Outlook of Japanese

The 39th KAICA-JAPIA meeting in Seoul March 29, 2017

Masashi Oshita, Vice President & Executive Managing Director Auto Parts Industries Association = JAPIA

1 1. OEMs 2. JAPIA members 3. Topic - Mexico

2 1. OEMs

3 Vehicle monthly sales in Japan aren’t stable

(thousand unit) (%)

800 10.0

Registered Micro car % to the previous year 7.4 7.6

700 5.0

2.9 600 1.6 The sales of vehicles in 0.0 277 -0.5 -0.4 Japan are recovering -1.2 -2.2 -1.9 231 -2.2 from the bottom in the 500 -4.1 past few months. -4.6 -4.9 -5.0 -6.6 -6.4 400 -7.5 -7.6 -7.6 174 -7.6 160 194 -8.6 163 176 143 133 134 145 -10.0 133 164 300 -11.2 139 149 130 145 136 126 108 113 121 116 112 But, total sales in CY -14.7 -14.5 -15.0 2016 was ▲1.5% to 200 418 405 317 the previous year. 288 306 -19.1 279 282 275 288 282 273 265 237 241 240 239 238 224 223 243 -20.0 100 198 210 211 213

0 -25.0

Jul-15 Jul-16

Jan-15 Jan-16

Jun-15 Jun-16

Oct-15 Oct-16

Apr-15 Apr-16

Feb-15 Sep-15 Feb-16 Sep-16

Dec-16 Dec-15

Aug-15 Aug-16

Nov-15 Nov-16

Mar-15 Mar-16

May-16 May-15

Source: JAMA 4 Production, sales, export and import of Japan

(thousand unit) (%)

12,000 5.0 4.7

Domestic vehicle 9,943 10,000 9,628 9,630 9,774 4.0 production and 9,278 9,204 sales in 2016 were less than 2015. 8,398 8,000 3.0

6,000 5,369 5,562 2.0 4,956 1.7 5,375 5,046 4,841 4,970 4,464 4,674 4,634 4,803 1.4 4,465 4,578 4,210 Export in 2016 was 4,000 1.0 better than domestic sales, but not so vivid. 0.5 0.5

2,000 0.0 0.0

-0.5 182 205 241 280 290 285 294 0 -1.0 2010 2011 2012 2013 2014 2015 2016

Production Sales Export Import GDP Note: GDP 2016 is estimated by IMF Source: IMF, Cabinet Office & JAMA 5 Population pyramid & driver’s license holders

Ｍａｌｅ Female Ｍａｌｅ Female Ｍａｌｅ Female

Ｊａｐａｎ ＵＳＡ Ｆｒａｎｃｅ

Driver’s License holders of young generation in Japan

30,000 16-19 old 20-24 old 25-29 old 30-34 old In accordance with decrease 25,000 8,842 of young generation, 9,157 20,000 9,247 8,823 license holders are also 8,133 falling. Who buy vehicle ! 15,000 7,560 7,156 6,868 8,917 8,323 7,696 10,000 7,216 6,886 5,578 6,217 5,798 6,872 5,000 6,410 6,143 5,848 5,406 5,056 4,820 4,764 1,727 Source: UN & NPA of Japan 0 1,574 1,410 1,276 1,128 1,064 1,040 974 2001 2003 2005 2007 2009 2011 2013 2015 6 Young generation buys vehicles ?

JAMA’s questionnaire for young generation in 2016 said... (Young generation= 30 years old or less, engaged and no vehicle)

➢ Are you interested in Vehicles ? = None and little interest are 69% ! ➢ Do you want a vehicle ? = None and little interest are 59% !

Visitors of & vehicle sales (thousand unit) (thousand people)

8,000 7,524 2,500 6,865 6,725 7,000 6,467 5,861 5,906 5,828 5,852 2,000 6,000 5,354 5,376 2,019 5,046 1,811 4,609 5,000 4,210 1,500 1,523 1,515 1,512 4,000 1,386 1,420 1,426 1,277 3,000 1,000 Vehicle sales 903 2,000 843 813 No. of visitors 500 614 1,000 0 0 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 7 Source: JAMA OEMs export by region

Export depend on U.S. Market… (thousand unit)

6,000 Total

4,841 5,000 4,803 4,464 4,674 4,465 4,578 4,614 425 448 407 390 393 188 379 375 168 179 134 4,000 396 148 346 183 168 362 309 358 306 293

3,000 1,727 1,886 1,585 1,887 1,662 1,749 1,898

2,000 936 995 848 709 744 737 818 1,000 583 419 525 584 625 684 500

576 572 572 540 560 529 586 0 2010 2011 2012 2013 2014 2015 2016

Asia Middle East Europe US & Canada M. & S. America Africa Oceania

Source: JAMA 8 OEMs overseas production by region

(thousand unit) Productions in Asia & U.S. are expanding stably 25,000

Asia Middle East Europe US & Canada M. & S. America Africa Oceania Production in Japan

18,890 18,094 92 20,000 17,476 91 180 90 16,756 217 242 1,876 106 1,820 15,823 1,591 101 232 248 1,284 15,000 13,181 13,382 1,234 5,021 119 93 4,786 4,823 206 233 1,029 4,540 982 4,253 9,630 1,705 9,943 1,668 3,390 3,068 1,654 515 10,000 1,537 437 8,398 1,484 0 596 9,628 0 9,774 1,410 9,278 9,204 1,356 0 0

5,000 9,472 10,012 8,500 9,056 9,112 7,127 7,547

0 2010 2011 2012 2013 2014 2015 2016

Note: Overseas production 2016 is estimated by growth rate between Jan. and Jun., 2016 Source: JAMA 9 No. of productions of Japanese OEMs by major countries (CY 2016)

Total No. of Production of Japanese OEMs in 2016 = 28,183 thousand units (1.6% increased to CY 2015)

in Europe Oversea production = 18,979 thousand units 1.6 million in North America 6.4 million Russia: 158 is planning new U.K.: 826 plant Canada: 1,014 Czech: 86 Hungary: 138 China: 3,910 Japan: 9,204 Spain: 155 U.S.A.: 3,979 Turkey: 137 Pakistan: 213 France: 255 S. Korea: 136 Mexico: 1,390 India:2,003 Taiwan: 264

Thailand: 1,670 Philippine: 96 TOYOTA is Venezuela: 5 planning new plant Malaysia: 230 Indonesia: 1,095 in Asia 9.6 million Brazil: 354 S. Africa: 106

Argentina: 105 in South America Unit: thousand 0.5 million Source: JAMA & MarkLines Data: CY 2016 Note: Data of S. Africa and Venezuela are of CY 2015 10 2. JAPIA members

11 Production of JAPIA members in Japan & overseas

(trillion JP yen) Overseas production overtake domestic production 25.0 in the near future.

Overseas 19.8 20.0 18.9 Production 18.3 17.8 17.8 4.1 3.8 3.4 3.3 3.3 15.0 13.9

10.0 10.2 8.9 15.7 14.5 14.9 14.5 15.1 6.2 6.1 5.0

0.0 2010 2011 2012 2013 2014

Production for Domestic Market Production for Export Overseas Productuin

Data: in FY Source: JAPIA 12 Operating profits of JAPIA members by region

Profits from domestic production are going (billion JP yen) down and overseas productions are much more important for the members. 1200

1000

331.4 344.1

800 25.7 28 70.2 236.5 130.6 600 273.7 6.2 304 47.4 10.6 400 220.2 17.8 133.1 13.4 665.2 73 584.7 17.1 461 200 296.2 272.3 260.6

0 2010 2011 2012 2013 2014 2015

Japan N. & S. America Europe Asia Data: FY 2015, as of March 2016 Source: JAPIA Note: Figures are by inquiries from consolidated accounts of listed members and percentage of reply is about 55% to 65% 13 Overseas production of JAPIA members by region

(trillion JP yen) 18 16.4 ASEAN China Other Asia U.S. & Canada & Mexico Europe Others 16 0.4 1.5 13.6 14 Production in the U.S., Canada & 0.4 Mexico are expanding more than 1.4 12 that of in China and in ASEAN. 10.1 6.4

10 9.0 0.5 5.0 1.1 0.4 8 1.0 1.4 5.9 6.0 5.8 3.2 6 3.1 1.2 0.2 0.4 0.3 0.7 0.6 0.6 0.5 3.5 0.5 2.7 2.0 2.0 1.7 4 2.1 1.7 0.3 0.3 0.3 2 1.4 1.4 1.6 2.9 3.2 2.3 2.7 1.3 1.3 1.3 0 2009 2010 2011 2012 2013 2014 2015

Data: FY, as of March 2016 Source: JAPIA 14 No. of overseas production sites of JAPIA ｍembers

As No. of production sites, China is No. 1 country. Because not only large companies, but In 52 countries (No. of companies) also middle and small sized member 1,989 companies are manufacturing in this country. 1,949 1,986 2000 1,857 103 103 Asean 1,752 99 90 1,645 213 210 215 China 1,598 86 199 76 Other Asia 1,425 74 190 1500 182 390 393 177 370 U.S. & Canada & Mexico 62 345 326 163 Europe 1,075 319 335 219 213 209 214 42 208 1000 Others 351 109 194 187 700 527 535 534 311 182 513 21 482 69 444 462 416 177 294 500 245 3223 121 152 184 145 496 519 535 537 19 430 460 9 31 373 409 25 118 315 2 189 47 103 0 52 0 1984 1989 1994 1999 2004 2009 2010 2011 2012 2013 2014 2015 Data: FY 2015, as of March 2016 Source: JAPIA Note: Total includes other regions 15 No. of overseas production sites of JAPIA members - No. of increase to the previous year - Investment in Mexico was vivid, but what happens in the future ?

2009 2010 2011 2012 2013 2014 2015

1 China（＋10） China（＋28） China（＋38） China（＋31） Mexico（＋16） Mexico(＋15） Mexico(＋6）

2 India（＋9） Thailand（＋10） India（＋15） Indonesia（＋20） China（＋14） Thailand（＋11） India（＋2）

Indonesia（＋2） 3 Thailand（＋7） Indonesia（＋9） Indonesia（＋14） Mexico（＋15） Indonesia（＋13） China（＋8）

4 Indonesia（＋3） India（＋9） Thailand（＋8） India（＋8） USA（＋8） Vietnam（＋5） Malaysia（+1）

販 Mexico（＋3） Vietnam（＋3） Russia（＋6） Vietnam（+1） 売 5 Brazil（＋7） Vietnam（＋6） USA（＋4） 法 Germany（＋3） Thailand（+6） 人 Laos（+1）

6 USA（＋2） Morocco（＋3） Mexico（＋6） Thailand（＋4） Brazil（＋5） Brazil（＋2） Paraguay（+1）

7 Germany（＋4） Russia（＋4） India（＋4） Russia（＋2） France（+1） 8 France（＋2） Malaysia（＋3） Malaysia（＋3） Germany（＋4）

Moldova（+1） 9 Vietnam（＋3） USA（＋3） Czech（＋4）

10 Poland（＋3） Turkey（＋3）

Data: FY, as of March 2016 16 Source: JAPIA No. of overseas production sites & sales bases of JAPIA members by major countries

(No. of companies)

600

534

500 No. of production sites in ASEAN 10 courtiers are almost same level as that of in China and still expanding.

400

300 262 243 Production Sites Sales Bases Others

200 149

114 109 100 57 5758 53 52 47 45 42 37 31 24 21 12 15 19 16 16 0 4 6 7 1 9 1 3 9 8 0 China U.S.A. Thailand Indonesia India Mexico Brazil Korea Taiwan Philippines U.K.

Data: FY, as of March 2016 17 Source: JAPIA Local contents of overseas production sites of JAPIA members by region

(%) It looks high level. But, In NICs, JAPIA members (Tier1) are supported by Japanese Teir2. 90.0

79.8 79.3 80.0 78.3 77.8 77.5 74.9 77.0 75.9 75.2 70.1 74.8 74.5 73.4 73.0 72.9 70.2 73.1 71.0 73.0 71.0 69.9 71.5 66.8 71.8 67.5 69.8 69.7 69.0 69.0 66.9 70.0 67.1 67.8 68.0 66.8 66.0 66.0 65.8 63.1 64.4 60.2 60.0 57.2 57.2

50.0

40.0

30.0

20.0

10.0

0.0 Grobal North America Europe Asia(Total) Asia(ASEAN) Asia(China) Others 2010 2011 2012 2013 2014 2015

Data: FY, as of March 2016 18 Source: JAPIA No. of employees in overseas production sites of JAPIA members

Overseas production level in 2015 is almost 2.8 times as that of in 2009 and No. of (thousand employees) employees overseas sites is 1.8 times. 1000 902 ASEAN China Other Asia U.S.A. & Canada & Mexico Europe Others 844 44 41 74 800 67

662 646 198 163 33 28 600 69 68 523 505 490 80 88 106 27 35 103 29 45 46 44 36 36 181 186 400 98 100 104 159 24 23 157 22

140 143 135 200 312 312 259 254 171 156 176

0 2009 2010 2011 2012 2013 2014 2015

Data: FY, as of March 2016 19 Source: JAPIA No. of overseas production sites & sales bases of JAPIA members 1/4

Data: FY 2015, as of March 2016 Source: JAPIA NOTE: How to see ? Country Name : No. of Production Sites / No. of Sales Bases / others

South Korea: 47/19/9

China: 534/53/57 Pakistan: 1/0/0 Myanmar: 1/0/0 Hong Kong: 2/20/7 IndiaIndia: :114/12/4112 Laos: 2/0/0 Taiwan: 45/16/1

Vietnam: 52/6/4 Thailand: 243/31/24 Philippines: 42/3/9 Cambodia: 4/1/1

Malaysia: 40/8/1

Australia: 7/11/2 Singapore: 4/17/6 Samoa: 1/0/0

Indonesia: 149/21/0

20 New Zealand: 0/2/0 No. of overseas production sites & sales bases of JAPIA members 2/4

NOTE: How to see ? Country Name : No. of Production Sites / No. of Sales Bases / others

Canada: 22/6/3

U.S.A.: 262/57/58

Mexico: 109/15/6 Panama: 0/3/0 Nicaragua: 1/0/0

Colombia: 1/0/0 Brazil: 52/7/1

Paraguay: 1/0/0 Chile: 0/1/0 Uruguay: 2/0/0

Argentina: 5/1/0

Data: FY 2015, as of March 2016 21 Source: JAPIA No. of overseas production sites & sales bases of JAPIA members 3/4

NOTE: How to see ? Country Name : No. of Production Sites / No. of Sales Bases / others Russia: 15/5/1

Sweden: 2/2/0 U.K.: 37/16/8 Lithuania: 1/0/0

Netherland: 1/4/9 Poland: 19/1/0

Germany: 25/30/20 Belgium: 1/4/7 Slovakia: 5/0/0 Ukraine: 2/0/0 Czech : 31/0/0 France: 20/8/5 Moldova: 1/0/0 Hungary : 16/0/0 Swiss: 1/0/0 Romania: 9/0/0 Portugal: 3/0/0 Bulgaria: 2/0/0 Montenegro: 1/0/0 Spain: 13/4/0 Turkey: 12/3/0 Italy: 5/9/0 Data: FY 2015, as of March 2016 22 Source: JAPIA No. of Overseas Production Sites & Sales Bases of JAPIA Members 4/4

UAE: 0/7/0 Tunisia: 2/0/0 Morocco: 9/0/0 Egypt: 2/0/0

NOTE: How to see ? Country Name : No. of Production Sites / No. of Sales Bases / others

South Africa: 8/2/0

Data: FY 2015, as of March 2016 23 Source: JAPIA Cover region of EPA/FTA

➢ The government’s goal is 70% of all trade are covered by EPA by the end of 2017. ➢ For the moment, the cover ratio mentioned above is less than 25% (USA≒40% and EU≒30%) . ➢ EPA with 13 countries and 1 region are in force. EAP With EU and S. Korea/China and RCEP (Regional Comprehensive Economic Partnership) are under Negotiation.

United States ?

Data: as of Oct., 2016 24 Source: METI What are Japanese companies expecting of RCEP ? (Replies from Japanese companies = all industries in ASIA)

Improving protection of intellectual property right

Elimination or deregulation of restriction in service industry Level of tariff is not first priority, Elimination or deregulation of restriction in foreign investment but customs procedure !

Preparing competitive envelopment of fair trade

Elimination of tariffs more than existing EPA/FTA

Elimination or deregulation of non tariff barrier

Joining ASEAN+China, S.Korea, India, Australia and New Zealand

Deregulation of visa for working

Unification of rule of origin to be easy to use

Simplification of customs procedure

0 5 10 15 20 25 30 35 40 45 (%)

Source: JETRO research 2016 25 What are the problems for JAPIA member companies overseas ?

(No.) Member companies are aｌso facing 40 difficulties with procedure of customs

35 office in manufacturing countries.

30

25

20

15

10

5

0

26

Source: Inquiry study of JAPIA in 2016 3. Topic - Mexico

27 Vehicle production, sales & export of Mexico

Why Mexico ? Not only NAFTA, (thousand unit) Mexico took into effect EPA/FTA (%) 4,000 with 46 countries and regions. 6.0

3,465 3,500 3,399 5.1 3,219 5.0 3,000 2,933 2,774 2,758 2,768 2,642 2,557 4.0 4.0 4.0 2,423 2,500 2,347 2,355 2,143 2,000 1,922 3.0 1,603 2.5 1,500 2.2 1,351 2.1 2.0 1,100 1,135 1,022 935 1,000 846 1.4 1.0 500

0 0.0 2010 2011 2012 2013 2014 2015 2016 Production Sales Export GDP

Note: GDP 2016 is estimated by IMF 28 Source: IMF & MarkLines Japanese vehicle production & sales in Mexico

(thousand unit) Both production and 4,000 sales of Japanese OEM

are going well so far. 3,465 3,500 3,399 3,219

2,933 3,000 2,774 2,557 2,500 2,347

2,000 1,603 1,390 1,500 1,313 1,351 1,100 1,123 1,135 1,022 935 1,000 846 810 815 702 717 616 624 516 429 463 500 343 384

0

Sales Sales Sales Sales Sales Sales Sales

Production Production Production Production Production Production Production 2010 2011 2012 2013 2014 2015 2016 Japanese Total

29 Source: MarkLines No. of production sites of Japanese OEMs & JAPIA members in Mexico

Guanajuato is most vivid state for JAPIA members. Aishin Seiki Co., Ltd. Corporation Tokai Rika Co., Ltd TOYOTA Toyoda Gosei Co., Ltd. Furukawa Electric Co., Ltd. Nippon Kayaku Co., Ltd. Nippon Seiki Co., Ltd. Nippon Kasei Chemical Co., Ltd. Piolax Inc. Panasonic Corpotation Sumitomo Wiring Systems, Ltd. Corporation Furukawa electric Co., Ltd HAMANAKODENSO Co., Ltd. Alpine Electronics, Inc. Toyota’s new plant is to be Yazaki Corporation Toyoda Gosei Co., Ltd. Fujitsu Ten Ltd. operated in 2019. Sanden Corporation Panasonic Corporation Sumitomo Wiring Systems, Ltd. Corporation corporation. G.S.Electech., INC TS Tech Co.,Ltd.

Aisan Ind. Co., Ltd. TOYOTA Eagle Industry Co., Ltd. Toyoda Gosei Co., Ltd. Nhk Spring Co.,Ltd., Thk Rhythm CO., Ltd., DaikyoNishikawa Corp. F.C.C. Co.,Ltd. TS Tech Co.,Ltd., Topy Ind. Ltd., Hiruta Kogyo Co., Ltd., Fuji oozx Inc. Otsuka Koki CO.,LTD. Ryobi Ltd., Ashimori Ind. Co., Ltd., Usui kokusai sangyou kaisha, Ltd. . Kasai Kogyo Co., Ltd. , Keylex Corp., Roki Co., Ltd., F.Tech inc. Yazaki Corporation Koito manufacturing Co., Ltd. G.S.Electech., INC., G-TEKT co., Ltd., , Nifco Inc. Toyota Boshoku Corp. Fukoku Co., Ltd., U-Shin Ltd., Yutaka Giken Company Limited Jtekt Corp. Yorozu Corporation, Imasen Electric Industrial Co., Ltd. Central Motor Wheel Co., Ltd. Ahresty Corporation Johnan Manufacturing Inc., Kinugawa Rubber Industrial Co., Ltd. Midori Anzen Co., Ltd. Murakami Corporation Furukawa Electric Co., Ltd., co., Ltd. Nishikawa Rubber Co.,Ltd., Pacific Engineering Corporation. Tokyo Roki Co., Ltd., Co., Ltd., Nsk Ltd., Toyoda Gosei Co., Ltd. Takaoka Co., Ltd. OMRON Automotive Electronics Co. Ltd.

Nihon Plast Co., Ltd. Harada Industry Co., Ltd. Exedy Corporation Automotive Systems, Ltd Corporation Kurashiki Kako Co., Ltd. Sanoh Industrial Co., Ltd. Electric Corp. Ltd. Sumitomo Wiring Systems, Ltd. Tachi-S Co., Ltd.. Nishikawa Rubber Co., Ltd. Howa Textile Ind. Co., Ltd. Unipres Corporation Yorozu Corporation Fujikiko co. Ltd Riken corporation.

Advics Co., Ltd. Co., Ltd Daido Metal Co., Ltd Kiriu Corporation. Data: as of March, 2016 NISSAN sumitomo wiring systems LTD. Source: JAMA & JAPIA 30 Production of JAPIA members in N.A.

(JPY billion)

7,000 For the moment, share of Mexico 6,377 in production is not so big yet…

6,000 935

5,021 320 5,000 687

U.S.A. Canada Mexico 255 4,000 3,222 3,121 205 3,000 329 187 170 2,127 5,122 1,958 1,707 2,000 208 4,079 275 126 183 162 59 2,830 2,622 1,000 1,793 1,521 1,465

0 2009 2010 2011 2012 2013 2014 2015 Data: FY, as of March 2016 31 Source:JAPIA No. of employees at production sites of JAPIA members in N.A.

200,000 197,638 But, No. employees are increasing rapidly in compare with the production. 163,134 78,755

150,000 U.S.A. Canada Mexico

70,308 105,615 103,574 103,135 9,166 97,661 100,399 100,000 40,727 28,103 27,847 8,883 41,338 31,617

6,162 5,656 2,992 3,593 5,396 109,717 50,000 83,943 71,350 65,790 69,632 58,643 51,538

0 2009 2010 2011 2012 2013 2014 2015

Data: FY, as of March 2016 Source: JAPIA 32 Supplier’s tendency

(%) Local contents & No. of production sites (No.)

No. of suppliers by capital in Mexico 90.0 120

80.0 Mexico(incl. others) 507 100 70.0

Japan 288 60.0 80 (JAPIA) (109) 50.0 60 US/Canada 218 40.0

30.0 The figures of local contents 40 Europe 203 aren’t stable statistically. 20.0 But, shortages of Tier 2 and 20 Tier 3 are obvious. Korea 20 10.0

0.0 0 2010 2011 2012 2013 2014 2015

Total 1,236 No. of production site/Mexico Local contents/Global Local contents/Mexico

33 Source: JAPIA & MarkLines Local contents and suppliers in Mexico in automotive & electronic industries - In compare with China & Thailand – 60% of local suppliers are foreign capital. Where are the suppliers (2015) ?

In case of local suppliers, which capital are they (2015)?

Source: JETRO research 2016 34 Vehicle production, sales, exports and imports among U.S.A., Mexico and Japan (2016)

If NAFTA is revised 1,735,480 and tariff increase U.S.A. is carry out ? Sales: 17,479,469

Production: 12,198,137 Japan 19,609 Sales: 4,970,260

Production: 9,204,590 125,128 2,380,048 144,960

Mexico

Who pays the cost and 4,409 Sales: 1,603,363 how covers the sales – production gap of Production: 3,465,615 vehicles in the U.S.A. !

Unit: No. of Vehicles Source: MOF, JAMA, AMIA & MarkLines 35 Auto Parts exports and imports among U.S.A., Mexico and Japan (2016)

The U.S.A. is exporting & If NAFTA is revised importing a huge amount of and tariff increase US$ 7.782 billion auto parts with Mexico. In case is carry out ? of imposing on them, what happens !

U.S.A. US$ 0.450 billion

Japan US$ 1.566 billion US$ 22.476 billion US$ 15.675 billion

US$ 0.451 billion Mexico

Note: 1) Figures are based on customs clearance bases 2) Category of auto parts = HS code 87.08 3) Exchange rate JP Yen/U.S. $ =110 36 Source: MOF and World Trade Atlas OEMs production plans in N.A.

Most of OEMs had plans for expanding productions in Mexico. But,…

37 Market share in the U.S.A.

OEMs market share by country of % of made in Mexico by OEMs in the U.S.A. manufacture in the U.S.A.

2007 69.2 7.5 12.9 3.94.02.6

2008 65.5 8.9 14.4 4.24.32.8

2009 65.4 8.4 13.7 4.6 5.52.4

2010 65.2 11.1 12.1 4.9 4.91.9 Made in Mexico 2011 67.1 10.7 11.2 5.0is4.1 expanding2.0 !

2012 67.5 10.4 11.0 4.8 4.41.9

2013 67.3 10.6 10.9 4.8 4.51.9

2014 67.6 11.4 9.9 4.5 4.62.1

2015 67.1 11.5 9.3 4.0 5.42.7

2016 65.7 12.2 9.3 3.8 5.6 3.3

0% 20% 40% 60% 80% 100% 38 U.S./ Canada Mexico Japan Germany Korea Others 감사합니다 ! Thank you for your attention !

39