Japan First to Market

Research evidence excerpt

Japan First to Market

Akira Kishimoto AC Asia Pacific Equity Research

(81-3) 6736-8646 13 July 2026 J P M O R G A N

akira.x.kishimoto@jpmorgan.com

Autos Sector (Akira Kishimoto)

Japanese automakers’ humanoid robot initiatives

Mitsubishi Motors to begin production of humanoid robots: Mitsubishi Motors announced on July 9 that it will start mass

production of humanoid robots at its Kyoto plant in a collaboration with University of Tokyo startup Highlanders, and the

company’s share price is up sharply today (July 10). Mitsubishi Motors, which has invested in Highlanders, will start production

of humanoid robots in 2027, using idle facilities at its Kyoto plant, with target production capacity of 1,000 units/month.

According to the company, it will first confirm the effectiveness of humanoid robots at its own plants and then consider external

sales in the future. Assuming annual production of 12,000 units (based on 1,000 units/month) and a unit price of ¥10 million, we

estimate potential sales at around ¥120 billion. However, we need to keep in mind that, ultimately, Mitsubishi Motors will be in

the position of a contract manufacturer and value-added could be biased toward Highlanders.

RYOHIN KEIKAKU (7453) (Dairo Murata) (7453 JP, OW)

3Q FY8/26: Strong results, well above market expectations; high global growth continues

Strong positive surprise: 3Q operating profit grew 53% to ¥35.7 billion. This was well above both our estimate as of June 10

of ¥29.4 billion and the current market estimate, which we estimate at ¥30–31 billion. An overshoot in the gross margin was the

main reason. The ¥9 billion upward revision to full-year operating profit guidance was also higher than market expectations,

delivering a positive surprise.