Business Strategy

Medium-Term Priority Measures by Market and ProductLand Mobility

We will answer the diverse needs of the
new era of mobility by harnessing ourcreative capabilities.

Takuya Kinoshita
Executive Officer,
Chief General Manager ofMotorcycle Business Operations• Expansion of middle-income markets in
ASEAN and emerging economies

Opportunities• Evolution of marketing through digital technologies• Global rollout of models compliant with emissions
regulations• Lack of interest in mobility among young people in Japan

Risks• Shift in industrial structure due to innovative­technologies and new competitors• Tighter emissions regulations in each country• Established global brand position for motorcycles

Strengths• Diverse product lineup combining both high performanceand quality through our cultivated core technologies

Comprising the motorcycle, recreational vehicle (RV), and the Smart
Power Vehicle (SPV) businesses, Land Mobility is one of the Company’s
core operations. Leveraging the engine technologies, development andmanufacturing technologies, and expertise cultivated through the motorcycle business the Company has developed since its founding, the Land
Mobility business offers a wide range of products in line with the characteristics of its markets, from practical, everyday means of transportation
and recreational products to ones for commercial use and motorsport.
In recent years, the image and concepts surrounding mobility have beenchanging significantly due to technological advancements, changes inemissions regulations, and diversifying values with regard to life andlifestyles. Going forward, while many people will seek the conveniences
yielded by autonomous driving and other technologies, I believe they will
also seek the self-fulfilling value in driving themselves and enjoying experiences more than ever. We are a brand that has always excelled in the
innate leisure and recreational focus of the latter, so while ascertaining theneeds of the former, we intend to offer products and services that not only
provide convenience but also allow the new time generated by autonomous driving and labor-saving technologies to be used for self-fulfillment.
Also, as a company specializing in personal mobility, this entails a
responsibility to our customers’ safety and peace of mind. As such,
we are continuing the development of Leaning Multi-Wheel (LMW)models—which offer greater rider confidence—under the slogan“To someday create bikes that lean but do not fall,” proceeding with thecreation of vehicle safety communication systems in coordination withother manufacturers, and engaging in safety promotions and training
programs around the world. The Yamaha Riding Academy (YRA), forexample, aims to reduce traffic accidents and currently has certified
instructors in 15 countries holding riding safety courses. The YRA holds
courses 1,300 times annually with approximately 120,000 people participating. The goal is to expand the program to 20 countries and holdcourses 2,000 times with 180,000 participants in 2021.
We will continue delivering Kando to customers through products
and services that answer diverse needs, and aim to create a moresustainable society.

• Relationship of trust with customers through products
and services

Overview of Primary Products and Main Competitors
Markets and conditions at Yamaha Motor
Motorcycles with a high sport / recreational focus are popular but
Motorcycles and commuter
overall demand has remained largely flat since the 2008 global
vehicles for developed markets financial crisis. We are making timely rollouts of models compliant
with new emissions regulations.

70

Main competitors
Honda, Suzuki, Kawasaki, Harley-Davidson, BMW, Ducati,
Triumph, KTM, Aprilia, Piaggio, Kymco

Motorcycles and commutervehicles for emerging markets

We are introducing models compliant with new regulations in India,
the world’s largest motorcycle market. Despite the presence of many
competitors in emerging markets, our brand strength has helped
drive sales growth of premium-segment models in Indonesia.

Honda, Suzuki, Kawasaki, Hero, Bajaj

ROVs / ATVs

The North American market accounts for the majority of demandand its scale is increasing year by year as uses for recreational
off-highway vehicles (ROVs) broaden.

Polaris, BRP, Honda, Kawasaki

Electrically power-assisted
bicycles and OEM drive units

Yamaha Motor is the pioneer of e-bikes and OEM shipments havebeen rising in step with the growth of the European market inrecent years.

Panasonic, Bosch, Shimano

Yamaha Motor Co., Ltd. Integrated Report 2020

Motorcycles

Motorcycles

Motorcycles

ROVs

Developed
markets

ASEAN
markets

IndianmarketNorth American
market

SPV Business

Create new added value throughthe development of newtechnologies to drive
brand strength

Create new businesses whilebuilding a strong base for earnings
in growing fields where
we have expertise

Rebuild the brand andearnings base and develop
new fields of operationin the Indian market

Increase market share byintroducing a
new platform model

Expand the business by developing
new products with new technologies and forming strategic
partnerships

Overview of Fiscal 2019 
We saw an improvement in overall earnings in the motorcycle businessin developed markets thanks to an increase in unit sales centered onmodels compliant with new European emissions regulations and theaccompanying increase in marginal profit at our headquarters. However,the business in emerging markets saw sales volume decrease in thehighly profitable countries of Vietnam, India, and Taiwan. As a result,net sales decreased 1.6% year on year, to ¥1,100.4 billion, and operating
income decreased 14.1% year on year, to ¥41.8 billion. These decreases
include losses of ¥29.3 billion on net sales and ¥12.0 billion on operating
income due to adverse foreign exchange effects.

Progress of Priority Initiatives• In anticipation of greater demand, resolved to enhance production
capacity at the motorcycle factory in the Philippines• Commenced field testing of the TRITOWN electric micromobility LMW
model to verify usability in real-world environments and feasibility forthe tourism industry• In cooperation with Gogoro Inc., developed and launched theEC-05 as a new electric scooter in line with the Company’s electric
product strategy• Established a consortium comprised of Yamaha Motor, Honda MotorCo., Ltd., Kawasaki Heavy Industries, Ltd., and Suzuki Motor
Corporation with the goal of popularizing electric motorcycles in Japan

Measures Going Forward For developed markets, we will continue promptly introducing models
compliant with new regulations while moving forward with our plan toincrease efficiency of the Iwata Main Factory with the aim of improving
profitability through restructuring.
For emerging markets, we will focus on sales of high-value-added
products as we aim to increase unit sales and improve profitability in our
various markets with measures that include bolstering our brand strengthin Vietnam, introducing models compliant with new emissions regulations in India, and expanding sales of electric motorcycles in Taiwan.
For RVs, we will improve earnings through new platforms andstrengthened marketing efforts.
With electrically power-assisted bicycles, we are seeing diversifying
demand due in part to social factors, such as an increase in health andenvironmental awareness, changes in traffic environments, and fluctuations in the price of gasoline. In anticipation of continued market scale
expansion, the Company will continue working to grow the electricallypower-assisted bicycle business in step with the continuously expanding
market by introducing newly developed models with power-assist control
features and allocating more tasks to regional bases to strengthen sales
capabilities.
Although demand decreased in markets throughout the world due tothe effect of lockdown measures and staying home following the outbreak of the COVID-19 pandemic in the first half of 2020, we are beginning to see signs of demand recovery as we enter the second half of theyear. Trends toward an expansion in demand are particularly pronounced
in developed markets as the value of our products as a means of personal transportation for avoiding closed spaces, crowded gatherings, andclose contact with other people and as handy outdoor tools are being
reaffirmed. We will implement measures tailored to each market while
carefully monitoring demand fluctuations going forward.

Message from Management
As a growing new middle class emerges in Indonesia, we are increasing sales by filling out the lineup of mid-range
commuter models targeting that sector. In particular, we are running sales promotions for the XMAX, NMAX, Aerox,and LEXi models under the MAXI brand, and this is helping establish a strong brand image of MAXI offerings as bikes
admired and desired by many. These models were also all chosen as "Best Bike of the Year" between 2015 and 2020.
In addition, YIMM has gained recognition for its high production quality in producing and exporting the NMAX,YZF-R25, and other global models to developed markets like Europe and Japan and several other countries worldwide.
As chief operating officer, I will devote myself to improving the valueof the Yamaha brand in the ASEAN market, including Indonesia, andDyonisius Betienhancing the product value of global models as well as business value.
Executive Officer,
Chief Operating Officer,
PT. Yamaha Indonesia Motor Manufacturing (YIMM)

Yamaha Motor Co., Ltd. Integrated Report 202071

Business Strategy

Integrated Marine Business Strategy

Marine Products
Toward reliable and rich marine lifestyles

We aim to offer enriching marine lifestyles
by building a base for sustainable growth.

Hirofumi Usui
Senior Executive Officer,
Chief General Manager ofMarine Business Operations• Growing demand for large outboard motors centered on
developed markets

Opportunities• Expansion of peripheral equipment business due toadvances with integrated control technologies• Changes in values regarding marine leisure triggered by
the impact of the COVID-19 pandemic

Risks• Making flexibility adjustments to manufacturing and sales
structures in response to recent demand fluctuations
due to the COVID-19 pandemic, etc.
• Creating a business structure resilient against changes inexchange rates and regulations

The Marine Products business portfolio includes marine engines, boats,
personal watercraft, and pools, and is the Company’s second largest
operation after the Land Mobility business. The business has built its
presence as a global leader in the marine products market with its
strengths of cutting-edge and highly reliable engine and hull technologies,
and its worldwide service network.
In fiscal 2019, the first year of the current Medium-Term Management
Plan, we were able to steadily move forward with priority objectives.
Demand for large outboard motors of over 200 horsepower in North
America and Europe—our main markets for outboard motors—showedsolid growth and the shift away from propulsion units such as inboard
motors and stern drives is proceeding.
In light of this market environment, we set bolstering the global production structure for outboard motors as a priority measure in the current
Medium-Term Management Plan. In fiscal 2019, we began increasing our
production capacity for large outboard motors and enhancing production
flexibility between Yamaha Motor’s Iwata Main Factory, Yamaha
Kumamoto Products Co., Ltd., and Thai Yamaha Motor Co., Ltd. asplanned, and are making progress.
In addition, with the aim of furthering our system supplier strategy, we
are focusing on promoting the development of sophisticated boat control support features using integrated control technologies—a Company
strength—and we launched in fiscal 2019 a new steering device to themarket in a sport boat. Over the long term, we intend to advance technology and product development with an eye on introducing highly
reliable and high-value-added automated boat control systems and more.
In 2020, we anticipate a dramatic change in the business environment
due to the worsening economic conditions accompanying the global
COVID-19 pandemic. Nevertheless, from a medium- to long-term perspective, we believe that the culture of marine leisure fostered to date willremain unchanged, and we may even see positive changes. To help offer
reliable and rich marine lifestyles as laid out in the Marine Long-Term
Vision, we will seek to fortify our high-profit business structure and tobuild a base for sustainable growth, despite the severity of the current
business environment.

•O verall business strength of the Marine Products ­business(wide-ranging fields of operation and product lineup)

Strengths• System supplier strategy:
To provide more reliable boats, we will shift from an outboard
motor-focused business to growing the peripheral systems business,
including boat control systems.
• Over the long term, we will introduce products such as highly­reliable and high-value-added automated boat control systems to
evolve the business from one that provides products to one thatprovides experiences.

Technology required

Product Development Strategies
Continuing the provision of
attractive products / services
Large 425-horsepower
outboard motors

Next-generation boat
control systems“Smart Package” boats
Solutions
IoT

EXULT43 cruiser

Electric
propulsion
units

Value offered

Overview of Fiscal 2019 
In North America and Europe, our main markets for outboard motors,
the transition toward large outboard motors continues and net sales
increased due to an improvement in the product mix stemming from thisrising demand. However, foreign exchange effects incurred losses of ¥6.4
billion on net sales and ¥4.1 billion on operating income, resulting in an
overall net sales increase of 2.0% year on year, to ¥345.1 billion, while
seeing operating income fall 3.9%, to ¥58.4 billion.

Progress of Priority Initiatives• Increased production capacity for large outboard motors• Developed DRiVE, an innovative next-generation boat control system
which offers easy, comfortable, and enjoyable boat operation• Developed and commenced sales of the 275SD sport boat, a large craftthat provides sharp, sporty handling thanks to a newly designed hulland boasts elegant styling and spacious onboard comfort

Measures Going Forward In fiscal 2020, we had planned to capture more of the ongoing steadydemand for large outboard motors, personal watercraft, and large boats
in North America, Europe, and other markets. However, we anticipate
a significant impact on our plans from the global COVID-19 pandemic.
While swiftly and flexibly implementing adjustments to production andsales in response to demand fluctuations, we will continue our productdevelopment and R&D efforts unfazed in anticipation of a recovery overthe medium to long term.

Message from Management• Unquestioned product reliability centered around integrated
control technologies• Sales and service capabilities spanning the global market

Overview of Primary Products and Main Competitors

72

Progress: In addition to continuing
our activities to date,in fiscal 2019, we
took part in survey
work aimed at
resolving the issue ofocean plastic waste.

Markets and conditions at Yamaha Motor

Main competitors

Outboard motors

As demand for outboard motors is increasing with the rise indemand for pleasure-use boats, primarily in North America andEurope, we will build a global production structure with theflexibility to keep pace with demand.

Mercury Marine, Suzuki, Honda, Tohatsu, Evinrude

Boats

The domestic boat market is relatively stable and we will offer higher
value-added pleasure-use boats. With “Sea-Style” and our otherservice-based businesses, we will strengthen our development ofservices in line with customer preferences.

Yanmar, Toyota, Suzuki, Tohatsu

Personal watercraft

The North American market accounts for the majority of demand andis growing in scale yearly as uses for personal watercraft broaden.

BRP, Kawasaki

Yamaha Motor Co., Ltd. Integrated Report 2020

COVID-19 showed Americans that social distancing at home provided more time to spend in the great outdoors.
When more people spend time with their family boating and fishing, it can create growth opportunities for Yamaha
Marine while the economy slowly recovers.
We see new buyers are purchasing more premium products with greater feature content. The 200+ horsepower
market has seen the most positive recovery due to more advances, reliable power, and integrated boat control­systems. We plan to continue to focus on our new XTO425 platform as well as the new Helm Master EX, the next
generation of integrated boat control systems with fully electric steering.
Like most companies, boat manufacturing plants paused production in March and April; now nearly all our corecustomers are back to pre-COVID-19 capacity. With the lack of package-boat supply during the shutdowns and retailremaining above previous fiscal years’ volume, our dealers are low on inventory. This means we need to listen andrespond more quickly to match supply to demand for the remainder of 2020. Going forward, I will lead our team tomake quick decisions to respond while listening carefully to market demand in order to sufficiently supply products toour customers.

Ben Speciale
Deputy Executive Officer,
Senior Vice President, Yamaha
Motor Corporation, U.S.A. (YMUS)
President, U.S. Marine Business Unit

Yamaha Motor Co., Ltd. Integrated Report 202073

Business Strategy

Medium- to Long-Term Growth Strategies

Robotics

Hiroyuki Ota
Executive Officer,
Chief General Manager of
Solution Business Operations• Growing need for automation due to labor shortages
in Japan and rising labor costs in emerging markets

Opportunities• Progression of more advanced automation in line with thedevelopment of new fields such as the IoT and “connected,
autonomous, shared & services, and electric” (CASE) vehicles• Deterioration of demand due to changes in world affairs

Risks• Intensifying competition resulting from new players
entering the market• Ability to mass-produce with high quality and at low cost

Strengths

Our Robotics business began with the commencing of development
aimed at streamlining the production of our motorcycles. Today, thebusiness’ offerings include industrial robots used for automating processes at various client factories, surface mount technology (SMT) devices
and equipment used for manufacturing the electronic circuit boards built
into all kinds of products, and industrial-use unmanned helicopters anddrones leveraging Yamaha’s core competency in electronic control.
With the increase in demand for automation in recent years, we set“business scale and area expansion and reinforcement of high profitability” as a medium-term priority measure, and we will move to expand our
lineup of products and services for accelerating factory automation while
also examining new fields where we can contribute to labor savings,
including outside the factory sphere.
In July 2019, the Company acquired SHINKAWA LTD., renaming it
Yamaha Motor Robotics Holdings Co., Ltd. (YMRH) in the process, and is
working to set up a structure to offer complete solutions, from semiconductor post-processing through to surface mounting processes, by
combining the technologies and products of both companies. In addition, we intend to move toward a platform model for surface mounting
processes to increase the value delivered to clients.
Furthermore, in the Robotics business we are focusing our effortson the agricultural sector in particular in order to realize the Long-Term
Vision. Developed markets are starting to see increasingly higher labor
shortages in fruit and vegetable farming, so to further increase laborsavings and productivity in agriculture going forward, we will apply theexpertise we have accrued both domestically and internationally in theunmanned helicopter space and more aggressively bring drones andunmanned ground vehicles (UGVs) to market. In this way, we will contribute toward a more stable provision of foodstuffs.
Utilizing robotics, we will free up new time for clients by offeringsolutions to problems
present in a variety of
sectors, including manufacturing, agriculture,and medical research.

New

Optimization of the entire factory• Strengthening variations (collaborative robots)• M2M cooperation, remote support• Autonomous control

New business area challenges• Integration with core technology• Logistics (drones, unmanned helicopters, UGVs)

Labor Savings /Autonomization
Existing

We will free up new time for clients byoffering solutions to problems present invarious fields.

Products / Services

Aim for growth in each field with labor savings and autonomization as core values

Strengthening solutions• Platform strategies• Expansion for automotive applications• SMT peripheral business expansion

New field automation• Precision agriculture• Medical fields

Existing

New

Market / Customer
Strengthening Business Platforms• In-house manufacturing technology

Overview of Fiscal 2019 
Although revenue increased thanks to the creation of YMRH as a subsidiary, unit sales of surface mounters and industrial-use robots declined due
to stagnant market conditions triggered by trade friction between the
United States and China. As a result, net sales in fiscal 2019 increased
1.1% year on year, to ¥75.6 billion, while operating income fell 53.9%
year on year, to ¥7.7 billion.

• Systems

Progress of Priority Initiatives• Following the establishment of YMRH, proceeded with restructuring
efforts that included the reorganization of bases and integration of
procurement schemes. Initiatives such as joint product development
and cross sales underway as planned.
• Released a precision agricultural platform• Invested in a Taiwanese industrial equipment manufacturer tostrengthen market competitiveness. Expecting stable supply of highquality parts at low prices.

Measures Going Forward 
In terms of market conditions from 2020 onward, we are seeing investments in 5G-related base stations and mobile devices and signs of recovery with built-in CASE systems for vehicles. Keeping a close watch on
demand trends and anticipating changes in lifestyles from the COVID-19
pandemic, we will accelerate the offering of bundled product proposals
and mutual sales channel utilization by leveraging the synergy born fromnew model introductions and business integration.
Furthermore, to augment business synergy, Yamaha Motor madeYMRH a wholly owned subsidiary in April 2020 with a takeover bid andwe look to raise the Robotics business’ rate of growth with more unified

management. In addition, as we aim to expand the industrial robot
business by entering the collaborative robot field, we will proceed withinvestments in and technical cooperation with Tokyo Robotics Inc.
To achieve sustainable growth for the future, we will move forwardwith robotics R&D and strengthen our production structure and thereby
contribute to labor savings and autonomization in the manufacturing
field.

• A mixture of technologies via business integration with
YMRH and provision of complete solutions for clients

Message from Management
Overview of Primary Products and Main Competitors

74

In the Robotics business, we are carrying out a platform strategy focused on increasing shared elements and efficiencies in manufacturing. By introducing shared hardware and software, we will not only reduce development lead timeand achieve greater parts standardization but also provide more value to clients, such as reducing upkeep costs,
standardizing operations, and shortening equipment delivery times. As a first step, we have developed the new
YRM20 premium, high-efficiency modular surface mounter. By sharing the platform for manufacturing high-speed,
high-added-value models as well as highly cost-efficient economical models, we will offer unique and highly effective
products that embody the “Unique & Proven!” concept of the SMT business.
As leader of the Robotics business, I will strive to achieve ongoing growth.

Markets and conditions at Yamaha Motor

Main competitors

SMT

We are pursuing both tangible and intangible commonalities under
our platform strategy to expand our business scale and reinforce
our profitability.

Fuji Machine, Panasonic, ASM Pacific Technology, JUKI,
Hanwha Techwin

Industrial robots

We are strengthening model variations while pursuing bothtangible and intangible commonalities to expand our business scaleand reinforce our profitability.

Epson, Mitsubishi, Denso, IAI

Unmanned helicoptersand drones

We are launching multirotor drones in addition to our provenunmanned helicopters and will also establish a track record for
precision agriculture.

DJI

Ayako Egashira

Semiconductor
post-­processing equipment

We are working to further build our customer base by building aseamless collaborative system that offers one-stop proposals thatcover the entire semiconductor manufacturing process.

ASM, Besi, Fuji, Towa

Executive Chief General Manager
of Robotics Business Unit,
Solution Business Operations

Yamaha Motor Co., Ltd. Integrated Report 2020

Yamaha Motor Co., Ltd. Integrated Report 202075

Business Strategy

Financial Services

OthersThe Other Products business engages in the development of golf cars, portable generators, snow blowers,
multipurpose engines, automobile engines, automobile
components, electric wheelchairs, and other products.
The following are two of the many products that fallunder this segment.

Overview To create an environment that makes it easier for dealerships to sell
Yamaha Motor products and easier for customers to purchase them,
the Financial Services business offers financial services such as retail andwholesale financing, leasing, and insurance packages for dealerships
and customers through sales finance subsidiaries in the United States,
Canada, Australia, France, Mexico, Brazil, and other markets. In addition,
the Financial Services business is conducted through approaches tailoredto the various regions in which we operate via our own operations, local
partnerships, and other means in order to stay in line with local businessenvironments, regulations, etc.
The Financial Services business is involved in all the Company’s businesses and products, including motorcycles, all-terrain vehicles (ATVs),
recreational off-highway vehicles (ROVs), and marine products. With thisin mind, the Company has positioned the Financial Services business as
one of its key medium- to long-term strategies, and is aiming to enhance
its ties with dealerships and customers while securing stable earnings.

Overview of Fiscal 2019 During fiscal 2019, the Company established Yamaha Motor FinanceFrance S.A.S (YMFF) in France, where Yamaha motorcycles command asignificant share of the market, and commenced operations. As a resultof this and other measures, our outstanding receivables balance for theregion steadily grew.
However, due to temporary profits recorded in Brazil in 2018 andother effects, the business saw a rise in sales but a fall in profits, with net
sales climbing 4.8% year on year, to ¥40.9 billion, while operating
income fell 34.2% year on year, to ¥8.0 billion.

76

Power ProductsFirst created by adapting the Company’s small-engine technology,
Yamaha generators are utilized not only for camping and other recreational activities but also as a backup power source in times of emergency such as during power outages or in disaster-afflicted areas. We
also manufacture and sell products like snow blowers—a welcome tool
in regions with heavy snowfall—and multipurpose engines.
Yamaha golf cars, which originated from the development of land cars
for resort facilities, are produced in Japan, the United States, and Thailand,
where aggregate production exceeds one million units. North America inparticular accounts for over 75% of global demand, making it the leading
market for golf cars and the focus of the Company’s sales. In recent years,
our golf cars have attracted a great deal of attention beyond golf courses
and resort facilities as a means of automated low-speed first/last-milemobility for underpopulated areas and villages with narrow roads.

Measures Going Forward In fiscal 2020, we will promote more autonomy in our financial operationsin North America while moving ahead with business development inEurope. In January 2020, Yamaha Motor Finance Corporation, U.S.A.
(YMFUS) replaced its financing program for “Prime” customers, which it
had hitherto operated in a tie-up with American financial institutions, withan in-house service. As a result, YMFUS is now able to provide its own
financial services for individual customers and sales channels across the
spectrum in the United States.
By continuing to put forward attractive financing programs, theCompany will establish an environment that facilitates the purchaseof Yamaha Motor products by customers and thus help grow sales.

Electric Wheelchairs
By adapting the Company’s technologies for electronic control, drivetrains,and more to develop power units for converting manual wheelchairs into
electric ones, we created a new market for simpler electric wheelchairsthat are foldable and easy to carry. In addition to fully electric wheelchairs,
we currently manufacture and sell electrically power-assisted units for
installation on manual wheelchairs as well as complete electrically powerassisted wheelchairs, both employing technologies from our powerassisted bicycles.
Through such products, we will facilitate the mobility of the elderly
and persons with disabilities, seek to deliver greater comfort and convenience for users, and help alleviate the burdens and more placed on
caregivers.

Message from Management

Message from Management

To enable financial services to be a driver of Yamaha Motor’s growth going forward, we have launched the Global
Execution Transformation (GET) initiative in the business, with the aim of ensuring it has a global and sustainablebusiness model into the future. The GET initiative’s vision for financial services entails sharing the best practices ofvarious countries and improving overall management of business operations and risks, in addition to contributing tobusiness performance by driving unit sales and establishing an appropriate corporate governance system.
As joint leader of the GET strategy, I will establish a global business strategy and business structure with the goalof ensuring that the financial services we provide are the best in the industry for our dealers and all our customers
and clients.

In 2020, we will celebrate the 25th anniversary of our electric wheelchairs and the role they play in contributing to
the health and welfare field as well as in addressing the issues of an aging society. While awareness has grown inrecent years of various forms of electric mobility serving as means of transportation, we believe there is tremendous
potential in electric wheelchairs as an electric single-passenger form of mobility.
Moving forward, we will aim to establish a business model that enables us to contribute to society by offering
people the freedom of mobility through our products.

Yamaha Motor Co., Ltd. Integrated Report 2020

Jeffrey Young

Michiyo Yamazaki

Deputy Executive Officer, President,
Yamaha Motor Finance Corporation, U.S.A. (YMFUS)

General Manager of JW Wheelchairs Division,
Smart Power Vehicle Business Unit,
Solution Business Operations

Yamaha Motor Co., Ltd. Integrated Report 202077