Nikkei 225 · Automaker · North America-heavy, tariff-exposed
Mazda Motor
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.
7261.T Updated Jul 12, 2026 4 AI consumers· 1 recurring
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).
Financials & Segments
- Total revenue · ¥4,918.2B (FY2026 consolidated, -2.0% YoY)
- Segments · North America · Japan · Europe · Other
Revenue from
- North American consumers & dealers High confidence
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.Confirms EN Mazda Motor Published May 12, 2026: Mazda Consolidated Financial Results for the Fiscal Year Ended March 31, 2026Confirms EN Mazda Motor Published May 12, 2026: Mazda Financial Results for Fiscal Year March 2026 (Presentation)Mentions EN Morgan Stanley Published Mar 13, 2026: Mazda Motor price target raised to 1,200 yen from 1,100 yen at Morgan Stanley (Equal Weight)Mentions EN Nikkei Asia Published May 1, 2025: Toyota supplier Denso to invest $3.3bn in chip business - European consumers & dealers High confidence
FY2026 external-customer sales ¥859.6B (+16%) on 164k units; the only region with revenue growth, aided by mix.Mentions EN Mazda Motor Published May 12, 2026: Mazda Financial Results for Fiscal Year March 2026 (Presentation)Confirms EN Mazda Motor Published May 12, 2026: Mazda Consolidated Financial Results for the Fiscal Year Ended March 31, 2026 - Japanese consumers & dealers High confidence
Home market. FY2026 external-customer sales ¥900.2B on 144k units (-5% YoY); most domestic output is exported.Confirms EN Mazda Motor Published May 12, 2026: Mazda Consolidated Financial Results for the Fiscal Year Ended March 31, 2026Mentions EN Mazda Motor Published May 12, 2026: Mazda Financial Results for Fiscal Year March 2026 (Presentation)
Pays to
- Panasonic Energy High confidence
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.Mentions EN InsideEVs Published Sep 6, 2024: Mazda And Panasonic Finally Strike Deal On Cylindrical EV Battery SupplyConfirms EN Mazda / Panasonic Energy Published Mar 29, 2024: Mazda and Panasonic Energy Enter Agreement Towards Supply of Cylindrical Automotive Lithium-ion Batteries - Toyota (hybrid systems / shared tech) Medium confidence
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.Confirms EN Toyota (press release) Published Aug 4, 2017: Toyota and Mazda Enter Business and Capital Alliance (2017) - Denso (components / EV architecture JV) Medium confidence
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).Mentions EN Automotive News Published Sep 28, 2017: Toyota to partner with Mazda, Denso for EV venture (EV C.A. Spirit)
Investors
- Toyota (capital alliance) High confidence
2017 cross-shareholding: Toyota holds ~5.05% of Mazda and Mazda ~0.25% of Toyota — the anchor of the capital and technology alliance.Mentions EN Nikkei Asia Published May 1, 2025: Toyota supplier Denso to invest $3.3bn in chip businessConfirms EN Toyota (press release) Published Aug 4, 2017: Toyota and Mazda Enter Business and Capital Alliance (2017)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Mazda Motor | node | +18.8 | +22.8 | +81.1 | -39 | +17.3 | -3.2 |
| Panasonic Energy | benef1 | -5.7 | -1.6 | +20.1 | +16.6 | +36.2 | +113.2 |
| Toyota Motor Corporation | benef1 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -18.2 |
| Renesas Electronics | benef2 | +8.2 | +2.4 | +88 | -13.6 | +23.8 | +84.9 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Denso | benef2 | +49 | -16 | +37.4 | -5.5 | +2.4 | -8.1 |
| LG Energy Solution | benef2 | · | · | -26.9 | -7.6 | +13.1 | -18.1 |
| Sumitomo Metal Mining | benef2 | +20.5 | +5.4 | -19.4 | -10.2 | +168.7 | -20.9 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-05-12