1 HONDA MOTOR CORPORATION

1.1.Introduction of Honda:
Honda Motor Company, Ltd., Japanese Honda Giken Kōgyō KK, leading Japanese
manufacturer of motorcycles and a major producer of automobiles for the world market.
Headquarters are in Tokyo. The engineer Honda Soichiro founded the Honda Technical
Research Institute near Hamamatsu in 1946 to develop small, efficient internal-combustion
engines. It was incorporated as Honda Motor Company in 1948 and began
producing motorcycles in 1949. The Honda C-100, a small-engine motorcycle, was introduced in
1953 and by 1959 was the largest-selling motorcycle in the world. In 1959 the company also
established a U.S. subsidiary, the American Honda Motor Company, which began producing
motorcycles in the United States in 1979 and automobiles in 1982.

While Honda is a world leader in producing motorcycles, the bulk of the company’s annual sales
comes from automobiles, which the company began manufacturing in 1963. Among its
lightweight, fuel-efficient passenger cars have been the popular Civic and Accord models. The
company’s other major product areas include farm machinery and small engines. Honda is a
major Japanese exporter to the United States and to other parts of the world. It also has
assembly plants in a number of other countries and is engaged in joint ventures and technology-
licensing agreements with several foreign companies.

1.2. Vision:
Market leader in the motorcycle industry, emerging as a global competitive centre of
production and exports.Striving to be a Company that society wants to exist by sharing joys with
people throughout the world. Creating products that maximize the joy of customers, with speed,
affordability and low CO2.

1.3.Mission:
A dynamic growth oriented company through market leadership, excellence in quality
and service and maximizing export, ensuring attractive returns to equity holders, rewarding
associates according to their ability and performance, fostering a network of engineers and
researchers ensuing unique contribution to the development of the industry, customer
satisfaction and protection of the environment by producing emission friendly green products as
a good corporate citizen fulfilling its social responsibilities in all respects.
1.4. SWOT Honda Motors of Honda Motor
Corporation:

STRENGTHS
 Quality and customer satisfaction
 High R&D like Hybrid Technology
 Innovation
 Market share leadership
 Strong brand equity
 Unique products

WEAKNESSES
 High Price (latest technology being used in Honda products it is difficult to keep
the prices low.)
 Reputation for being underpowered.

OPPORTUNITIES
 Progressing low emission vehicles and alternative power sources.
 Mid segment economical small Cars.

THREATS
 Too many competitors in automotive industry.
 Lower cost competitors
 Economic slowdown
 Expanding market size of compact cars ( currently it is around 76% )
 Regaining the lead of low emissions is a risky proposition as other companies
are coming out with new and cost effective ideas of producing low emission
vehicles.
 External changes (government, politics, taxes, Steel Prices etc)

1.5. Products of Honda:

Automobiles

2008 Honda Accord (USA-Canada) Ninth Generation Honda Civic (Asian Version)

Honda's global lineup consists of the Fit, Civic, Accord, Insight, CR-V, CR-Z, Legend and two
versions of the Odyssey, one for North America, and a smaller vehicle sold internationally. An
early proponent of developing vehicles to cater to different needs and markets worldwide,
Honda's lineup varies by country and may have vehicles exclusive to that region. A few
examples are the latest Honda Odyssey minivan and the Ridgeline, Honda's first light-duty uni-
body pickup truck. Both were designed and engineered primarily in North America and are
produced there. Other example of exclusive models includes the Honda Civic five-door
hatchback sold in Europe.
Honda's automotive manufacturing ambitions can be traced back to 1963, with the Honda T360,
a kei car truck built for the Japanese market. This was followed by the two-door roadster,
the Honda S500 also introduced in 1963. In 1965, Honda built a two-door commercial delivery
van, called the Honda L700. Honda's first four-door sedan was not the Accord, but the air-
cooled, four-cylinder, gasoline-powered Honda 1300 in 1969. The Civic was a hatchback that
gained wide popularity internationally, but it wasn't the first two-door hatchback built. That was
the Honda N360, another Kei car that was adapted for international sale as the N600. The Civic,
which appeared in 1972 and replaced the N600 also had a smaller sibling that replaced the air-
cooled N360, called the Honda Life that was water-cooled.
The Honda Life represented Honda's efforts in competing in the kei car segment, offering
sedan, delivery van and small pick-up platforms on a shared chassis. The Life StepVan had a
novel approach that, while not initially a commercial success, appears to be an influence in
vehicles with the front passengers sitting behind the engine, a large cargo area with a flat roof
and a liftgate installed in back, and utilizing a transversely installed engine with a front-wheel-
drive powertrain.
As Honda entered into automobile manufacturing in the late 1960s, where Japanese
manufacturers such as Toyota and Nissan had been making cars since before WWII, it appears
that Honda instilled a sense of doing things a little differently than its Japanese competitors. Its
mainstay products, like the Accord and Civic (with the exception of its USA-market 1993–97
Passport which was part of a vehicle exchange program with Isuzu (part of the Subaru-Isuzu
joint venture)), have always employed front-wheel-drive powertrain implementation, which is
currently a long held Honda tradition. Honda also installed new technologies into their products,
first as optional equipment, then later standard, like anti lock brakes, speed sensitive power
steering, and multi-port fuel injection in the early 1980s. This desire to be the first to try new
approaches is evident with the creation of the first Japanese luxury chain Acura, and was also
evident with the all aluminum, mid-engined sports car, the Honda NSX, which also
introduced variable valve timing technology, Honda calls VTEC.
The Civic is a line of compact cars developed and manufactured by Honda. In North America,
the Civic is the second-longest continuously running nameplate from a Japanese manufacturer;
only its perennial rival, the Toyota Corolla, introduced in 1968, has been in production longer.
The Civic, along with the Accord and Prelude, comprised Honda's vehicles sold in North
America until the 1990s, when the model lineup was expanded. Having gone through several
generational changes, the Civic has become larger and moreupmarket, and it currently slots
between the Fit and Accord.
Honda produces Civic hybrid, a hybrid electric vehicle that competes with the Toyota Prius, and
also produces the Insight and CR-Z.
In 2008, Honda increased global production to meet demand for small cars and hybrids in the
U.S. and emerging markets. The company shuffled U.S. production to keep factories busy and
boost car output, while building fewer minivans and sport utility vehicles as light truck sales fell.
Its first entrance into the pickup segment, the light duty Ridgeline, won Truck of the Year
from Motor Trend magazine in 2006. Also in 2006, the redesigned Civic won Car of the
Year from the magazine, giving Honda a rare double win of Motor Trend honors. Honda's 9th
generation Civic also won the Car of the Year award based on a public survey held
by PakWheels
It is reported that Honda plans to increase hybrid sales in Japan to more than 20% of its total
sales in fiscal year 2011, from 14.8% in previous year.
Five of United States Environmental Protection Agency's top ten most fuel-efficient cars from
1984 to 2010 comes from Honda, more than any other automakers. The five models are: 2000–
2006 Honda Insight (53 mpg- or 4.4 L/100 km or 64 mpg-imp combined), 1986–1987 Honda Civic
Coupe HF (46 mpg-US or 5.1 L/100 km or 55 mpg- combined), 1994–1995 Honda Civic
hatchback VX (43 mpg-US or 5.5 L/100 km or 52 mpg combined), 2006– Honda Civic Hybrid
(42 mpg-US or 5.6 L/100 km or 50 mpg-i combined), and 2010– Honda Insight (41 mpg- or
5.7 L/100 km or 49 mpg-imp combined). The ACEEE has also rated the Civic GX as the greenest
car in America for seven consecutive years.
Motorcycles

Honda RC212V raced by Dani Pedrosa

Honda Racing Corporation (HRC) was formed in 1982. The company combines participation in
motorcycle races throughout the world with the development of high potential racing machines.
Its racing activities are an important source for the creation of leading edge technologies used in
the development of Honda motorcycles. HRC also contributes to the advancement of
motorcycle sports through a range of activities that include sales of production racing
motorcycles, support for satellite teams, and rider education programs.
Soichiro Honda, being a race driver himself, could not stay out of international motorsport. In
1959, Honda entered five motorcycles into the Isle of Man TT race, the most prestigious
motorcycle race in the world. While always having powerful engines, it took until 1961 for Honda
to tune their chassis well enough to allow Mike Hailwood to claim their first Grand Prix victories
in the 125 and 250 cc classes. Hailwood would later pick up their first Senior TT wins in 1966
and 1967. Honda's race bikes were known for their "sleek & stylish design" and exotic engine
configurations, such as the 5-cylinder, 22,000 rpm, 125 cc bike and their 6-cylinder 250 cc and
297 cc bikes.
In 1979, Honda returned to Grand Prix motorcycle racing with the monocoque-framed, four-
stroke NR500. The FIM rules limited engines to four cylinders, so the NR500 had non-circular,
'race-track', cylinders, each with 8 valves and two connecting rods, in order to provide sufficient
valve area to compete with the dominant two-stroke racers. Unfortunately, it seemed Honda
tried to accomplish too much at one time and the experiment failed. For the 1982 season,
Honda debuted their first two-stroke race bike, the NS500 and in 1983, Honda won their first
500 cc Grand Prix World Championship with Freddie Spencer. Since then, Honda has become
a dominant marque in motorcycle Grand Prix racing, winning a plethora of top level titles with
riders such as Mick Doohan and Valentino Rossi. Honda also head the number of wins at
the Isle of Man TT having notched up 227 victories in the solo classes and Sidecar
TT,[57] including Ian Hutchinson's clean sweep at the 2010 racesThe outright lap record on
the Snaefell Mountain Course is also held by Honda, set at the 2015 TT by John McGuinness at
an average speed of 132.701 mph (213.562 km/h) on a Honda CBR1000RR
In the Motocross World Championship, Honda has claimed six world championships. In
the World Enduro Championship, Honda has captured eight titles, most recently withStefan
Merriman in 2003 and with Mika Ahola from 2007 to 2010. In motorcycle trials, Honda has
claimed three world championships with Belgian rider Eddy Lejeune.

Power equipment
Production started in 1953 with H-type engine (prior to motorcycle).
Honda power equipment reached record sales in 2007 with 6.4 million units.By 2010 (Fiscal
year ended 31 March) this figure had decreased to 4,7 million units. Cumulative production of
power products has exceeded 85 million units (as of September 2008).
Honda power equipment includes:

 Engine
 Tiller
 Lawn mower
 Robotic lawn mower
 Riding mower
 Trimmer
 Mower
 Blower
 Sprayer
 Hedge trimmer
 Snowthrower
 Generator, welding power supply
 Pumps
 Outboard engine
 Inflatable boat
 Electric 4-wheel Scooter
 Compact Household Cogeneration Unit

Aircraft
Main article: Honda HA-420 HondaJet

Honda has also pioneered new technology in its HA-420 HondaJet, manufactured by its
subsidiary Honda Aircraft Company, which allows new levels of reduced drag, increased
aerodynamics and fuel efficiency thus reducing operating costs

Solar cells
Honda's solar cell subsidiary company Honda Soltec (Headquarters: Kikuchi-gun, Kumamoto;
President and CEO: Akio Kazusa) started sales throughout Japan of thin-film solar cells for
public and industrial use on 24 October 2008, after selling solar cells for residential use since
 October 2007. Honda announced in the end of October 2013 that Honda Soltec would cease
the business operation except for support for existing customers in Spring 2014 and the
subsidiary would be dissolved.

Mountain bikes
Honda has also built a downhill racing bicycle known as the Honda RN-01. It is not available for
sale to the public. The bike has a gearbox, which replaces the standard derailleurfound on most
bikes.
Honda has hired several people to pilot the bike, among them Greg Minnaar. The team is known
as Team G Cross Honda.

1.6. Financial Information of Honda Motor

Corporation:
1..6.1.Income Statement

Income Statement 2015 2014 2013 2012 2011

Revenue $111,396.251 $114,930.987 $104,805.018 $96,593.199 $107,841.174

Gross Profit $25,051.559 $29,904.676 $26,872.849 $24,651.899 $29,443.794

Operating Income $5,604.9 $7,281.477 $5,780.434 $2,811.767 $6,875.475

Net Income $4,257.858 $5,571.708 $3,895.451 $2,570.141 $6,444.84

Diluted EPS $2.36 $3.09 $2.16 $1.43 $3.57

1.6.2.Cash Flow Statement

Cash Flow (mil) 2015 2014 2013

Cash at the beginning of the year $11,344.3105 $12,797.0186 $15,156.1641

Net Operating Cash $8,528.5371 $11,929.2988 $8,495.8936

Net Investing Cash $(7,024.8657) $(16,583.3613) $(11,350.1113)

Net Financing Cash $104.3747 $3,596.2363 $1,268.6058

Net Change in Cash $2,324.7444 $(361.1619) $(434.8509)

Cash at end of the year $12,300.7197 $11,344.3105 $12,797.0186

Capital Expenditure $(5,139.8525) $(7,181.0884) $(6,182.415)

1.6.3.Balance Sheet
Assets (mil) 2015 2014 2013

Current Assets

Cash $12,300.7197 $11,344.3105 $12,797.0186

Net Receivables $24,402.2852 $25,455.1094 $23,861.709

Inventories $12,522.8916 $12,644.5957 $12,895.6172

Other Income Assets $2,622.3894 $4,604.5181 $4,439.7119

Asset Summary
Assets (mil) 2015 2014 2013

Total Current Assets $52,623.1367 $56,010.1367 $56,477.5938

Net Fixed Assets $26,657.9336 $27,352.8828 $25,459.0137

Other Noncurrent Assets $1,312.2645 $28,113.959 $26,056.5586

Total Assets $154,003.1406 $151,611.8125 $144,671.1406

Liabilities (mil) 2015 2014 2013

Current Liabilities

Accounts Payable $9,676.374 $10,672.3945 $10,482.8281

Short Term Debt $ $25,454.3516 $23,165.2695

Other Current Liabilities $31,475.7598 $3,516.4902 $3,519.9524

Liability Summary

Total Current Liabilities $44,306.2109 $45,723.4492 $43,465.8281

Long Term Debt $0 $31,386.6113 $28,762.0664

Other Noncurrent Liabilities $36,815.5508 $3,990.9482 $4,156.4038

Total Liabilities $94,589.2422 $94,168.1172 $91,223.5078

Stakeholder's Equity (mil) 2015 2014 2013

Equity

Preferred Stock Equity $ $ $

Common Stock Equity $719.348 $835.2802 $913.1709

Equity Summary

Total Equity $59,413.9062 $57,443.6914 $53,447.6328

Shares Outstanding 1,802.29 1,802.29 1,802.3

 2 SUZUKI MOTOR CORPORATION

2.1. Introduction of Suzuki:

Suzuki Motor Corporation (Japanese: スズキ株式会社 Hepburn: Suzuki Kabushiki-Kaisha) is a
Japanese multinational corporation headquartered in Minami-ku, Hamamatsu, Japan, which
specializes in manufacturing automobiles, four-wheel drivevehicles, motorcycles, all-terrain
vehicles (ATVs), outboard marine engines, wheelchairs and a variety of other small internal
combustion engines. In 2011, Suzuki was thought to be the ninth biggest automaker by
production worldwide.[7] Suzuki has over 45,000 employees worldwide and has about 35 main
production facilities in 23 countries and 133 distributors in 192 countries.

2.2. Vision:
To be recognized as a leading organization that values customers’ needs and provides motoring
solutions with strong customer care.

2.3. Mission:
Strive to market value packed vehicles that meet customers expectations. Provide a platform
where our stakeholders passionately contribute, invest and excel. Make valuable contribution to
social development of Pakistan.

2.4. SWOT Analysis of Suzuki Motor

Corporation :
Strength
 Highest Market Share2)Low Price Vehicles3)Resale of Local Assembled Cars
 Large Distribution Channels 5)Rising per capita income with changing
demographic distribution
 Highly Innovative and deep product line
 Highly maintained supply chain
 Well Managed and highly competitive staff
  Well defined and beurcratic organizational structure
 Complete understand between Distributors
 Easy available of spare parts.

Weakness

 Scarcity of raw material

 Bargaining power of supplier is low
 Lack of coordination and linkage with Government/semi governmentsupporting
bodies
 Less Technical Training Institute5)Less distribution channels in sub urban

Opportunities
 Increasing Demand for Cars
 Efficient Efi engine
 Large Market size to operate
 Global spare part market
 Space saving Small size CNG cylinders


Threats

 Local Competitors like Toyota, and Honda

 Foreign Investment and setup production facilities
 Smuggling of Auto Parts
 Inflation rate
 Heavy Taxes
 Competition from import cars
 Increase of Fuel Prices

2.5.Products of Suzuki:
Automobiles
 Current Models Former Models

 Alto  Aerio/Liana
 Ciaz  Cappuccino
 Lapin  Cervo
 MR Wagon  Cultus (also known as Forsa,
 Palette Swift, Geo Metro, Pontiac Firefly)
 Wagon R  Esteem/Cultus Crescent (also
 Solio known as Baleno, Maruti Baleno,
 Splash Chevrolet Cassia)
 Swift  Fronte

 Baleno  Ignis

 Kizashi  Kei

 Every  Mighty Boy

 Every Landy  SX4

 Ertiga  Twin

 Landy  X-90

 APV  XL7 (also known as Grand

 Jimny Escudo)
 Escudo (also  Daewoo based North American
known as Grand models
Vitara or  Swift+
Sidekick)  Forenza/Reno

Motorcycles
Suzuki started manufacturing motorcycles in 1952, the first models being motorized0
bicycles. From 1955 to 1976the company manufactured motorcycles with two-stroke engines
only, the biggest two-stroke model being the water-cooled triple-cylinder GT750.
A large factor in Suzuki's success in two-stroke competition was the East German Grand
Prix racer Ernst Degner, who defected to the West in 1961, bringing with him expertise in two-
stroke engines from the East German manufacturer MZ. The secrets Degner brought with him
were the work of Walter Kaaden, who combined three crucial technologies for the first time: the
boost port, the expansion chamber, and the rotary valve.
Suzuki hired Degner, and he won the 50 cc class F.I.M. road racing World Championship for
them in the 1962 season. Suzuki became the first Japanese manufacturer to win a motocross
world championship when Joel Robert won the 1970 250 cc title. In the 1970s, Suzuki
established themselves in the motorcycle racing world with Barry Sheene and Roger De
Coster winning world championships in the premier 500 cc division in road
racing and motocross respectively.
In 1976 Suzuki introduced its first motorcycles since the Colleda COX of the 1950s with four-
stroke engines, the GS400 and GS750.
In 1994, Suzuki partnered with Nanjing Jincheng Machinery to create a Chinese motorcycle
manufacturer and exporter called Jincheng Suzuki.

Suzuki continued to compete in MotoGP and last won the title in the 2000 season. Since 2006,
the team was sponsored by Rizla and was known as Rizla Suzuki MotoGP team. On 18
November 2011, Suzuki announced that the GP racing was suspended, partly due to natural
disasters and recession, until 2014.
In addition Suzuki have recorded a total of 93 victories at the Isle of Man TT Races.[215] Suzuki
have also taken the runner up spot in the various race categories 100 times and a total 92 third
places .

All-terrain Vehicles (ATVs)

 ALT50
 LT50
 LT125D
 Quadrunner 160
 ALT185
 LT185
 LT 230
 LT250E
 LT250R
 LT-Z250
 Ozark 250
 LT300E
 Eiger 400
 Quadmaster 500
 Kingquad 750
 Kingquad 550
 Kingquad 700

2.6. Financial Information of Suzuki Motor

Corporation:
2.6.1 Income statement

Income Statement 2015 2014 2013 2012 2011

Revenue $25,203.223 $28,516.337 $27,355.943 $30,530.596 $31,473.355

Gross Profit $6,896.62 $7,720.91 $6,993.04 $7,254.831 $7,502.742

Operating Income $1,499.626 $1,822.085 $1,533.824 $1,449.902 $1,290.373

Net Income $809.573 $1,043.132 $852.927 $654.889 $545.115

Diluted EPS $1.44 $1.86 $1.4 $1.07 $0.89

2.6.2.Cash flow statement
Cash Flow (mil) 2015 2014 2013

Cash at the beginning of the year $3,482.6489 $2,960.2854 $3,544.6655

Net Operating Cash $5,593.3325 $6,827.875 $4,451.0859

Net Investing Cash $(1,010.5574) $(2,781.0552) $(2,234.031)

Net Financing Cash $706.017 $27.2613 $(356.8355)

Net Change in Cash $1,952.7882 $480.4751 $(524.4205)

Cash at end of the year $3,823.8936 $3,482.6489 $2,960.2854

Capital Expenditure $(1,610.5365) $(1,944.0862) $(1,702.0986)

2.6.3.Balance Sheet

Assets (mil) 2015 2014 2013

Current Assets

Cash $3,823.8936 $3,482.6489 $2,960.2854

Net Receivables $2,609.6184 $2,961.8496 $2,624.3835

Inventories $2,627.6716 $2,681.3362 $2,773.2312

Assets (mil) 2015 2014 2013

Other Income Assets $1,035.8403 $1,290.338 $1,268.5741

Asset Summary

Total Current Assets $16,788.957 $17,380.0254 $16,553.9121

Net Fixed Assets $6,652.0654 $6,739.3462 $6,455.7607

Other Noncurrent Assets $487.5472 $705.5147 $594.5738

Total Assets $27,186.9023 $27,892.8887 $26,393.8066

Liabilities (mil) 2015 2014 2013

Current Liabilities

Accounts Payable $4,011.4221 $4,210.2134 $3,718.5078

Short Term Debt $2,356.5381 $2,291.9426 $2,197.2144

Other Current Liabilities $1,568.688 $1,640.64 $1,592.7307

Liability Summary

Total Current Liabilities $9,633.4395 $10,257.5352 $9,385.7754

Long Term Debt $2,279.3687 $2,029.9561 $2,338.3591

Liabilities (mil) 2015 2014 2013

Other Noncurrent Liabilities $677.8505 $807.3978 $474.5641

Total Liabilities $14,797.4795 $15,015.3916 $14,223.7021

Stakeholder's Equity (mil) 2015 2014 2013

Equity

Preferred Stock Equity $ $ $

Common Stock Equity $1,153.521 $1,339.4259 $1,464.3285

Equity Summary

Total Equity $12,387.3086 $12,875.8467 $12,169.1924

Shares Outstanding 560.89 560.89 560.88

 3 TOYOTA MOTOR CORPORATION

3.1.Introduction of Toyota:

Toyota Jidōsha KK?, IPA: [toꜜjota], /tɔɪˈoʊtə/) is a Japaneseautomotive manufacturer

headquartered in Toyota, Aichi, Japan. In March 2014 the multinational corporation consisted of
338,875 employees worldwide and, as of February 2016, is the 13th-largest company in the
world by revenue. Toyota was the largestautomobile manufacturer in 2012 (by production)
ahead of the Volkswagen Group and General Motors. In July of that year, the company reported
the production of its 200-millionth vehicle.[7] Toyota is the world's first automobile manufacturer
to produce more than 10 million vehicles per year. It did so in 2012 according to OICA, and in
2013 according to company data.[8] As of July 2014, Toyota was the largest listed company in
Japan by market capitalization (worth more than twice as much as #2-ranked SoftBank)[and by
revenue.
Toyota is the world's market leader in sales of hybrid electric vehicles, and one of the largest
companies to encourage the mass-market adoption of hybrid vehicles across the globe.
Cumulative global sales of Toyota and Lexus hybrid passenger car models passed the 9 million
milestone in April 2016.[11][12] Its Prius family is the world's top selling hybrid nameplate with
almost 5.7 million units sold worldwide as of 30 April 2016.
The company was founded by Kiichiro Toyoda in 1937, as a spinoff from his
father's company Toyota Industries to create automobiles. Three years earlier, in 1934, while
still a department of Toyota Industries, it created its first product, the Type A engine, and, in
1936, its first passenger car, the Toyota AA. Toyota Motor Corporation produces vehicles under
5 brands, including the Toyota brand, Hino, Lexus, Ranz, and Scion. It also holds a 51.2% stake
in Daihatsu, a 16.66% stake in Fuji Heavy Industries, a 5.9% stake in Isuzu, a 3.58% stake in
the Yamaha Motor Company, and a 0.27% stake in Tesla, as well as joint-ventures with two in
China (GAC Toyota and Sichuan FAW Toyota Motor), one in India (Toyota Kirloskar), one in the
Czech Republic (TPCA), along with several "nonautomotive" companies. TMC is part of
the Toyota Group, one of the largest conglomerates in the world.

3.2. Vision:
 “To be the most respected and successful enterprise, delight customers with a wide range of
products and solutions in the automobile industry with the best people and best technology.”

 The most respected.

 The most successful.
 Delighting customers.
 Wide range of products.
 The best people.
 The best technology.

3.3. Mission:
Mission of Toyota is to provide safe & sound journey. Toyota is developing various
new technologies from the perspective of energy saving and diversifying energy sources.
Environment has been first and most important issue in priorities of Toyota and working toward
creating a prosperous society and clean world.

3.4. SWOT Analysis of Toyota Motor Corporation:

Toyota Motor Corporation (TMC) is a Japan-based multinational automaker
corporation. Kiichiro Toyoda founded TMC in 1937 and now the company’s headquarters are
situated in Toyota, Aichi, Japan. TMC is the world’s largest automobile manufacturer by sales
and production having more than 320,808 employees through out the world. The company is
mainly engaged in the automobile business and financial business. Toyota and Lexus are the
most popular brands of the company. SWOT Analysis of TMS is given below:

Strengths
 Toyota has very strong presence in Europe due to the accomplishment of Toyota Team
Europe.
 It presently maintains more than 16 percent of the US market share and is only behind to
GM in terms of volume.
 The principles and beliefs based on Continuous Improvement and Respect for People
 Toyota Motor Corporation (TMC) is the world’s largest vehicle manufacturer by
production and sales.
 Toyota Motor Corporation is the part of “Toyota Group”; one of the biggest conglomerates
in the globe.
 Toyota is best known for environmentally safe, Quality, durability, reliability, and value for
money and convenient.
 In 1997, Toyota began manufacturing of the globe’s best-selling hybrid car, the Prius.
  Toyota’s sales had risen 9.2 percent mostly on demand for Camry sedans and Corolla
 For the year 2005, Toyota ranked 8 on Forbes 2000 directory of the world’s leading
companies.
 Strong distribution and marketing efforts focused on the meeting diverse needs, high
quality sales and services, and close involvement with customers.
 It has initiated new technologies including first bulk-produced hybrid gasoline-electric
automobile which had two million sales worldwide in 2010.
 It started the “Innovative International Multi-purpose vehicle” plan (IMV) to optimize global
manufacturing and supply system.
 For the first quarter of 2008, Toyota was number one in worldwide vehicles sales.

Weaknesses
 Toyota Motor Corporation is criticized as a foreign importer by Japanese car producers.
 From last quarter of the 2009 through the 1st quarter of 2010, it recalled more than
8 million trucks and cars globally in numerous recall campaigns, and temporarily stopped
production and sales.
 Toyota faced criticism because of large scale re-call and quality issues in 2005.
 Toyota declared its first annual loss in 70 years history because it was badly hit by the
2008 financial crisis..
 In May, 2009, Toyota Motor Corporation reported a record yearly net loss of US$4.2
billion.
 Toyota offers most of its brands in the Japan and United States, where as competitors’
get global efficiency.

Opportunities
 Joint ventures with French motoring companies Peugeot and Citroen has provided
various opportunities for the company to produce cars in France.
 In 2009; quoting declining production numbers, the State Bank of India (SBI) decreased
interest rates on automotive loans.
 North American consumers shifted to more fuel-efficient and higher-quality product of
European and Japanese automakers.
 Engineering is a diverse industry with a number of segments. A firm from this sector can
diversify into power equipment, a niche competitor (like providing environment friendly
solutions). It can be non-electrical and electrical machinery and still tools producer too.
 Indian GDP is about 6%; which indicate a better economy and infrastructure in Indian
rural sides which can sustain growth and improvement of poverty in economy.
 Produce fuel-efficient, higher-quality and smaller automobiles that can attract the
consumers.
 Government of China reduced automotive taxes in order to support declining sales
Threats
 The financial Meltdown resulted in liquidity deficit in the U.S banking system which
ultimately decreased consumer wealth.
 Environmental regulations and associated apprehension concerning carbon emissions
have sharp sensitivity to environmental protection globally and gas mileage standards.
 Industry is facing adverse impact of fluctuations in foreign currency conversion rates.
 Increased competition, market saturation, forceful marketing campaigns and rising
competitive pressures.
 Increasing maintenance costs of vehicles, rising fuel price and changing customer
preference are challenging threats.
 Major producers, including the Big Three offered significant discounts across their
lineups.

3.5. Products of Toyota:

Electric technology
Hybrid electric vehicles
Main articles: Hybrid Synergy Drive, Hybrid electric vehicle and Toyota Prius

Toyota is the world's market leader in sales of hybrid electric vehicles, one of the largest
companies to encourage the mass-market adoption of hybrid vehicles across the globe, and the
first to commercially mass-produce and sell such vehicles, with the introduction of the Toyota
Prius in 1997The company eventually began providing this option on its main passenger cars
such as Camry and later with the Lexus divisions, producing some hybrid luxury vehicles. It
labeled such technology in Toyota cars as "Hybrid Synergy Drive" and in Lexus versions as
"Lexus Hybrid Drive." Cumulative global sales of Toyota and Lexus hybrid passenger car
models passed the 9 million milestone in April 2016. Its Prius family is the world's top selling
hybrid nameplate with almost 5.7 million units sold worldwide as of 30 April 2016

The Toyota Prius, flagship of Toyota's hybrid technology, is the best selling hybrid car in the
world with over 3.7 million units sold as of April 2016
As of April 2016, Toyota Motor Corporation sells 33 Toyota and Lexus hybrid passenger car
models and one plug-in hybrid in over 90 countries and regions around the world, and the
carmaker expects to achieve annual sales of 1.5 million units, and cumulative sales of 15
million units by 2020. The Prius liftback is the world's top selling hybrid gasoline-electric car, its
sales reached the 3 million unit milestone in June 2013, and cumulative sales since 1997
totaled 3,732,700 units at the end of April 2016.The Prius liftback ranks as the top selling hybrid
car in the U.S. market, and passed the 1 million milestone in April 2011.] Cumulative sales of the
Prius in Japan reached the 1 million mark in August 2011. As of April 2016, sales of the Prius
liftback in both Japan and the United States had exceeded the 1.6 million mark. Cumulative
TMC hybrid sales since the Prius introduction in Europe in 2000 passed the 1 million unit
milestone in November 2015.
Worldwide sales of hybrid vehicles produced by Toyota reached 1 million vehicles by May 31,
2007, and the 2 million mark was reached by August 2009, with hybrids sold in 50
countries. The 5 million hybrid sales milestone was reached in March 2013, During 2012,
Toyota and Lexus hybrid models sold more than 1 million units a year for the first time, with
1.219 million units sold. During 2013, TMC sold 1.279 million units, and the 6 million sales
milestone was achieved in December 2013, just nine months after its latest million unit
milestone. The 7 million sales mark was reached in September 2014, again, selling one million
hybrids in ninth months, and the 8 million sales milestone was achieved in July 2015, just 10
months after the previous million-unit milestone. The 9 million sales mark was reached in April
2016, again, selling one million hybrids in just ninth months. Toyota estimates that up to 30 April
2016, its hybrids have saved about 6.6 billion U.S. gallons of gasoline (25 billion liters)
compared to the amount used by gasoline-powered vehicles of similar size, and have emitted
approximately 67 million fewer tons of carbon dioxide (CO2) emissions than would have been
emitted by gasoline-powered vehicles of similar size and driving performance.

The Toyota Prius c is the second spin-off of the Prius family, and the second most sold TMC
hybrid after the Prius liftback, with almost 1.25 million units sold as of April 2016.

As of April 2016, besides the four Prius liftback generations, Toyota's hybrid lineup includes
the Prius α/Prius v/Prius +, Aqua/Prius c,Camry Hybrid (1st and 2nd generation), Toyota
Highlander Hybrid (Kluger Hybrid in Japan), Toyota Avalon Hybrid, Toyota Auris Hybrid,Toyota
Yaris Hybrid (Europe only), and the following models sold only in Japan: Alphard Hybrid/Vellfire
Hybrid, Estima Hybrid, Toyota Sai,Toyota Harrier, Toyota Crown Hybrid, Toyota Crown Mild
Hybrid, Toyota Crown Majesta, Corolla Axio, Corolla Fielder, Toyota Voxy/Noah/Esquire, Toyota
Sienta, Toyota Corolla Hybrid, Toyota Levin Hybrid, and Toyota RAV4 Hybrid.
Beginning in 2011, TMC introduced three new members to the Prius family, the Prius v (Prius α
in Japan and Prius + in Europe), the Prius c (Toyota Aqua in Japan), and the Toyota Prius Plug-
in Hybrid, released in 2012 in Japan, the U.S. and Europe.[97] With a total of 247,230 vehicles
sold during the first quarter of 2012, the Toyota Prius family became the third top
selling nameplate in the world in terms of total global sales, after the Toyota Corolla (300,800
units) and the Ford Focus (277,000 units). Until September 2012, the Prius liftback was the top
selling new car in Japan for 16 months in a row, until it was surpassed by the Toyota Aqua
(Prius c) in October 2012. With 266,567 units sold in Japan in 2012, the Aqua is considered the
most successful nameplate launch in the Japanese market in the last 20 years.

The Lexus RX 450h is the top selling hybrid of the Lexus brand with global sales of 338,500
units as of April 2016.

The Prius c/Aqua model, with global sales of 1,249,100 units through April 2016, is TMC's
second best selling hybrid after the Prius liftback, followed the Prius α/v/+ with 634,000 units,
and the two generations of the Camry Hybrid, with 574,400 units sold worldwide, all through
April 2016. For both Prius family variants Japan is the top selling market, while the U.S. is the
top selling Camry market. Ranking next is the Auris with 309,200 units sold, with Europe as the
top market with 296,400 units sold through April 2016.
Lexus also has their own hybrid lineup, and as of August 2015, consist of the LS 600h/LS 600h
L, GS 450h, RX 400h/RX 450h, Lexus HS 250h, Lexus CT 200h, Lexus ES 300h, Lexus IS
300h, Lexus NX 300h, and Lexus RC 300h. Global cumulative sales of Lexus brand hybrids
reached the 500 thousand mark in November 2012. The 1 million sales milestone was achieved
in March 2016.[103] The Lexus RX 400h/RX 450h ranks as the top selling Lexus hybrid with
338,500 units delivered worldwide as of April 2016, followed by the Lexus CT 200h with 269,100
units, and the Lexus ES 300 h with 120,800 units.
Plug-in hybrids[edit]
Main article: Toyota Prius Plug-in Hybrid
Toyota's plug-in hybrid electric vehicle project began in 2007, with road trials of the prototype
vehicle in France and the UK in 2008. Toyota made 600 Prius plug-in demonstration vehicles for
lease to fleet and government customers. 230 were delivered in Japan beginning in late
December 2009, 125 models released in the U.S. by early 2010, and 200 units in 18 European
countries in 2010. France, the UK and Germany had the largest fleets with 150 PHEVs.
Canada, China, Australia, and New Zealand also participated in the global demonstration
program.

Production version of the 2012Toyota Prius Plug-in Hybrid.

The production version of the Toyota Prius Plug-in Hybrid was released in Japan in January
2012, followed by the United States in late February, and deliveries in Europe began in late
June 2012. As of April 2016, global sales totaled 75,400 Prius PHVs since 2012, with North
America as the leading regional market with 42,700 units, followed by Japan with about 22,100
units, Europe with 10,500 units, and only about 100 units in the rest of the world. The United
States is the country market leader with 42,320 units delivered through April 2016. The leading
European market is the Netherlands with 4,134 units registered as of 30 November 2015.
During its first year in the market, a total of 27,279 Prius PHVs were sold worldwide,[116] allowing
the plug-in version to rank as the second most sold plug-in electric car for 2012. Accounting for
cumulative sales since its inception, the Prius PHV was the world's all-time third best selling
plug-in electric car by December 2014. Production of the first generation Prius Plug-in ended in
June 2015. As of May 2015, the Prius Plug-in Hybrid ranked as the world's second top
selling plug-in hybrid ever after the Volt/Ampera family. As of April 2016, the Prius plug-in
ranking among the top selling plug-in cars fell to fifth place after the Tesla Model S and
the Mitsubishi Outlander P-HEV.
The second generation Prius plug-in hybrid, the Toyota Prius Prime, unveiled at the 2016 New
York International Auto Show, is expected to be released in the U.S. by the end of 2016, and,
unlike the first generation model, it will be available in all 50 states.
All-electric vehicles

The first generation Toyota RAV4 EV was leased in the United States from 1997 to 2003, and at
the lessees' request, many units were sold after the vehicle was discontinued. A total of 1,484
were leased and/or sold in California to meet the state’s CARB mandate for zero-emissions
vehicles. As of mid-2012, there were almost 500 units still in use.

First generation Toyota RAV4 EV

Second generation Toyota RAV4 EV

In May 2010, Toyota launched a collaboration with Tesla Motors to create electric vehicles.
Toyota agreed to purchase US$50 million of Tesla common stock subsequent to the closing of
Tesla's planned initial public offering. Toyota, with the assistance of Tesla, built 35 converted
RAV4s (Phase Zero vehicles) for a demonstration and evaluation program that ran through
2011. The lithium metal-oxide battery and other power train components were supplied by Tesla
Motors.
The Toyota RAV4 EV Concept was released in September 2012. The RAV4 EV was assembled
at Toyota's facility in Woodstock, Ontarioalong with the regular gasoline version. Tesla built the
electric powertrain at its plant at Tesla Factory in Fremont, California, and then shipped them to
Canada. The RAV4 EV was sold only in California, beginning with the San Francisco Bay
Area, Los Angeles/Orange County and San Diego. Production was limited to 2,600 units during
a three-year period. As of 31 December 2015, a total of 2,340 RAV4 EVs were sold in the U.S.
to retail customers. Production ended in September 2014.
A prototype of the Toyota iQ EV (Scion iQ EV in the US) was exhibited at the 2011 Geneva
Motor Show. The Scion iQ EV is the successor to the FT-EV II as an electric vehicle based on
the Toyota iQ chassis. Toyota produced three generations of FT-EV concept cars, and the iQ
EV is a production version of those concepts, incorporating the technological and design
strengths of all three models. The exterior of the production version is based on the FT-EV
III concept shown at the 2011 Tokyo Motor Show.
The Toyota iQ/Scion iQ EV is based on Toyota's three generations of FT-EV concept.
Shown the Toyota FT-EV IIIconcept car at the 2011 Tokyo Motor Show.

The U.S. launch of the Scion iQ EV was announced for 2012, and according to Toyota, for the
initial roll-out the iQ EV would not be available to individual consumers, instead the carmaker
decided to focus on fleet customers and car sharing programs. The iQ EV was scheduled to be
produced at Toyota’s Takaoka Plant in Toyota City beginning in August 2012 and the initial
production was planned to be limited to 600 units, with 400 staying in Japan, 100 units destined
to the U.S. and the other 100 for Europe. In September 2012 Toyota announced that due to
customers' concerns about range and charging time, the production of the Scion iQ (Toyota eQ
in Japan) will be limited to about 100 units for special fleet use in Japan and the U.S. only. The
iQ EV/eQ was scheduled to be released in both countries in December 2012.

Toyota I-Road in Grenoble

The first 30 iQ EVs were delivered in the U.S. to the University of California, Irvine in March
2013 for use in its Zero Emission Vehicle-Network Enabled Transport (ZEV-
NET) carsharing fleet. Since 2002 the ZEV-NET program has been serving the transport needs
of the Irvine community with all-electric vehicles for the critical last mile of commutes from the
Irvine train station to the UC campus and local business offices.
In addition, Toyota announced that is backing away from fully electric vehicles. The company's
vice chairman, Takeshi Uchiyamada, said "The current capabilities of electric vehicles do not
meet society’s needs, whether it may be the distance the cars can run, or the costs, or how it
takes a long time to charge." Toyota's emphasis would be re-focused on the hybrid concept, and
21 new hybrid gas-electric models scheduled to be on the market by 2015.
Toyota's project called Ha:mo (Harmonious Mobility Network), is using the Toyota i-Road, an all-
electric vehicle which combines the potential of both cars and motorbikes. The project is being
run in Grenoble, France; Toyota City, Japan; and also Tokyo, Japan.
Hydrogen fuel-cell

In 2002, Toyota began a development and demonstration program to test the Toyota FCHV,
a hybrid hydrogen fuel cell vehicle based on the Toyota Highlander production SUV. Toyota also
built a FCHV bus based on the Hino Blue Ribbon City low-floor bus. Toyota has built several
prototypes/concepts of the FCHV since 1997, including theToyota FCHV-1, FCHV-2, FCHV-
3, FCHV-4, and Toyota FCHV-adv. The Toyota FCV-R fuel cell concept car was unveiled at the
2011 Tokyo Motor Show. The FCV-R sedan seats four and has a fuel cell stack including a 70
MPa high-pressure hydrogen tank, which can deliver a range of 435 mi (700 km) under
the Japanese JC08 test cycle. Toyota said the car was planned for launch in about 2015.

The Toyota Mirai fuel-cell vehicle

In August 2012, Toyota announced its plans to start retail sales of a hydrogen fuel-cell sedan in
California in 2015. Toyota expects to become a leader in this technology. The prototype of its
first hydrogen fuel cell vehicle will be exhibited at the November 2013 Tokyo Motor Show, and in
the United States at the January 2014 Consumer Electronics Show.
Toyota's first hydrogen fuel-cell vehicles to be sold commercially, the Toyota Mirai (Japanese for
"future"), was unveiled at the November 2014 Los Angeles Auto Show. In January 2015 it was
announced that production of the Mirai fuel cell vehicle would increase from 700 units in 2015 to
approximately 2,000 in 2016 and 3,000 in 2017. Sales in Japan began on 15 December 2014 at
a price of ¥6,700,000 (~US$57,400). The Japanese government plans to support the
commercialization of fuel-cell vehicles with a subsidy of ¥2,000,000 (~US$19,600). Retail sales
in the U.S. began in August 2015 at a price of US$57,500 before any government incentives.
Initially the Mirai will only be available in California. The market release in Europe is slated for
September 2015, and initially will be available only in the UK, Germany and Denmark, followed
by other countries in 2017. Pricing in Germany starts at €60,000 (~US$75,140)
plus VAT (€78,540).
In 2015 Toyota released 5,600 patents for free use until 2020, hoping to promote global
development of hydrogen fuel-cell technology.
Cars
As of 2009, Toyota officially lists approximately 70 different models sold under its namesake
brand, including sedans, coupes, vans, trucks, hybrids, and crossovers. Many of these models
are produced as passenger sedans, which range from the subcompact Toyota Yaris and
compact Corolla, to mid-size Camry and full-size Avalon. Vans include
the Previa/Estima, Sienna, and others.[168] Several small cars, such as the xB and tC, are sold
under the Scion brand.
SUVs and crossovers

Toyota crossovers range from the compact Matrix and RAV4, to

midsize Venza and Kluger/Highlander.Toyota SUVs range from the midsize 4Runner to full-
size Land Cruiser. Other SUVs include the Prado, FJ Cruiser, Fortuner, and Sequoia.
Pickup trucks

2012 Tundra Double Cab

2015 Toyota Hilux SR5 4-door utility

Toyota first entered the pickup truck market in 1947 with the SB that was only sold in Japan and
limited Asian markets. It was followed in 1954 by the RK (renamed in 1959 as the Stout) and in
1968 by the compact Hilux. With continued refinement, the Hilux (simply known as the Pickup in
some markets) became famous for being extremely durable and reliable, and many of these
trucks from as early as the late 1970s are still on the road today, some with over 300,000 miles.
Extended- and crew-cab versions of these small haulers were eventually added, and Toyota
continues to produce them today under various names depending on the market.
Riding on the success of the compact pickups in the US, Toyota decided to attempt to enter the
traditionally domestic-dominated full-size pickup market, introducing the T100 for the 1993 US
model year, with production ending in 1998. While having a bed at the traditional full-size length
of 8 feet, the suspension and engine characteristics were still similar to that of a compact
pickup. It proved to be as economical and reliable as any typical Toyota pickup, but sales never
became what Toyota brass had hoped for. It was criticized as being too small to appeal to the
traditional American full-size pickup buyer. Another popular full-size truck essential, a V8
engine, was never available. Additionally, the truck was at first only available as a regular cab,
though Toyota addressed this shortcoming and added the Xtracab version in mid-1995.
In 1999 for the 2000 model year, Toyota replaced the T100 with the larger Tundra. The Tundra
addressed criticisms that the T100 did not have the look and feel of a legitimate American-style
full-size pickup. It also added the V8 engine that the T100 was criticized for not having.
However, the Tundra still came up short in towing capacity as well as still feeling slightly carlike.
These concerns were addressed with an even larger 2007 redesign. A stronger V6 and a
second V8 engine among other things were added to the option list. As of early 2010, the
Tundra has captured 16% of the full-size half-ton market in the US. The all-new Tundra was
assembled in San Antonio, Texas, US. Toyota assembled around 150,000 Standard and Double
Cabs, and only 70,000 Crew Max's in 2007. The smaller Tacoma (which traces its roots back to
the original Hilux) was also produced at the company's San Antonio facility.
Outside the United States, Toyota produced the Hilux in Standard and Double Cab, gasoline
and diesel engine, and 2WD and 4WD versions. The BBC's Top Gear TV show featured two
episodes of a Hilux that was deemed "virtually indestructible".
Luxury-type vehicles

As of 2009, the company sold nine luxury-branded models under its Lexus division,
ranging from the LS sedan to RX crossover and LX SUV. Luxury-type sedans produced under
the Toyota brand included the Century, Crown, and Crown Majesta A limited-edition model
produced for the Emperor of Japan was the Century Royal.
Buses
 Toyota Coaster minibus
 Hino Liesse II
 Hino Liesse minibus
3.6. Financial Information of Toyota Motor
Corporation:
3.6.1.Income statement

Income
Statement 2015 2014 2013 2012 2011

Revenue $227,626.127 $249,339.996 $234,101.077 $225,847.135 $229,196.833

Gross Profit $45,073.399 $47,464.942 $36,320.12 $26,676.917 $28,699.694

Operating $22,989.214 $22,244.947 $14,014.622 $4,321.935 $5,650.723

Income

Net Income $18,164.759 $17,693.37 $10,208.549 $3,446.093 $4,925.544

Diluted EPS $5.75 $5.58 $3.22 $1.1 $1.57

3.6.2.Cash Flow Statement

Cash Flow (mil) 2015 2014 2013

Cash at the beginning of the year $41,423.4062 $34,701.7031 $35,736.7578

Net Operating Cash $30,805.5234 $35,384.7695 $26,008.4629

Net Investing Cash $(31,873.1504) $(42,083.2852) $(32,119.7812)

Cash Flow (mil) 2015 2014 2013

Net Financing Cash $2,557.9241 $8,923.5537 $5,063.5376

Net Change in Cash $2,034.2285 $3,133.4824 $414.8192

Cash at end of the year $43,595.1367 $41,423.4062 $34,701.7031

Capital Expenditure $(21,000.2949) $(18,392.5371) $(14,870.127)

3.6.3.Balance Sheet

Assets (mil) 2015 2014 2013

Current Assets

Cash $43,595.1367 $41,423.4062 $34,701.7031

Net Receivables $73,543.9609 $77,798.6562 $79,808.5469

Inventories $17,866.2109 $18,388.1016 $18,204.4902

Other Income Assets $6,731.4746 $6,521.896 $5,591.8306

Asset Summary

Total Current Assets $149,912.4062 $152,540.3438 $146,257.6875

Net Fixed Assets $77,693.6172 $74,158.7969 $72,691.6484

Other Noncurrent Assets $0 $0 $0

Assets (mil) 2015 2014 2013

Total Assets $398,925.9062 $402,150.6875 $376,478

Liabilities (mil) 2015 2014 2013

Current Liabilities

Accounts Payable $27,778.6562 $29,684.1406 $30,077.6836

Short Term Debt $74,916.8672 $75,509.5859 $72,083.875

Other Current Liabilities $12,334.21 $14,833.1025 $11,651.7324

Liability Summary

Total Current Liabilities $137,334.4375 $142,476.0469 $137,001.8438

Long Term Debt $83,700.3125 $82,947.7578 $77,854.3125

Other Noncurrent Liabilities $3,826.6936 $3,992.8989 $3,268.7075

Total Liabilities $258,610.7188 $261,727.5938 $247,587.3438

Stakeholder's Equity (mil) 2015 2014 2013

Equity

Preferred Stock Equity $ $ $

Stakeholder's Equity (mil) 2015 2014 2013

Common Stock Equity $3,318.5439 $3,853.3704 $4,212.7007

Equity Summary

Total Equity $140,315.2031 $140,423.0781 $128,890.6484

Shares Outstanding 3,146.8101 3,169.77 3,167.4299

 4 COMPARISSION OF BALANCE SHEET

Assets (mil) TOYOTA SUZUKI HONDA

Current Assets

Cash $43,595.1367 $41,423.4062 $34,701.7031

Net Receivables $73,543.9609 $77,798.6562 $79,808.5469

Inventories $17,866.2109 $18,388.1016 $18,204.4902

Other Income Assets $6,731.4746 $6,521.896 $5,591.8306

Asset Summary

Total Current Assets $149,912.4062 $152,540.3438 $146,257.6875

Net Fixed Assets $77,693.6172 $74,158.7969 $72,691.6484

Other Noncurrent Assets $0 $0 $0

Total Assets $398,925.9062 $402,150.6875 $376,478

Liabilities (mil) 2015 2014 2013

Current Liabilities

Accounts Payable $27,778.6562 $29,684.1406 $30,077.6836

Liabilities (mil) 2015 2014 2013

Short Term Debt $74,916.8672 $75,509.5859 $72,083.875

Other Current Liabilities $12,334.21 $14,833.1025 $11,651.7324

Liability Summary

Total Current Liabilities $137,334.4375 $142,476.0469 $137,001.8438

Long Term Debt $83,700.3125 $82,947.7578 $77,854.3125

Other Noncurrent Liabilities $3,826.6936 $3,992.8989 $3,268.7075

Total Liabilities $258,610.7188 $261,727.5938 $247,587.3438

Stakeholder's Equity (mil) 2015 2014 2013

Equity

Preferred Stock Equity $ $ $

Common Stock Equity $3,318.5439 $3,853.3704 $4,212.7007

Equity Summary

Total Equity $140,315.2031 $140,423.0781 $128,890.6484

Shares Outstanding 3,146.8101 3,169.77 3,167.4299