Corporate Mission 

Kando* Creating Company
Offering new excitement and a more fulfilling life forpeople all over the world
Yamaha Motor strives to realize peoples’ dreams with ingenuity and passion, and to always be a company people look to
for the next exciting product or concept that provides exceptional value and deep satisfaction.
* Kando is a Japanese word for the simultaneous feelings of deep satisfaction and intense excitement that we experience when we encounter something of
exceptional value.

Management Principles 
1. Creating value that surpasses customer expectations
To continue to produce value that moves people, we must remain keenly aware of customers’ evolving needs. We muststrive to find success by always surpassing customer expectations with safe, high-quality products and services.

Empowered by a passion
for innovation, we create
exceptional value andexperiences that enrich thelives of our customers.

2. Establishing a corporate environment that fosters self-esteem
We must build a corporate culture that encourages enterprise and enhances corporate vitality. The focus will be on
nurturing the creativity and ability of our employees, with an equitable system of evaluation and rewards.

3. Fulfilling social responsibilities globally
As a good corporate citizen, we act from a worldwide perspective and in accordance with global standards. We must
conduct our corporate activities with concern for the environment and communities and fulfill our social responsibility
with honesty and sincerity.

Action Guidelines 
Acting with Speed

Spirit of Challenge

Persistence

Meeting change with swift andinformed action

Courage to set higher goals
without fear of failure

Working with tenacity to achieve
desired results, and thenevaluating them

Corporate Mission

Kando

Creating Company

Corporate
Philosophy
Management
Principles

ActionGuidelines

We have worked based on three ideas which constitute our “Corporate Philosophy”.
One is our “Corporate Mission”, that is our core identity, values, purpose, and visionary goals.
The second is “Management Principles”—the guiding management principles for achieving ourcorporate mission. The third is “Action Guidelines”, the guidelines each individual
should follow to realize our corporate mission.

Yamaha Motor Co., Ltd. Integrated Report 2022

1

Contents

About Integrated Report 2022

Yoshihiro Hidaka
President,
Chief Executive Officer andRepresentative Director

Editorial Policy
This report was prepared and edited to give shareholders,investors, and other stakeholders a multifaceted understandingof Yamaha Motor’s sustainable growth.
Financial, sustainability-related, product, and other information not contained in this report is available on Yamaha Motor’s
official website. Please note that the “2022” in the title refers
to the year this report was published.
Scope
This report covers Yamaha Motor Co., Ltd., its 140 subsidiaries,
and its 28 affiliates (as of December 31, 2021). Notification is
given when the scope used in calculating the data provided inthis report differs from this.
Reporting Period
This report covers the period from January 1 to December 31,
2021. Information on some activities taking place after January
1, 2022 is also provided.

Yamaha Motor began publishing integrated reports in fiscal 2019 to help
shareholders, investors, and various other stakeholders develop a better
understanding of the Company’s efforts to create value from a medium- tolong-term perspective. In 2022, we have endeavored to provide an evenbetter understanding of the growth strategies in the new Medium-Term
Management Plan, the second phase of promoting the achievement of ourLong-Term Vision for 2030, and the value creation that underpins this.
This report was created referencing the International Integrated Reporting
Council (IIRC)’s International Integrated Reporting Framework and the
Guidance for Integrated Corporate Disclosure and Company–Investor
Dialogues for Collaborative Value Creation (Guidance for Collaborative Value
Creation) released by Japan’s Ministry of Economy, Trade and Industry. Aftercompiling the policies of the Company, each department was asked for theirearnest cooperation in creating this report, and I declare the process of preparing it to be appropriate and the information contained herein to be accurate.
Going forward, Yamaha Motor will continue striving to create sustainable
environmental and social value as well as raise corporate value throughconstructive interactions with its stakeholders. Thank you for your ongoingsupport of Yamaha Motor.

Financial Information

Yamaha Motor Co., Ltd. Integrated Report 2022

From the President

Yamaha Motor Today
10 A History of Expanding Our Portfolio in
Pursuit of Kando
12 A Globe-Spanning Business Featuring a
Diverse Range of Products
14 Maximizing Our Environmental andSocial Value
16 Financial and Non-Financial Highlights
Medium- to Long-Term Strategies
18 Yamaha Motor’s System of Strategic Policies
19 Important Societal Issues (Materiality Issues)
22 Medium-Term Management Plan
(2022–2024)
28 Land Mobility
30 Marine Products
32 Robotics
33 Financial Services
34 From the Director in Charge of Corporate
Planning and Financial Affairs
36 Initiatives to Achieve Carbon Neutrality(Disclosure Based on TCFD Recommendations)
40 Digital Transformation Strategy
42 Human Resource Development

Structure for Information Disclosure
Non-Financial Information

Activities for Greater Functional
Competitiveness46 Creative Branding & Design
50 Research and Development
52 Intellectual Properties
54 Procurement
56 Manufacturing and Production (Monozukuri)
58 Sales (Marketing)Management Platforms
60 From the Chairman of the Board of Directors
62 Outside Officer Roundtable
66 Directors and Audit &Supervisory Board Members
69 Corporate Governance
76 Risk Management
78 Compliance
Facts and Data
81 Environmental and Social Data
82 Eleven-Year Summary
84 Management’s Discussion and Analysis of
Fiscal 2021 Business Results
88 Global Group Network
90 Corporate Information / Stock Information

44 Sustainability

Integrated Report 2022

• Information for Investors
https://global.yamaha-motor.com/ir/• Corporate Website
https://global.yamaha-motor.com/

Key Points of Integrated Report 2022

• Securities Report (in Japanese only)
https://global.yamaha-motor.com/jp/ir/library/
security/• Technical Review
https://global.yamaha-motor.com/about/technical_review/

Based on the Long-Term Vision for 2030 of “ART for Human Possibilities: Let’s strive for greater happiness,” Integrated Report 2022 provides
details on specific initiatives for medium- to long-term strategies and measures focused on driving the new Medium-Term Management Planannounced in February 2022. The following key points will help develop an even deeper understanding of Yamaha Motor’s value creation story.

• Fact Book
https://global.yamaha-motor.com/ir/library/factbook/• Sustainability-Related Information
https://global.yamaha-motor.com/about/csr/• Corporate Governance Reporthttps://global.yamaha-motor.com/ir/
governance/pdf/corporate_governance-e.pdf

Notice Regarding Forward-Looking Statements
The statements in this report, except for historical facts, are forward-looking statements about the future performance of the Company and its Group companies. These statements are based on management’s assumptions and beliefs in light of the information currently available and involve risks and uncertainties. Please be advised that actual results
may differ significantly from those discussed in the forward-looking statements.
Potential risks and uncertainties include, but are not limited to, general economic conditions in Yamaha Motor’s major markets, changing consumer preferences, and currency
exchange rate fluctuations.

2

4

1

New Medium-Term Management Plan
Aimed at Enhancing Our Social,
Environmental, and Economic Value

2

Reinforcement of Sustainability Initiatives
Aimed at Achieving Carbon Neutrality

Under the banner of the Long-Term Vision, Yamaha Motor formulated the
new Medium-Term Management Plan—beginning in fiscal 2022—based ona review of the previous Medium-Term Management Plan. This report also
provides information on the Company’s direction regarding the implementation of a portfolio strategy to maximize its social, environmental, andeconomic value.

Yamaha Motor is reinforcing its sustainability initiatives, such as its
response to climate change, and has revised its targets for reducing CO2
emissions under the Yamaha Motor Group Environmental Plan 2050 inorder to accelerate progress toward carbon neutrality. These initiatives
have been incorporated into the new Medium-Term Management Plan
and also introduced as metrics in the Company’s executive remuneration system.

Relevant Pages 

Relevant Pages 

P.4–9
From the President
P.14–15
Maximizing Our Environmental and Social Value
P.22–27	Medium-Term Management Plan (2022–2024)
P.34–35
F rom the Director in Charge of Corporate Planning and
Financial Affairs

P.36–39	
Initiatives to Achieve Carbon Neutrality(Disclosure Based on TCFD Recommendations)P.69–75
Corporate GovernanceYamaha Motor Co., Ltd. Integrated Report 2022

3

From the President

Yamaha Motor will practice diligent portfolio management witha focus on growth areas and our strengths to create
new value contributing to a more sustainable world.

Overview of Fiscal 2021

Yoshihiro Hidaka
President, Chief Executive Officer
and Representative Director

In fiscal 2021, the final year of the previous Medium-Term
Management Plan, Yamaha Motor posted record-breaking
net sales and operating income together with a massive
improvement in our operating income margin.
Fiscal 2021 saw a phased lifting of the restrictions
imposed on economic activity in response to the COVID-19
pandemic centered on developed countries. In addition,
people’s bank accounts received boosts from the relief
payments issued by some governments around the worldin the wake of the pandemic’s effects. These factors drove
increases in demand for outdoor family recreation, which inturn created a favorable operating environment for Yamaha
Motor. Another major contributor to our strong performance was our ability to limit the impacts of reduced
production volumes from global supply chain disruptions
and the ensuing difficulties in procuring parts. These disruptions were a result of global semiconductor shortages,
delays in logistics, and the higher demand seen in responseto the resumption of economic activities. It is impossible todeliver a swift response to developments that simultaneously
impact operations across the globe, such as the aforementioned supply chain disruptions, if frontline organizations
simply wait for specific orders from above before acting.
Yamaha Motor, therefore, took a different approach. In
response to the disruptions, senior management put forthbroad policies while information on supply chain issues wasshared among our procurement, production, and sales
operations. Frontline organizations then exercised autonomy
in addressing the issues based on the information they hadreceived, and I believe this approach was highly effective. I
also want to express my appreciation for the diligent effortsof our employees on the front lines. When faced with parts
shortages, securing sufficient capacity to produce and supply
products is of utmost importance. Given our success in thisregard, fiscal 2021 truly was a year in which we were able towitness the resilience of Yamaha Motor’s foundations thatare rooted in our frontline operations.

Direction and Vision of the New Medium-Term Management Plan
The COVID-19 pandemic, climate change, and other contemporary issues are fundamentally altering people’s values
and substantially increasing the interest in and concern forsustainability around the world. Against this backdrop, wechose to add bolstering sustainability initiatives as a new
guiding theme of the new Medium-Term Management Plan,
which covers fiscal 2022 to fiscal 2024. This will complement ongoing themes from the previous Medium-Term
Management Plan, including the creation of new businesses
and the reinforcement of management foundations for
improving profitability. Guided by the new plan, we will seek
to strengthen the earnings power of our core businesses
while investing in new businesses and growth businesses
that contribute to the realization of a more sustainable
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Yamaha Motor Co., Ltd. Integrated Report 2022

world. We will also look to accelerate growth through digitaltransformation and co-creation initiatives.
Yamaha Motor handles a vast and global lineup of products,
and the processes spanning the production to the sale of theseproducts are becoming more diverse and multifaceted. This
inherent diversity in its operations has allowed the Company tocontinue growing overall, even as the circumstances individual
businesses face may fluctuate. However, we also recognizethat creating new value that contributes to the resolution ofsocietal issues will require us to identify fields in which we cananticipate growth and to then focus the allocation of management resources on such fields. It is for this reason that we havepositioned diligent portfolio management as a core strategy ofthe new Medium-Term Management Plan.
Yamaha Motor Co., Ltd. Integrated Report 2022

5

From the President

More specifically, we have defined markets expecting
future growth and markets in which Yamaha Motor can
exercise its strengths. We have also identified fields to which
we should allocate management resources in order to stimulate growth, and fields where we will focus on raising profitability while maintaining our position. Further, we haveadded fields in which we can create new businesses with anemphasis on sustainability. We then clarified the position ofeach business based on anticipated net sales growth rates
and return on invested capital, and divided our businesses
into four categories: new businesses, growth businesses,
core businesses, and businesses requiring structural reforms.

Based on these classifications, we will seek to generatecash while maintaining or improving the profitability of ourcore businesses. At the same time, we will proactively allocate management resources to new businesses and growthbusinesses, which have been positioned as strategic businessfields. We thereby aim to grow said businesses into future
core businesses. Development and growth strategy expenses
to be incurred in our strategic business fields during thethree-year period of the new Medium-Term Management
Plan are projected to be ¥115.0 billion, a 60% increase fromthe period of the prior plan, while planned capital investments in these fields should total ¥45.0 billion, an
80% increase.

We will be working to gradually grow new businesses inthese areas through steadfast efforts going forward. The
Robotics business, which has now become a third pillar of
our operations, and the e-Bike business, which is now classified as a growth business, both went years without turninga profit. Regardless, we remained committed to developing
these businesses based on the strong belief that they would
one day bring joy to our customers and clients, and it was

this commitment that helped us grow them into what they
are today. This recognition will empower us to develop new
businesses with a sense of conviction, realizing that thesenew pursuits will be imperative to achieving sustainability
and to resolving societal issues. This conviction will propel us
forward in creating value unique to Yamaha by capitalizingon the technologies and insight we have developed thus far
and by engaging in co-creation activities with partners.

Utilization of Smaller Forms of Mobility

Strategic Business Fields: New Business Initiatives
New business initiatives will include efforts to develop new
businesses as well as operations in new mobility fields.
Previously, we sought to develop new businesses in themobility service, low-speed automated vehicle, medical &healthcare, and agricultural automation fields while also
exploring other new fields. However, we recognize thatsignificant resources will be required to commercialize businesses in just these four fields, and it has also been necessary
to account for the restrictions on our activities amid the
COVID-19 pandemic. Accordingly, we have chosen to concentrate management resources on the aforementioned
four fields over the period of the new Medium-Term
Management Plan, and we will therefore not be exploringother new fields during this period. By moving forward withcommercialization in the four fields, we hope to generate net
sales of ¥30.0 billion from these businesses by fiscal 2024.
In the mobility services field, we have established newcompanies and are working together with local players inIndia and Nigeria, looking to develop asset managementbusinesses that will provide financing schemes for people
who do not have the financial means to purchase motorcycles on their own. These businesses are anticipated tocreate local employment opportunities while also contributing to raising the standards of living as well as providing
stable incomes for people in these countries.
As for low-speed automated vehicles, we are in the process of commercializing goods transportation systems
together with a joint venture company while also moving
forward with conducting feasibility studies for public transit
systems alongside municipal and national government agencies. By developing technologies that allow for automated6

Yamaha Motor Co., Ltd. Integrated Report 2022

transportation under specific conditions, Yamaha Motoraims to reduce the labor requirements of the logistics field
and help resolve mobility issues in regions lacking adequate
access to public transportation.
In the medical & healthcare field, meanwhile, our CELL
HANDLER™ cell picking and imaging system can be used toautomate cell handling procedures that were previously
performed by hand. We are continuing R&D of the systemlooking toward use in immunotherapy applications as well
as for aiding the discovery of drugs for cancer treatments.
In the agricultural automation field, Yamaha Motor
teamed up with an agriculture venture company in the
United States with the aim of providing automation andlaborsaving solutions for crop harvesting and packing.
Furthermore, in March 2022 we invested in a Brazilian
startup that supplies comprehensive agricultural automation
solutions, from agricultural drone development to the provision of related services.
Moving on, efforts in new mobility fields have been
focused on low-carbon personal mobility options. If we areto create a carbon-neutral society, it will be crucial for
people to seek out lighter and more compact mobility
options. For example, if one were to commute with a singlerider vehicle that provides protection from wind and rain, as
opposed to using a large vehicle, it would result in significant energy savings. Yamaha Motor therefore looks to help
address the needs of society by developing new types ofmobility offerings that exist between electrically powerassisted bicycles (e-Bikes) and motorcycles or between
motorcycles and cars.

CO2 emissions per person

Marineproducts
New market area 1

Cars

Motorcycles

PAS

New market area 2
Vehicle size

Strategic Business Fields: Growth Business Initiatives
Yamaha Motor’s growth businesses are composed of the
Robotics business and the Smart Power Vehicle (SPV) business, which offers complete electrically power-assisted bicycles, e-Bike system kits, and electric wheelchairs. Our goal inthese businesses is to generate a compound average growthrate (CAGR) of 19% over the period from fiscal 2021 to
fiscal 2024.
Initiatives in the Robotics business include further building
upon the technical, sales, and service systems that we havetailored to client needs and which have thus come to represent a strength. In addition, we are investing in upping the
production capacity of the Hamamatsu Robotics Office,which conducts the development, manufacture, and sale ofsurface mounters and industrial robots, with the aim ofachieving an 80% increase in production floor area by fiscal
2024. Yamaha Motor has also been bolstering the facilitiesof this production site by expanding its development area
and installing assessment and testing facilities. Other initiatives will include the pursuit of growth by capitalizing on

higher demand for items such as semiconductors for CASE
(connected, autonomous, shared & service, and electric)
systems for the automotive industry, 5G base stations andterminals, data centers, cameras and other sensors, andfactory automation equipment for producing electricvehicle (EV) batteries.
Meanwhile, our SPV business is enjoying a rapid growth indemand for e-Bikes in Europe and the United States as aresult of changes in behavioral patterns and rising environmental awareness. In Europe, roadside parking lots for cars
are being increasingly repurposed as lots for parking bicycles,
making it easier to find such sites in cities. This trend is
expected to continue going forward. We therefore project a
CAGR of 18% in the e-Bike markets of Japan, the UnitedStates, and Europe leading up to fiscal 2030. Yamaha Motor
will pursue growth in its SPV business that outpaces that of
the market by expanding its product lineup, developing
high-value-added products, and reinforcing its production
systems.

Yamaha Motor Co., Ltd. Integrated Report 2022

7

From the President

Sustainability Initiatives
Sustainability has been introduced as an additional main
theme for the new Medium-Term Management Plan. Overthe years, Yamaha Motor has been engaged in various
initiatives for contributing to society. Going forward, we will
be seeking to contribute further based on a concrete action
plan formulated with a focus on issues we consider ofutmost importance and in areas Yamaha Motor most needs
to address. I would now like to take some time to talk about
what areas will be given particular priority under this plan.
The first is carbon-neutrality initiatives. In the Yamaha
Motor Group Environmental Plan 2050, we define both ourtarget of achieving carbon neutrality across the entirety ofour business activities and supply chain*1 by 2050 as well as
our basic policy of reducing per-person CO2 emissions
from transportation.
To reduce Scope 3 emissions, we bolstered our R&D
capabilities with a new facility at the headquarters
completed in fiscal 2021 with the aim of ramping up
powertrain technology development. The building’s new
equipment includes test benches for assessing and testing
the performance of electric motors, hydrogen supply
equipment, and carbon-neutral fuel storage tanks. This new
equipment will be used to develop various powertraintechnologies primarily targeting battery-powered EVs, fuelcells, and hydrogen and synthetic fuel systems.
At the same time, we are accelerating the developmentof EVs through our platform strategy, with the goal of
introducing at least 10 battery-powered electric mobility
models by 2024. On this front, we launched the NEO’selectric scooter with a removable battery in Europe in June
2022, and we plan to begin releasing the E01 electricscooter, which employs a fixed battery design, as a model
for proof-of-concept testing*2 in Japan, Europe, Taiwan,
Indonesia, Thailand, and Malaysia starting in July.
I would now like to talk about our digital transformation
strategies, another of our sustainability initiatives. Digitaltransformation will enable us to connect directly withcustomers to provide services that cater even more to
their needs. I remember around when I had just becomepresident, some four years ago, a woman rider told me that
she had not even put Yamaha among her purchase options
because she felt that the seats on our models were too highand that her feet could not reach the ground. This was
something the Company was, of course, aware of and wetake steps to ensure the ride is comfortable even with a highseat height. However, customers often make their decisions

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Yamaha Motor Co., Ltd. Integrated Report 2022

based on the figures for seat height in the brochure, so ifthat number does not become smaller, customers such asthat woman will be unwilling to ride a Yamaha. This is arather simple issue when you think about it, and myencounter with this woman made me realize that we had
perhaps been neglectful in our response to the purchasing
patterns of some customers.
Digital transformation will allow us to connect directlywith and receive input from customers around the world.
We will also be able to track statistics like where and how
our products are being used and the current state of said
products. Currently, Yamaha Motor is aggressively rolling out
connected products, such as motorcycles with smartphone
connectivity, in order to transform our business through aneven greater emphasis on customers while also delivering
new experiences by connecting with them. Moreover, wehave defined the number of registered Yamaha Motor IDs as
a key performance indicator (KPI) for the development ofcustomer touchpoints and the creation of lifelong customers
through both digital and physical means. We look to growthe number of such users to 4.7 million by 2024, which will
represent a sixfold increase from 2021.
Another area of our sustainability push is human resource
strategies. Our employees are the drivers of our growth.
In order to better energize our employees, we have madeemployee engagement a KPI and we are promoting diversity,
inclusion, and human resource development to achieve
improvements in that regard. For example, I personally sat
down to hold discussions with groups of 20 new employees
on 50 occasions over the past year, thereby meeting 1,000
employees myself. Our viewpoints and the breadths ofour perspectives are as diverse as our people, and thesemeetings exposed me to various outlooks and opinions.
I was also reminded of the diverse capabilities of ouremployees. At the same time, around 70% of the issues
raised during these discussions were those that were close
to home for employees. Specifically, many cited that theirworkplace leaders were often too busy with their own work
to talk with or provide support to their subordinates, leading
to a lack of training. I therefore think that there is a needto reform our target management and human resource
frameworks in order to allow leaders to spend more time on
their more managerial duties.
The last of our sustainability initiatives that I would like tohighlight is our efforts for ensuring the safety and peace ofmind of riders. More than ever, we must focus on this if wewant to reduce the number of motorcycle accidents.
To this end, we are expanding our lineup of models withconnectivity. A large portion of motorcycle accidents arecollisions with cars when turning across traffic, and toprevent such accidents, Yamaha Motor is pursuing thepractical application of technologies for inter-vehiclecommunication. At the same time, the Yamaha Riding

Academy (YRA) works to help riders improve their skills withthe aim of raising rider awareness of safety on the road andgiving them instruction for riding safely.
*1 Including emissions from Company business activities (Scope 1 and Scope 2) andother emissions (Scope 3)*2 M
 odels designed to track customer needs and help the Company explore thepotential for new peripheral businesses and markets

Path toward Long-Term Vision Paved by Unending Ambition
Russia’s invasion of Ukraine has fractured the global community, resulting in a reversal in the prior trend of economic
globalization and a return to an economy separated into
multiple blocks. In response to this, Yamaha Motor will strive
to ensure that its supply chains can function properly under
any circumstances while keeping a close eye on global
trends. Concurrently, we are reviewing our production andR&D networks from the perspective of risk management andtaking quick action to rectify any issues identified. The operating environment remains opaque. Nonetheless, we arefirmly committed to achieving the targets in the new
Medium-Term Management Plan and will move forwardwith certainty in our ability to do so.
The corporate culture of Yamaha Motor is one of taking
on challenges. When I first became a manager, I proposed tomy supervisor that we transfer all scooter production, which
was conducted in Japan at the time, to Taiwan. He told me

to do it myself, entrusting the entire project to me. I mademany other proposals in the years that followed, and for themost part, I was allowed to chase my ambitions as I desired.
I think that this culture is one in which any employee with
passion and drive is encouraged to chase their ambitions,regardless of their position or gender. I hope that everyone
at Yamaha Motor will continue to tackle challenges in ways
true to our unique style, so that we can not only makeheadway toward realizing our Long-Term Vision for 2030 of“ART for Human Possibilities: Let’s strive for greater happiness,” but also deliver even greater Kando to our customers.

President, Chief Executive Officer
and Representative Director

We are firmly committed to achieving thetargets in the new Medium-Term Management
Plan and will make headway toward realizing
our Long-Term Vision for 2030.

Yamaha Motor Co., Ltd. Integrated Report 20229