{"slug":"mazda-motor","name":"마쓰다","name_en":"Mazda Motor","ticker":"7261.T","updated_at":"2026-07-12T05:39:57.981068+00:00","canonical":"https://valuechain.wiki/mazda-motor","citable":"밸류체인 그래프 기준 마쓰다의 직접 연결 기업은 3곳(관계 기준 공급 3·매출 0·투자 1)이고, 사슬을 2차까지 넓히면 8곳에 닿는다. 링크의 근거 출처는 8건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Mazda Motor is directly linked to 3 companies (3 supply, 0 revenue, 1 investment relationships) and reaches 8 companies within two hops; the links are backed by 8 dated sources, 3 of them primary filings (as of 2026-07-12).","kicker":"닛케이 225 · 완성차 · 북미 편중·관세 노출","kicker_en":"Nikkei 225 · Automaker · North America-heavy, tariff-exposed","lead":"연 122만대의 중견 완성차로, 규모의 열세를 토요타와의 자본·기술 제휴(지분 5.05% 상호출자, 앨라배마 MTM 합작공장, EV C.A. Spirit)로 메우고 2027년부터 파나소닉 에너지 배터리로 전동화에 올라타는 구조다. FY2026은 그 취약점이 그대로 드러난 해 — 매출은 -2%에 그쳤지만 영업이익이 -72%(516억엔)로 무너졌는데, 원인은 수요가 아니라 최대 시장(매출의 52%)인 북미에 걸린 멕시코 생산 CX-30의 관세였다. 유럽만 +16%로 성장했고, 지금 이 노드의 관전점은 관세 구조가 완화되며 회사 가이던스(FY2027 영업익 1,500억엔)만큼 이익이 되돌아오느냐다.","lead_en":"A mid-size automaker at ~1.22M units that offsets its scale disadvantage through a capital and technology alliance with Toyota (5.05% cross-shareholding, the MTM plant in Alabama, the EV C.A. Spirit JV) and rides electrification via Panasonic Energy batteries from 2027. FY2026 laid that vulnerability bare: revenue fell only 2% but operating income collapsed 72% to ¥51.6B — not on demand, but on tariffs hitting the Mexico-built CX-30 in North America, its largest market at 52% of sales. Only Europe grew (+16%). The question for this node now is whether profit rebounds toward guidance (FY2027 OP ¥150B) as the tariff drag eases.","segments":{"fy":2026,"note":"지역(생산·판매관리) 세그먼트. 이익은 북미가 관세에도 하반기 회복으로 떠받쳤고, 엔·비용 부담이 일본을 적자로 밀어넣은 대조가 핵심.","parts":[{"desc":"외부매출 2조5,617억엔·58.2만대, 최대 시장이자 최대 관세 노출처. 멕시코 CX-30 관세로 상반기 적자였다가 하반기 회복해 세그먼트 이익 1,675억엔.","name":"북미"},{"desc":"외부매출 9,002억엔·14.4만대. 생산 대부분을 수출하는 구조라 엔·비용 부담이 그대로 실려 세그먼트 손실 1,618억엔.","name":"일본"},{"desc":"외부매출 8,596억엔·16.4만대(+16%). 믹스 개선으로 유일하게 성장한 지역, 세그먼트 이익 180억엔.","name":"유럽"},{"desc":"외부매출 5,967억엔·세그먼트 이익 327억엔. 신흥·호주 등으로 북미 편중을 부분 분산.","name":"기타"}],"total":"4조9,182억엔 (FY2026 연결, 전년比 -2.0%)"},"segments_en":{"fy":2026,"note":"Geographic (production/sales) segments. The key contrast: North America carried profit via a 2H recovery despite tariffs, while FX and cost burden pushed Japan into a loss.","parts":[{"desc":"External sales ¥2,561.7B on 582k units — largest market and largest tariff exposure. A first-half loss on Mexico CX-30 tariffs recovered to ¥167.5B segment income in 2H.","name":"North America"},{"desc":"External sales ¥900.2B on 144k units. With most output exported, FX and cost burden fell straight through to a ¥161.8B segment loss.","name":"Japan"},{"desc":"External sales ¥859.6B on 164k units (+16%). The only growth region, on mix improvement; ¥18.0B segment income.","name":"Europe"},{"desc":"External sales ¥596.7B, ¥32.7B segment income. 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동시에 마쓰다가 독자 규모로는 전동화 투자를 감당하기 어렵다는 의존의 증거이기도 하다. 그래프 파급은 단방향에 가깝다: 파나소닉 에너지의 마쓰다향 매출은 마쓰다 BEV 출시 시점에 연동되고, 토요타 지분·MTM은 두 회사 실적을 부분적으로 공유시킨다.","analysis_en":"Mazda's story is geopolitical leverage without scale. Half of sales sit in one market — North America — much of it on the tariff-heavy Mexico-built CX-30, so FY2026's -2% revenue amplified into a -72% operating-profit drop: policy (tariffs), not the demand cycle, governs earnings. Its structural downside cushion is the Toyota alliance (hybrid tech, MTM co-production) and Panasonic Energy batteries (from 2027) — which are equally evidence that Mazda cannot fund electrification at its own scale. Graph propagation is largely one-way: Panasonic Energy's Mazda revenue keys off Mazda's BEV launch timing, while the Toyota stake and MTM partly couple the two companies' results.","analysis_asof":"2026-05-12"},"edges":[{"direction":"revenue","counterparty":"북미 소비자·딜러","counterparty_slug":null,"confidence":"high","metric":{"units_k":582,"yoy_pct":-6,"revenue_jpy_bn":2561.7},"note":"최대 시장. FY2026 외부고객 매출 2조5,617억엔·판매 58.2만대(-6%). 멕시코 생산 CX-30의 관세 부담으로 상반기 손실, 하반기 회복.","note_en":"Largest market. FY2026 external-customer sales ¥2,561.7B on 582k units (-6% YoY). Tariffs on the Mexico-built CX-30 drove a first-half loss, with a second-half recovery.","sources":[{"stance":"confirms","publisher":"마쓰다","publisher_en":"Mazda Motor","kind":"filing","lang":"en","published_at":"2026-05-12","url":"https://www.mazda.com/content/dam/mazda/corporate/mazda-com/en/pdf/investors/library/result/2026/result20260512_e.pdf","title":"마쓰다 FY2026(2026년 3월기) 연결 결산 단신","title_en":"Mazda Consolidated Financial Results for the Fiscal Year Ended March 31, 2026","excerpt":"북미 외부고객 매출 2,561,746백만엔(FY2026 세그먼트 정보).","excerpt_en":"North America external-customer net sales ¥2,561,746M (FY2026 segment information)."},{"stance":"confirms","publisher":"마쓰다","publisher_en":"Mazda Motor","kind":"filing","lang":"en","published_at":"2026-05-12","url":"https://www.mazda.com/content/dam/mazda/corporate/mazda-com/en/pdf/investors/library/result/2026/presentation20260512_e.pdf","title":"마쓰다 FY2026 결산 설명자료","title_en":"Mazda Financial Results for Fiscal Year March 2026 (Presentation)","excerpt":"North America 판매 582천대(-6%).","excerpt_en":"North America sales volume 582k units (-6%)."},{"stance":"mentions","publisher":"모건스탠리","publisher_en":"Morgan Stanley","kind":"research","lang":"en","published_at":"2026-03-13","url":"https://finance.yahoo.com/news/mazda-motor-price-target-raised-161545077.html","title":"모건스탠리, 마쓰다 목표주가 1,100→1,200엔 상향(Equal Weight)","title_en":"Mazda Motor price target raised to 1,200 yen from 1,100 yen at Morgan Stanley (Equal Weight)","excerpt":"모건스탠리 목표주가 1,200엔(Equal Weight, 2026.3). 컨센서스 목표가 약 1,174엔·중립(13인).","excerpt_en":"Morgan Stanley target ¥1,200 (Equal Weight, Mar 2026); consensus ~¥1,174, Neutral (13 analysts)."},{"stance":"mentions","publisher":"Nikkei Asia","publisher_en":"Nikkei Asia","kind":"news","lang":"en","published_at":"2025-05-01","url":"https://asia.nikkei.com/business/tech/semiconductors/toyota-supplier-denso-to-invest-3.3bn-in-chip-business","title":"토요타 협력사 덴소, 반도체에 $33억 투자","title_en":"Toyota supplier Denso to invest $3.3bn in chip business","excerpt":"Mazda has a capital and technology alliance with Toyota, including a joint US plant.","excerpt_en":"Mazda-Toyota alliance incl. a joint US plant."}]},{"direction":"investor","counterparty":"토요타 (자본 제휴)","counterparty_slug":"toyota","confidence":"high","metric":{"mazda_stake_in_toyota_pct":0.25,"toyota_stake_in_mazda_pct":5.05},"note":"2017년 상호 출자. 토요타가 마쓰다 지분 약 5.05% 보유, 마쓰다는 토요타 지분 약 0.25% 보유. 자본·기술 제휴의 축.","note_en":"2017 cross-shareholding: Toyota holds ~5.05% of Mazda and Mazda ~0.25% of Toyota — the anchor of the capital and technology alliance.","sources":[{"stance":"mentions","publisher":"Nikkei Asia","publisher_en":"Nikkei Asia","kind":"news","lang":"en","published_at":"2025-05-01","url":"https://asia.nikkei.com/business/tech/semiconductors/toyota-supplier-denso-to-invest-3.3bn-in-chip-business","title":"토요타 협력사 덴소, 반도체에 $33억 투자","title_en":"Toyota supplier Denso to invest $3.3bn in chip business","excerpt":"Toyota and Mazda hold cross-shareholdings under their alliance.","excerpt_en":"Toyota-Mazda cross-shareholding alliance."},{"stance":"confirms","publisher":"Toyota (press release)","publisher_en":"Toyota (press release)","kind":"news","lang":"en","published_at":"2017-08-04","url":"https://global.toyota/en/detail/18012215","title":"토요타·마쓰다 자본·업무 제휴(2017)","title_en":"Toyota and Mazda Enter Business and Capital Alliance (2017)","excerpt":"2017 제휴로 토요타가 마쓰다 신주 3,193만주(5.05%)를, 마쓰다가 토요타 주식(0.25%)을 상호 취득 — 자본·기술 동맹의 앵커.","excerpt_en":"In the 2017 alliance Toyota acquired 31.9m new Mazda shares (5.05%) and Mazda acquired Toyota shares (0.25%) — the anchor of the capital and technology alliance."}]},{"direction":"revenue","counterparty":"유럽 소비자·딜러","counterparty_slug":null,"confidence":"high","metric":{"units_k":164,"yoy_pct":16,"revenue_jpy_bn":859.6},"note":"FY2026 외부고객 매출 8,596억엔(+16%)·판매 16.4만대. 믹스 개선으로 유일하게 매출 성장한 지역.","note_en":"FY2026 external-customer sales ¥859.6B (+16%) on 164k units; the only region with revenue growth, aided by mix.","sources":[{"stance":"mentions","publisher":"마쓰다","publisher_en":"Mazda Motor","kind":"filing","lang":"en","published_at":"2026-05-12","url":"https://www.mazda.com/content/dam/mazda/corporate/mazda-com/en/pdf/investors/library/result/2026/presentation20260512_e.pdf","title":"마쓰다 FY2026 결산 설명자료","title_en":"Mazda Financial Results for Fiscal Year March 2026 (Presentation)","excerpt":"유럽 판매 164천대(-6%).","excerpt_en":"Europe sales volume 164k units (-6%)."},{"stance":"confirms","publisher":"마쓰다","publisher_en":"Mazda Motor","kind":"filing","lang":"en","published_at":"2026-05-12","url":"https://www.mazda.com/content/dam/mazda/corporate/mazda-com/en/pdf/investors/library/result/2026/result20260512_e.pdf","title":"마쓰다 FY2026(2026년 3월기) 연결 결산 단신","title_en":"Mazda Consolidated Financial Results for the Fiscal Year Ended March 31, 2026","excerpt":"유럽 외부고객 매출 859,557백만엔(전년 766.6→888.9억엔 세그 총매출 +16%).","excerpt_en":"Europe external-customer net sales ¥859,557M (segment total +16% YoY)."}]},{"direction":"cost","counterparty":"파나소닉 에너지","counterparty_slug":"panasonic-energy","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value","start_year":2027},"note":"마쓰다 전동화의 외부 의존을 단적으로 보여주는 관계 — 2024.3 합의로 파나소닉 에너지가 일본·북미 공장에서 만든 원통형 리튬이온 셀을 2027년 이후 마쓰다 BEV에 공급한다. 자체 셀 역량이 없는 마쓰다에게 이 라인은 전동화 로드맵의 병목이자 시점 결정 변수다.","note_en":"The relationship that captures Mazda's external dependence for electrification: under a March 2024 agreement, Panasonic Energy supplies cylindrical lithium-ion cells from its Japan and North America plants for Mazda BEVs from 2027. Lacking in-house cell capability, Mazda finds this line both the bottleneck and the timing gate of its electrification roadmap.","sources":[{"stance":"mentions","publisher":"InsideEVs","publisher_en":"InsideEVs","kind":"news","lang":"en","published_at":"2024-09-06","url":"https://insideevs.com/news/714349/mazda-panasonic-cylindrical-ev-battery-deal/","title":"마쓰다·파나소닉, 원통형 EV 배터리 공급 계약 확정","title_en":"Mazda And Panasonic Finally Strike Deal On Cylindrical EV Battery Supply","excerpt":"일본·북미 공장 생산, 2027년 이후 BEV 탑재.","excerpt_en":"Cells from Japan and North America plants for BEVs from 2027."},{"stance":"confirms","publisher":"마쓰다·파나소닉 에너지","publisher_en":"Mazda / Panasonic Energy","kind":"filing","lang":"en","published_at":"2024-03-29","url":"https://newsroom.mazda.com/en/publicity/release/2024/202403/240329a.html","title":"마쓰다·파나소닉 에너지, 원통형 차량용 리튬이온전지 공급 합의","title_en":"Mazda and Panasonic Energy Enter Agreement Towards Supply of Cylindrical Automotive Lithium-ion Batteries","excerpt":"원통형 차량용 리튬이온전지 공급 합의(2024.3.29).","excerpt_en":"Agreement towards supply of cylindrical automotive lithium-ion batteries (Mar 29, 2024)."}]},{"direction":"revenue","counterparty":"일본 소비자·딜러","counterparty_slug":null,"confidence":"high","metric":{"units_k":144,"yoy_pct":-5,"revenue_jpy_bn":900.2},"note":"본국 시장. FY2026 외부고객 매출 9,002억엔·판매 14.4만대(-5%). 국내 생산 대부분은 수출.","note_en":"Home market. FY2026 external-customer sales ¥900.2B on 144k units (-5% YoY); most domestic output is exported.","sources":[{"stance":"confirms","publisher":"마쓰다","publisher_en":"Mazda Motor","kind":"filing","lang":"en","published_at":"2026-05-12","url":"https://www.mazda.com/content/dam/mazda/corporate/mazda-com/en/pdf/investors/library/result/2026/result20260512_e.pdf","title":"마쓰다 FY2026(2026년 3월기) 연결 결산 단신","title_en":"Mazda Consolidated Financial Results for the Fiscal Year Ended March 31, 2026","excerpt":"일본 외부고객 매출 900,173백만엔.","excerpt_en":"Japan external-customer net sales ¥900,173M."},{"stance":"mentions","publisher":"마쓰다","publisher_en":"Mazda Motor","kind":"filing","lang":"en","published_at":"2026-05-12","url":"https://www.mazda.com/content/dam/mazda/corporate/mazda-com/en/pdf/investors/library/result/2026/presentation20260512_e.pdf","title":"마쓰다 FY2026 결산 설명자료","title_en":"Mazda Financial Results for Fiscal Year March 2026 (Presentation)","excerpt":"일본 판매 144천대(-5%).","excerpt_en":"Japan sales volume 144k units (-5%)."}]},{"direction":"cost","counterparty":"토요타 (하이브리드·공동기술)","counterparty_slug":"toyota","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"규모의 열세를 메우는 핵심 축 — 북미 CX-50 하이브리드에 토요타 하이브리드 시스템을 채용하고, 앨라배마 MTM 합작공장(50:50)에서 CX-50·코롤라 크로스를 공동 생산한다. 독자 개발비를 아끼는 대신 토요타 기술 로드맵에 부분적으로 묶이는 거래다.","note_en":"A core lever against its scale disadvantage: Mazda adopts Toyota hybrid systems in the North American CX-50 Hybrid and co-produces the CX-50 and Corolla Cross at the 50:50 MTM plant in Alabama. It saves independent development cost in exchange for partly tethering itself to Toyota's technology roadmap.","sources":[{"stance":"confirms","publisher":"Toyota (press release)","publisher_en":"Toyota (press release)","kind":"news","lang":"en","published_at":"2017-08-04","url":"https://global.toyota/en/detail/18012215","title":"토요타·마쓰다 자본·업무 제휴(2017)","title_en":"Toyota and Mazda Enter Business and Capital Alliance (2017)","excerpt":"제휴 하에 마쓰다는 북미 CX-50 하이브리드에 토요타 하이브리드 시스템을 채택하고 MTM에서 CX-50·코롤라 크로스를 공동 생산 — 규모 열위를 상쇄하는 기술 레버.","excerpt_en":"Under the alliance Mazda adopts Toyota's hybrid system in the North American CX-50 Hybrid and co-produces the CX-50 and Corolla Cross at MTM — a tech lever against its scale disadvantage."}]},{"direction":"cost","counterparty":"덴소 (부품·EV 아키텍처)","counterparty_slug":"denso","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"토요타 계열 덴소로부터 전장·부품 조달. 2017년 토요타·마쓰다·덴소 합작 EV C.A. Spirit(EV 공용 아키텍처 개발) 공동 출자사.","note_en":"Procures electronics and components from Toyota-affiliated Denso; co-owner of EV C.A. Spirit (2017 Toyota-Mazda-Denso JV developing a common EV architecture).","sources":[{"stance":"mentions","publisher":"Automotive News","publisher_en":"Automotive News","kind":"news","lang":"en","published_at":"2017-09-28","url":"https://www.autonews.com/article/20170928/COPY01/309289979/toyota-will-partner-with-mazda-denso-for-electric-car-venture","title":"토요타·마쓰다·덴소, EV 공용 아키텍처 개발 합작사(EV C.A. Spirit) 설립","title_en":"Toyota to partner with Mazda, Denso for EV venture (EV C.A. Spirit)","excerpt":"토요타·마쓰다·덴소 EV C.A. Spirit 합작 설립.","excerpt_en":"Toyota, Mazda and Denso form EV C.A. Spirit JV."}]}]}