A p r i l 3, 2 0 2 4

ISUZU Transformation — Growth to 2030 (IX)

Continuously transform by responding to diversifying customer needs and changing business environments

Clarifying paths withvision to 2030

Forecast

Backcast fromISUZU ID
2

Table of Contents
1. Review of previous Mid-Term Business Plan

P.4

2. Vision for 2030 and path toward 2030

P.8

3. Development of new businesses to drive innovative transport

P.12

4. Strengthening current businesses to support reliable transport

P.19

5. Market and Monozukuri Base Strategy

P.26

6. Financial policy

P.32

7. Establishing management foundation based on ISUZU ID

P.35

1. Review of previous Mid-TermBusiness Plan

Review of previous Mid-Term Business Plan

Foundation for becoming a leading global company has been established by successfully achieving initial planand expansion of businesses, despite the changes in the business environment, such as soaring material costs
Expand current businesses & improve their profitability

Sales

Axes of innovation
Introduce, improve, and expand new products for
the Carbon-neutral era• Light-duty trucks (BEV*/FCEV**)• Heavy-duty trucks (FCEV)

Improvement and expansion of connected services• Contribution to resolution of logistic issues through GATEXAutonomous Driving technology development• Technology development and conducting proof-of-concept tests toward achievementof Level 4 autonomous vehicles

FY2024FY20242.8

3.4

trillion yen trillion yen• Route bus (BEV)

250

280

billion yen

billion yen

12.5%

12.2%

40%

40.5%

Improvement of shareholder value• Achieved dividend payout ratio of 40% or more and executed share repurchases

Strengthening governance• Corporate structure change (transition to an audit and supervisory committee)• Elected 5 outside directors out of 13 (incl. 2 women)

Driving innovation• Improvement of work environment for group employees (relocation of headquarters)

May 2023: Unveiled new corporate philosophy

ROE

Evolve management from ESG perspectives

Dividend
payout ratio

Achievements

Enhancement of synergies between Isuzu and UD• Extensive product portfolio through alliance collaboration• Full model change of light- and medium-duty trucks

OperatingincomeEnhancement of products, sales, and services

Estimated
Previous Mid-TermActual Results
BP Target

Mid-Term
BP average*Battery Electric Vehicle

Mid-Term
BP average**Fuel Cell Electric Vehicle
5

Enhancement of products, sales, and services

Enhancement of products and services through full utilization of current business foundation
Full model change of light- and medium-duty trucks and launch of BEV model• Expansion of connected services• Incorporation of Cummins co-developed
engines (manufactured in Tochigi) for
medium-duty trucks

Launch of ELF mio (GVW over 3.5t) in Japan• Can be driven with an ordinary driver’s license• Equipped with advanced safety and driving
support features• Supporting various customization and BEV
adoption while ensuring customer
convenience
Launch of new “D-MAX” pick-up truck with significant improvements• Cumulative production: 5 million units(Thailand plant)**As of Sept. 2023, including the KB and TF models(predecessors of the D-MAX) and OEM vehicles

Modular Architecture concept “I-MACS”• Development platform based on combinations of components• Flexibly responds to wide range of needs,
power sources, and advanced technologies
by combination of modules
Introduction of “GATEX,” an information platform for commercial vehicles• Largest in commercial mobility field• Linked with MIMAMORI and PREISM,
expanded smartphone app functions, andprovide operation management anduptime support services
Improvement of route buses, supporting increase safety and prevent accidents• Added an automatic detection function to
Emergency Driving Stop System (EDSS)• Addition of new advanced safety features,
improved 4x4 driving performance
6

Enhancement of synergies between Isuzu and UD
Synergy creation through group-wide pursuit of maximum eﬃciency (14 billion yen forecast in FY2024)

Resolving challenges faced by customers and society
by pursuing synergies and economies of scale in technology and business
Launch of jointly
developed tractor heads

Reinforcement of operational synergies

First joint exhibition at Japan Mobility Show 2023

• Combined strengths of both companies to develop
efficiently• Downsized engine for high load efficiency• Improved operability and enhanced safety features tosupport improvement of working conditions for drivers• Enhancement of advanced customer service network forboth brands (over 400 locations)• Sharing logistics and parts depots, and overseas offices• Mutually benchmarking way of working across functionsof each brand• Showcasing the future through transport as envisioned
by Isuzu Group• Displayed products and solutions that maximize
customer choice for any application• Record breaking visitors to booth7

2. Vision for 2030 and path toward 2030

Vision for 2030

Expanding Isuzu value creation to solutions oﬀering, Isuzu aims to transform the business modeland become a solutions company who can oﬀer solutions to customers and society facing challenges
through transport with “Reliability x Creativity”

Expectations of Isuzu Group from society
Contribution to a decarbonized society
Meeting transport needs of goods and people
World-class leading company
Responsibility as a leader in the CV industry
Product value

Social value

Economic valueOﬀering
products

Oﬀering
solutions

Business modeltransformation

Isuzu Group value creationOﬀering solutions
to customers and society
through transport with
“Reliability x Creativity”

Commercial
Mobility
SolutionsCompany9Vision for 2030

Business

Commercial
Mobility
SolutionsCompany

Establish
managementOﬀering solutions
to customers and society
through transport with
“Reliability x Creativity”

Financials

Expanding Isuzu value creation to solutions oﬀering, Isuzu aims to transform the business modeland become a solutions company who can oﬀer solutions to customers and society facing challenges
through transport with “Reliability x Creativity”
Sales

6 trillion yen
Operatingincome ratio

Growth investments
for the 2030s

Stakeholder returns

New vehicle sales
To support global
logistics industry

Deploy energy
management businessin multiple region
utilizing battery as asset

Achieve profitablelevel in autonomous
driving solution businessin both Japan and US

Establishingsupply chain
for 1,000,000 units

Group managementfrom a global
perspective

Human capitalmanagement

Over 10%

Over 850,000 units

10Management policy

In order to achieve vision for 2030, balanced revenue expansion and active investment for the future is essential
Isuzu aims to become a solutions company by transforming the business model• Autonomous driving
solutions• Connected services• Carbon-neutral solutions

Drive innovativetransport

Developmentof newbusinesses

Support reliabletransport• CV

Strengthening • Aftersales services• LCV
current
businesses• LCV• UD (HD)• Monozukuri
Source of Isuzu Group • LD
competitiveness• Customer base • Financial base • Uptime support

Establish management foundation
based on ISUZU ID

Toward group management and human capital management from a global perspective

11

3. Development of new businesses
to drive innovative transport

Development of new businesses to drive
innovative transport

Starting from Autonomous driving, Connected services, and Carbon-neutral solutions, Isuzu will challenge todevelop new businesses with new technology to oﬀer solutions to challenges faced by customers and society
Through this challenge, Isuzu will invest 1 trillion yen in innovation and aim for contribution of sales
equivalent to 1 trillion yen in 2030s

Autonomous driving
solutions

Connected
services

Carbon-neutral
solutions

Commence Level 4
autonomous driving truck
and bus business
gradually startingfrom FY2028

Provide new services
to increase the eﬃciency
of logistics
Deploy connected services
to major overseas
markets by 2028

Multi-pathway
product oﬀerings,
introduction ofprice-competitive BEVs,
and deployment of
Carbon-neutral
peripheral businesses

Commence intrapreneur
and accelerator program
to identify issues bothnoticed and unnoticed
by customers and society
and start a new
business to oﬀer solution
13

Autonomous driving solutions

Accelerate collaboration with partners to launch a truck and bus business in FY2028 that utilizes“Level 4 Autonomous Driving Technology”, technology that leverages our unique strengths,
in response to challenges facing society and our industry, including 2024 workstyle reform legislation in Japan
Achievement of previous Mid-Term Business Plan period
Isuzu strength
Safety: Vehicle dynamic control for both risk andnormal circumstances
Product: Vast knowledge of customer needs
Promoted technological development
and conducting proof-of-concept
Highway and hub-to-hubtransportation

Hiratsuka City, Kitakyushu City Route buses

Future initiatives
Apr. 2024–

2026–

Technology andbasic service
creation

Conduct
proof-of-concept
tests throughcollaboration
with partners

Building new partnerships
Technical partners...and more

MOVIE

Autonomous driving
Gatik North America
Depot-to-shop transportation in steel millBusiness partners
Transportationcompanies

Bus operators

Coming soon ...

New specialized organization
Establish organization dedicated tobusinesses utilizing autonomous
driving technology

FY2028–
Launchingcommercial
operation startingfrom Japan andUS market*• Highway and hub-tohub transportation• Route bus* Limited ODD / withremote monitoring

Expand toseveral hundred
employeesorganizationin mid tolong term
14

Connected services

Develop services that improve logistics eﬃciency for shippers and gradually deploy uptime
support services starting from North America and to other overseas markets
New services to create a new era of transport• Provide services to improve transportation and delivery eﬃciency for transport companies andshippers• Create new services with partners by linking diverse data from across industries with GATEX

Evolution ofservices
Existing services
and infrastructure

Deployment of uptime support services in overseas markets

Regional
expansion• Expand PREISM/EVision for EVs to North America. Expand to other major
regions by 2028
• Provide locally specific services with GATEX• Integration of Isuzu and UD services

15

Carbon-neutral solutions

Work towards a Carbon-neutral society by promoting multi-pathway technological development
and creating Carbon-neutral products tailored to specific regional characteristics and local needs

Develop xEVs for specific applications

Gross vehicle weight

Heavy

HD

HD

BUS

LD
LCV

FY2025

FY2026FY2027

BEV

LD
LCV
ICEV
(DE)

*

Distance driven
per dayFCEV

FY2028-

MD

MD

Short
distance

FY2024

FCEV
BUS

BEV
Light

Make xEV options available in all vehicle categories by 2030

Long
distance 2020

2023
2025
*Internal Combustion Engine Vehicle: (Diesel, Gas, CN fuels, etc.)**Internal Combustion Engine

ICE** using CN*** fuels(hydrogen, biofuels,
synthetic fuels, etc.)

2027***Carbon-neutral

2030
16

Carbon-neutral solutions

Reduce TCO* of BEVs to the same level as diesel vehicles through in-house components production
and utilization of alliances corporation, to promote the widespread adoption of BEVs in the 2030s
TCO of diesel vehicles vs. TCO of BEVs (conceptual image)In-house component production and technologies• Production of battery packs and modules• Production of electric components and software

Initiatives toreduce TCO of BEVs

Alliances• Develop the best battery strategy to secure required quantities at optimal cost
Others• Procurement that meets requirements for receiving CN
vehicle subsidies (local production for local consumption)• New peripheral businesses (next page)

Current TCO of diesel vehicles

Current TCO of BEV

TCO of diesel vehicles
in-house production

Alliances

Others

TCO of BEVs in the 2030s*TCO: Total Cost of Ownership (including fuel and electricity costs)
17

Carbon-neutral solutions

Drive carbon neutrality globally by collaborating with various partners to create new Carbon-neutral
peripheral businesses

EVisionCycle Concept• Reduce vehicle cost by separating
batteries and chassis• Avoid peak charging times• Utilize batteries in an optimal andflexible way

Charging
Infrastructure• Energy management(optimal charging management)

Battery
Recycling• Promote natural resource circularity
through recycling• Battery reuse(Swappable BEV)

An asset benefiting society• Batteries are expected to be used not only forvehicles, but also as a power source during
emergencies, renewable energy storage, or asa source of electricity in countries and regions
where power grids are underdeveloped• By collaboration with various range of partners across industries,
we aim to conduct proof-of-concept tests in Japan by 2025 andexpand to Thailand through CJPT-Asia collaboration

Emergency power supply
in case of disaster

Reducing the burden ofelectricity stockpilingElectricity supply
outside the power grid

• Range extender unit as a precaution against the risk of BEV power loss18

4. Strengthening current businesses
to support reliable transport

A company that continues to support reliable transport

150

Countries in operation

Over

EuropeCV 15,900
LCV 25,000

China

Middle East

CV 16,500
LCV 35,100

CV 44,200

Japan

Over

Asia

CV 72,600
LCV 150,100(129,000 sold in Thailand)
Oceania: Sales bases

countries

Latin America

CV 18,700
LCV 21,900

CV 16,000
LCV 63,700

Unit sales (FY2024 results)*

37

Countries with No. 1 market share

CV 68,500

CV 31,700
LCV 30,800
AfricaNorth America

CV 16,500
LCV 8,900

countries: Manufacturing bases

UD

CV in Japan 10,000
CV Overseas 9,600

Others(OEM)
LCV 21,800

680K

Global unit sales

Over

units

: Development bases* Including unit sales by KD shipment and local assembly.

20

Strengthening current businesses to support reliabletransport — Overview of strategy
By strengthening our current business, we aim to achieve unit sales totaling 850,000 units or more
(more than 170,000 units compared to FY2024) and sales of 5 trillion yen or more in FY2031

CV businessNew vehicle sales• Through product collaboration and dual sales channels between Isuzu and UD brands,
we aim to expand worldwide sales volume• Enhancement of products and services with ICE and CN multiple power sources

Aftersales services• Establishing a cycle to support customer uptime overseas and to develop businesses• Establishment of optimal service network to support units in operation and maximizing
uptime

LCV business• Sales expansion in growing markets by utilizing strong Isuzu brand value• Providing multiple power source options tailored to specific use cases (high-eﬃciency ICE, PHEV*, BEV)
• Collaborate with alliance partners on the development of core technologies fornext-generation models

Unit sales target (FY2031)
Other,
100,000 units

Middle East,
30,000 units
Africa,30,000 units

Japan,
100,000 units

Over

450K
units

Asia,
140,000 units

North America,
50,000 units

Developed markets,
80,000 units

Over

400K
units

Growing markets,
320,000 units*Plug in Hybrid Electric Vehicle21

CV business

Expand worldwide sales, focusing on Asia, the Middle East, and Africa by collaboration ofsales, service channels and products between Isuzu and UD
Further strengthen ability
to respond to customer needs

Product Expansion• Global utilization of common platform models between Isuzu and UD• Quick and flexible specification setting by I-MACS for extensive coverage of productPresent

TractorHeavy-duty–2030

Isuzu and UD jointly developed
tractor heads in JapanUD overseas products(Quon, Quester)
New model introduction

Medium-duty (4t)Light-duty (2-3t)

Light-duty (1.5t)

Full model change(Japan and overseas)
Full model change, launch of
N-Series EV (Japan and overseas)
ELF mio on sale
Improvement of lightweight truck

Sharing of common
platform between
Isuzu and UD
utilizing Volvo
Group technology(2028)

Mutual collaboration in handling
Isuzu and UD
products

Convenient
access to bases
and products

Collaboration among Isuzu andUD’s sales and service channels

Production
capacity tosupport sales
expansion

Establish a robust supply chain
to secure global production
volumes of 1,000K units

AssistEstablished online sales
customers inmaking purchase channel to support customer
needs and improve convenience
decisions22

Deepen collaboration with UD

From 2024, the two companies will gradually expand product collaboration, with Isuzu expanding sales ofUD-made heavy-duty trucks in ASEAN and the Middle East, and UD expanding sales of Isuzu-mademedium- and light-duty trucks in ASEAN, South Africa, Australia, the Middle East, and Latin America
Product collaboration

2030 collaborative sales volume

ChannelTractorHeavyduty

Mediumduty
LightdutyJapan

2023 (already started)

Overseas

2024

Segments in which
UD is strongJapan

2028 - Common platform

2028 - Common platform

Overseas

2024
2029 - Common platform

2029 - Common platform

Japan
Overseas
Japan
Overseas

Segments in which
Isuzu is strong

Isuzu sales
Japan:
Approx. 20,000 units
Overseas:
Approx. 5,000 units

Over

40

billion yen*2024

UD sales2025

Japan:

2024

Overseas:
Approx. 6,000 units

2024

Synergygeneration
amount*R&D and operational
synergy

Approx. 3,000 units23

CV aftersales services

Looking ahead to the Carbon-neutral era, uptime support services will be expanded to overseas markets,
further strengthening aftersales services revenue.
2024 – Service deployment to overseas
with tailored regional needs

2015 – Isuzu’s uptime support service model (Japan)• Minimize vehicle downtime by providing quality
maintenance
By predictive maintenancePrevent
breakdowns

In case of breakdowns

Quick repair

Maintenance leasing,insurance

Service network
Service network ofover 400 locations· Cost and operation simulation of EV· Charging and energy management
proposals• Deploy uptime support services tailored to customer needs
Regions• Services to meet customer needs

Captive lease• Overseas deployment of programs for commercial
EV introduction

Connected
services
Uptime support services

Operation
management services

North
America
Australia
ASEAN

Services
With EV market launch in 2024 as turning point,
introduce maintenance leasing and connected services
Deploy maintenance leasing services for heavy-, medium-,and light-duty trucks, including current UD maintenanceservices

Expand to major regions by 2028

• Strengthening aftersales service management24

LCV business

Aim for business growth through sales expansion in growing markets
Support various power sources, including BEVs, and promote development of core technologies
for next-generation models
Solid business growth

Initiatives toward 2030

Despite leveling oﬀ in the near-term, growth is expected
due to sales expansion in ASEAN, the Middle East, Africa,and Latin America.
Over 400,000 units

Support various power sources
Extensive power source line up to
meet various use cases• High-eﬃciency engine• PHEV• BEV
FY2023Results

FY2024
Estimated
results

FY2025

FY2026Africa• Increase production by
relocation of the South
African plant• Start of CKD* assembly in
Kenya

FY2027

FY2028FY2029Growing markets

FY2030

FY2031Developed markets

Latin America• Sales channels enhancement• Consideration of new
production bases*Complete Knock Down

Development of core technologies
for next-generation model

Severe climate environment

Transportation of heavy goods(vegetable)

Promote development of coretechnologies for the nextgeneration through partnerships

EEA **
Electric
components

Connected
Services**Electrical Electronic Architecture25

5. Market and Monozukuri Base Strategy

Market and Monozukuri Base strategies by region

Continue to invest to enhance manufacturing capabilities and supply chain in priority markets and Monozukuri
bases. Continue to enhance Isuzu presence in strategic markets and production bases where future growth isexpected. By strengthening human capital with a global perspective, we aim to deal with uncertainties bypromptly identifying business opportunities and risks.

Priority markets and Monozukuri bases:
Priority investments

Strategic markets and Monozukuri bases:
Expected to growCapture demand by enhancement of sales/
manufacturing capabilities

Continue to meet productdemand in emerging markets

Japan

United States

ASEAN

India and Africa
27

Priority Market and Monozukuri Base – Japan
Eﬃciency improvement is necessary to resolve labor shortage.
Protect Japan’s logistics and manufacturing industries by developing new businesses
that utilize autonomous driving technology, and expand current businesses such as
supply chain and infrastructure development

Market• Invest to strengthen sales functions and service infrastructure network
to support expansion of new vehicles and fleets (205 billion yen)
• Create new businesses that resolve challenges facing the logistics
industry, utilizing autonomous driving technology that only Isuzu,
with its extensive expertise in vehicle use, can provide

Monozukuri• Establish a robust supply chain to secure global production volumes
by utilizing generative AI to improve current infrastructure andre-structure current domestic monozukuri structure to prepare forlabor shortage• To resolve issues arising from 2024 workstyle reform legislation,
improve operations based on the actual conditions of driver hours
and loading rates, reduce driver workload, and promote
proof-of-concept of autonomous driving (starting with our own
logistics domain)28

Priority Market and Monozukuri Base – United States
As a pioneer for development of Isuzu’s BEV business, actively invest in strengthening
engineering and production capabilities in the US, starting with the launch of light-duty BEVs.
Become leader in LCF* market by concentrating on aftersales service

Market• Lead LCF* BEV market by evolving into a business model thatutilizes maintenance leasing and connected services in conjunction
with the introduction of BEVs to the market• As major logistics companies and shippers are entering into vehicle
manufacturing and autonomous driving, create a business utilizing
Isuzu’s unique autonomous driving technology, in order to expand
the added value of vehicle OEMs

Monozukuri• In order to locally procure BEV batteries and acquire autonomous
driving technology, enhance Isuzu’s engineering capabilities• Increase production capacity to start light- and medium-duty BEV
production*Low Cab Forward29

Priority Market and Monozukuri Base – ASEAN
By providing products in multi-pathway, including xEVs, and pursue factory modernizationand eﬃciency improvements to secure labor force, maintain and strengthen manufacturing
and customer foundation

Market• As emerging players expand into ASEAN with BEVs, Isuzu aim to
maintain and strengthens customer foundation by using connected
services, and maintenance leasing• Provide products in multi-pathway, including xEVs

Monozukuri• Actively invest in the LCV supply chain (32 billion baht), mainly in
Thailand, to make firm the LCV business and increase production
capacity• Continue to invest in existing factories in ASEAN countries for
greater eﬃciency, modernization, and increase worker satisfaction
to secure labor force30Strategic Market and Monozukuri Base

Positioning India and Africa as strategic bases for future growth, strengthening mutual collaboration
for resources and sales channels across Isuzu Group especially with Middle East Base in Dubai

Middle Eastbase in Dubai
India• In preparation for the possibility of a rapid
increase in demand due to population growth
after 2030, enhance brand recognition andexpand presence, leveraging current Monozukuri
base in South Africa, Kenya, and Egypt• Invest to increase LCV production capacity andinvest to new CV plant in South Africa (48 billionyen). Starting CKD assembly of LCVs in Kenya

Africa• As an export base for LCVs andproduct development base forgrowing markets, UD R&D
functions and local resources will
be eﬃciently utilized31

6. Financial policy

Financial policy

Aiming for a sustainable growth of corporate value, Isuzu will prioritize investments essential forbusiness continuity and future growth, maintain a dividend payout ratio (average) of 40%, and continue
share repurchases proactively, while maintaining an appropriate equity ratio

Profitability

Capitalinvestment
R&D
Shareholder
returns
Financialsoundness

Previous Mid-Term Business Plan
(FY2022–FY2024)*

Current Mid-Term Business Plan (–FY2031)**(FY2024)
3.4 trillion yen
Sales
8.2%
Operating income ratio
ROE
12.2%

• Promote active innovation(Target for final year)
6 trillion yen investments and promote DX
Sales
in current businesses, toOperating income ratio 10% or more improve eﬃciency and ensure
ROE
15% or more profitability(Cumulative total)(FY2024–FY2031)• Continue capital investment
Innovation investment 1 trillion yen and R&D at the same level asin the final year of the previous
Current business
investment
1.6 trillion yen Mid-Term Business Plan

(FY2024)650 billion yen
267 billion yen(Cumulative dividends)

179.6 billion yen(Share buyback) 50 billion yen
R&I (issuer rating)A
JCR (long-term issuer rating) A+* FY2024 figures are based on public forecast.

Dividend payout ratio (average)

Maintain 40%

Continue share buyback
Maintain A rating• Aim for steady dividend
growth• Balance fixed assets andequity capital• Utilize interest-bearing debt
while maintaining financial
soundness** Assumed exchange rate 1 USD = 140 yen

33Investment overview FY2024–FY2031

Achieve sustainable growth and increase added value by actively implementing “Investments for Growth(Reliability x Creativity)” toward the 2030s

Potential for
growthInvestment todrive innovative transport

1 trillion yen
Businessstability(current business)

Investment tosupport reliable transport

1.6 trillion yen

Total

2.6 trillion yen Investment theme

Amount: Billion yen

New business creation project
Next-generation and SDV* compliant products
Autonomous driving technology development
and business/capital investment
Connected services evolution and expansion

40
180
350

Breakdown: Billion yen
Strategic
Investment

CAPEX

R&D
Investment

430

190

200

610

Sales and operational DX, IT infrastructure investment 130

10

900

690

Basic research and technology development for
carbon neutrality/Promotion of 2030
Environmental Roadmap

Sales/services infrastructure investment

180

Strengthening of group production bases

590

Continuous improvement of existing products
and technologies
Expansion of product lineup

700*Software Defined Vehicle
34

7. Establishing management foundation
based on ISUZU ID

Human capital management rooted in ISUZU ID

Transition to group management with a global perspective and transition to human capital management,
rooted in our vision and mission

Transition to human capital management
and global group management
Establish a global-standard for human capital management
Invest in human capital that focuses on “Reliability x Creativity”
Grow the business

Developtransport

Supporttransport

Definition of work and organizational structure
StrengthenFoundation

Function-based organization
Human capital strategy
Personnel system

Specific initiatives for the first step
Transformation to human capitalmanagement
Enhancement of DX capability

GoalTransform and expand the value Isuzu Group oﬀers• Globalization of human capital• Securing talent and pursuing high-level objectives

36

Transformation to human capital management

Establish a global-standard for human capital management that encourages employees to enhance their skills
and embrace new challenges, with the aim of implementing the system across the group by FY2027

Establish a comprehensive foundation
for human capital management
Job assignment

Deployment of new personnel system

Step 1

Disclose roles andresponsibilities

Growth Support
Foster a culture of
dialogue and growth

Fair evaluation andcompensation

Right person in theright place

Establish common
group standards

Optimize work andcareerIntroduce
new system
Apr. 2024–

Step 2

Expanddeployment
Apr. 2025–

Step 3Apr. 2026–

Management
All employees

Organizational
integration amonggroup companies,
including UD

Management
All employees

37Enhancement of DX capability

Expand and transform the value Isuzu Group provides to the world, by enhancing DX capabilities
through initiatives to develop technologies and services for new businesses and to improve eﬃciency of
current business operations
Develop technologies and services
for new businesses<Examples of Initiatives>
Strengthen Transtron system/personnel• Planning and development of commercial SDVs
• Promotion of logistics DX centered on GATEX

Enhance DX capabilities
Commercialization/
providingsolutions<Examples of initiatives>
Fujitsu x Isuzu• Maximize collaborative synergies, and promotebusiness and sales DX• Improve basic and specialized skills of all
employees• Acquire new skills to respond totechnological innovations

Human capital acquisition
and resource shifting

Investments for Growth(“Reliability x Creativity”)
Improve eﬃciency of current business
operations

Upskilling and Reskilling• Secure talent• Facilitate resource shifting

Improvingeﬃciency/
Transformationofbusiness processes

Become a group that drives innovation
using digital technologies
Expand and transform the value
provided to the world38

Toward the realization of ISUZU ID
Isuzu Group aims to evolve and will “move the world” in seven areas
Sustainability

Strengthen
current
businesses

Developnewbusinesses

Establish
managementfoundation
based onISUZU ID

Satisfaction Engagement

SocialImpactExpected results toward 2030

Over

Strengthen“Reliability”“Transport”• Expand products and services that sustain transport

Unit salesGroupcarbon neutrality• Promote eﬃcient energy use• Promote introduction and expansion of clean energy

GHG emissions
50% decrease
reduction (Scope 1+2) Compared to 2013

Product
carbon neutrality• Make xEV options available in all categories (trucks,
buses, LCVs)• Provide service solutions for the xEV era

GHG emissions
reduction (Scope 3)

850K units(Target to be set by FY2027)

Autonomous
driving services

FY2028–Strengthen“Creativity”“Transport”• Lead the way in addressing social issues by adding
value and improving transport eﬃciency

Innovationby employees
for a better world• Create new businesses that address social issues(in-house recruitment and accelerator programs)

Expand collaborative initiatives(startups, industry-academia
collaboration)

Embrace humancapitalmanagement• Improve employee engagement• Promote employee self-development (establish new HR system)• Safety operation

Employee engagement
percentage of positive
responses

Over 70%• Become a brand that is cherished by society,customers, and employees alikeInterbrandBest Global Brands

Top 100

Enhancebrand value

Connected vehicles

Over 1,000K units

Within39

Overview of IX

Based on the results of the previous Mid-Term Business Plan, management policies will be pursued in line withISUZU ID and our vision for 2030
Innovation will be driven by flexibly addressing diversifying customer needs in changing business environment

Achievements of Previous
Mid-Term Business Plan
Axes of innovation
Expand current business &improve their profitability
Evolve managementfrom ESG perspectives

Established foundation
for becoming a leading
global company

Management policy toward 2030
Develop new businesses to drive
innovative transport• Create businesses that provide new transport
solutions in areas of autonomous driving, carbon
neutrality, and connected services• Steadily invest 1 trillion yen in innovation to
improve in-house and collaborative environments

Strengthen current businesses tosupport reliable transport• Support customer uptime with enhanced
products, services and reliable supply

Establish management foundation
based on ISUZU ID• Further strengthen revenue base throughstructural reforms, such as the utilization of DX• Group management from a global perspective
and focus on human capital management

Vision for 2030
Creativity/
Develop
Transport

Challenge to develop new businesses
sales equivalent to 1 trillion yen tooﬀer solutions to challenges facedby customers and societyOﬀering solutions
to customers and society
through transport with
“Reliability x Creativity”

Commercial
Mobility
SolutionsCompany
Sales of 6 trillion yen,and operating income
ratio of 10% or more

Reliability/
SupportTransport

Further strengthen
current businesses to achieve
new vehicle sales of 850,000 units
40Notice to The ReadersThis document is intended for informational purposes and includes, but not limited to, statements on future business performance and business plans. Information containedin the document, other than historical or current facts, constitutes forward-looking statements which are based on assumptions and judgments formed by the management of
the Company in view of information currently available. By its nature, Isuzu does not guarantee or give any warranty as to the accuracy of all information contained in thisdocument. Moreover, Isuzu undertakes no obligations to update such forward-looking statements such as statements on future business performance and business plans,
based on future events or new information.
Such statements involve elements of risk and uncertainty contained in such assumptions and judgments, and/or various factors including but not limited to economic changes
in future, changes in automotive market conditions, foreign currency exchange rate fluctuations, and changes of business environment surrounding the Company. Suchelements and/or factors may therefore cause the actual results and performance to be materially different from any future results and performance expressed or implied by thepredictive statements stated herein. If you actually have an intention to invest, you should not depend upon this document as your sole source of information, and should use
your own discretion in making an investment decision.
Please be aware that Isuzu will not be responsible for any damages you may suffer as a result of making an investment decision based on the information contained in thisdocument.

Copyrights

Isuzu Motors Limited or the original rights holders retain copying and other rights associated with these materials. Copying and otherwise reusing these materials in any way
without prior consent is prohibited.

(Reference) Terms used in this document to indicate
our product categories
CV (Commercial Vehicle)

LCV（Light Commercial Vehicle）• Collectively refers to trucks and buses• Trucks are mainly manufactured in and exported from Japan(Isuzu: Fujisawa Plant in Kanagawa Prefecture, UD: Ageo Plant in Saitama Prefecture)• Buses are manufactured by J-Bus Limited, a joint venture with Hino Motors, Ltd. and sold under both
Isuzu and Hino brands• Collectively refers to 1-ton pick-up trucks andPPV (Pick-up Passenger Vehicle) deriving frompick-up trucks• Mainly manufactured in and exported fromThailandC&E series and Quon
heavy-duty trucks (HD)F-Series
medium-duty truck (MD)N-Series
light-duty truck (LD)D-MAX
pick-up trucks
Questerheavy-duty truck (HD)

Cronermedium-duty truck (MD)ERGA
route bus

GALA
sightseeing bus

MU-X
pick-up passenger trucks

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(Reference) Corporate Philosophy "ISUZU ID"

VISION
Advance the world as an innovation leader
with “Reliability x Creativity”

MISSION
Creating a better life
with better transport“Reliability”“Creativity”

Based on our legacy of durability,
integrity, and stability,
we are a reliable source oftrue peace of mind

We aim to inspire with
cutting edge ideas andactions by bright minds
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