitsYamaha Motor is the pioneer of e-Bikes, demand for which is recovering in eco-conscious Europe.Panasonic, Bosch, ShimanoOverview of Primary Products and Main CompetitorsRisks• Tighter emissions regulations in each country• Structural shift in the industry from new technologies and competitors• Shift away from mobility and vehicle ownership among younger generations in JapanTakuya KinoshitaSenior Executive Officer, Chief General Manager of Land Mobility Business Operations, and Executive General Manager of Motorcycle Business Unit, Land Mobility Business Operations72Business StrategyYamaha Motor Co., Ltd. Integrated Report 2021

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