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Yamaha Motor Corporation sets new records in 2023

New records were set in 2023 for Yamaha Motor Corporation for both net sales and operating income.

And the outlook for 2024 remains strong with more revenue and income records expected.

“As demand for outdoor recreation slowed, primarily in developed markets, it remained strong for our core products of motorcycles and large outboard motors.

“Also, our efforts to counter rising costs by passing on prices and the weak yen contributed to us posting higher sales and profits,” said Yoshihiro Hidaka, Yamaha president, CEO and representative director.

“We expect to see improved supply of premium motorcycle and scooter models in emerging markets, the launch of a new large outboard motor model in the Marine Products business, and for solid demand in Asian markets to reinforce our operations.”

In the Marine Products Business, net sales were 547.5 billion yen (an increase of 30.5 billion yen or 5.9% compared with the previous financial year) and operating income was 113.7 billion yen (an increase of 4.5 billion yen or 4.1%).


Demand for large horsepower outboard motors in the US was strong, but small and midrange outboard motor demand declined.

In Europe, concerns of an economic recession led outboard motor demand to decrease overall.

In China and Southeast Asia, demand was higher in the commercial fishing and tourism markets, while commercial fishing demand remained steady in Central and South America. While unit sales were higher in emerging markets, they fell in developed markets and this resulted in lower outboard unit sales overall.

For personal watercraft, favourable demand continued and the Company recorded higher unit sales.

The positive effect of the yen’s depreciation also contributed to the overall increase in sales and profits for the business.

In 2024, Yamaha anticipates emerging market demand to be spearheaded by Indonesia, India, and Brazil, while in developed markets, spending by high-income consumers in the US is forecast to be robust. Ocean freight rates are expected to come down.

However, possible risks include rising costs for personnel and parts, disruptions to logistics in the Red Sea, and exchange rate fluctuations. The Corporation will counter the impacts the Noto Peninsula earthquake had on its supply chain by procuring alternative parts and other means.


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