日本汽车月度销售追踪：2026年5月日本及美国销售——新车型和混合动力汽车仍是两地销售的关键

Japan Autos Monthly Sales Tracker: May-2026 Japan & US sales -New models and HEVs remain key to sales in both regions May-2026 Japan sales +2.8% YoY:May-2026 Japan retail sales totaled 333 thousandunits, up 2.8% YoY, marking two consecutive months of YoY increase. By segment,registered vehicles totaled 215 thousand units in May, up 5.6% YoY, while Kei-cars reached89 thousand units, down 2.1% YoY, likely reflecting stronger demand for registeredvehicles, which benefited more from the tax changes. Among Japanese automakers, Toyotaperformed strongly, with sales up 8.3% YoY, driven by the launch of face-lifted popularminivans Noah and Voxy, and the Land Cruiser FJ. Honda also recorded +4% YoY growth,supported by contributions from the new BEV Super-ONE and the CR-V HEV launched Masahiro Akita+81 3 6777 6998masahiro.akita@bernsteinsg.com Tomohiro Kashimoto+81 3 6777 6975tomohiro.kashimoto@bernsteinsg.comSeunghyeok Kim+81 3 6777 6974seunghyeok.kim@bernsteinsg.com May-2026 US sales +0.4% YoY:May 2026 US retail sales reached 1,480 thousand units,up 0.4% YoY, remaining relatively resilient despite ongoing geopolitical uncertainty in theMiddle East. SAAR improved to 16.2 mn units from 16.1 mn units in April and 15.7 mnunits in May-2025. Demand for fuel efficient vehicles remained strong amid elevated gasprices, where HEV sales increased to 256 thousand units (+33% YoY). Among Japaneseautomakers, Toyota reported 239 thousand units (-0.6% YoY), broadly flat, supported byHEV models including Camry and new RAV4. Honda recorded 149 thousand units (+10%YoY), driven by record HEV sales, led by CR-V. Nissan posted 85 thousand units (+11%YoY), supported by US-produced models such as Rogue/Pathfinder/Frontier. Mazdareported 39 thousand units (+35% YoY), driven by affordable Mazda3 and CX-50 HEV,although CX-5 declined by 18% YoY. Subaru recorded 58 thousand units (+10% YoY), New models and HEV rollout remain key:In Japan, recent tax changes have supportedsales, benefiting Toyota and Honda, while Nissan continues to lag. The success of thenew Elgrand, scheduled for launch in July, will be critical for a meaningful turnaround in itsrestructuring. In the US, despite ongoing macro uncertainty related to Middle East tensions,overall demand remains resilient. Demand for affordable vehicles and strong HEV demand,supported by elevated gas prices, continue to shape the market. Toyota and Honda are wellpositioned to capture this trend, with the new RAV4 expected to fully ramp up during thecoming months, in contrast to Honda’s aging CR-V. Nissan has seen solid US performancesupported by US- produced models, but with Rogue e-Power not expected until 2026 BERNSTEIN TICKER TABLE PRICE TARGET CHANGE / ESTIMATE CHANGE IN BOLD INVESTMENT IMPLICATIONS We rateToyota Outperformwith an updated price target ofJPY 4,200.00. We rateSuzuki Outperformwith a price target ofJPY 2,550.00. We rateHonda Market-Performwith a price target ofJPY 1,300.00. We have revised our FY3/27 OP forecast to JPY 834 bn(from JPY 852 bn), reflecting FY3/26 results. We now set an updated price target of JPY1,300.00(from JPY 1,400), based onthe revision and a target PBR of 0.36x (from 0.44x PBR) to reflect lower market valuation. We rateNissan Underperformwith a price target ofJPY 350.00. We rateSubaru Underperformwith an price target ofJPY 2,350.00. DETAILS APPENDIX - FINANCIAL FORECASTS DISCLOSURE APPENDIX I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Sanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社)and analysts employed by Société GénéraleAfrica Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernstein Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically notedotherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respectiveaffiliates. VALUATION METHODOLOGY Toyota Motor Corporation We set a price target of JPY 4,200 using reset PBR (P/B multiple) of 1.26x against our FY3/28 BPS estimate of JPY 3,357. Suzuki Motor Corporation We set price target of JPY 2,550 using SOTP valuation. Per business segment, EV/EBITDA 13.8x applied to FY3/28 EBITDAestimates of JPY 447 bn for India business, EV/EBITDA 3.1x applied to FY3/28 EBITDA estimates of JPY 566 bn for non-India Honda Motor Co Ltd We set price target of JPY 1,300 using PBR (P/B multiple) of 0.36x against our FY3/28 BPS estimate of JPY 3,664. Nissan M