Auto Parts: Industry Implications of New Lexus ES Launch

研报英文原文证据摘录

Auto Parts: Industry Implications of New Lexus ES Launch

Update

June 11, 2026 10:46 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MAuto Parts | Japan Shinji Kakiuchi

Equity Analyst

Industry Implications of New Shinji.Kakiuchi@morganstanleymufg.comHayato Takashima +81 3 6836-5416

Research Associate

Hayato.Takashima@morganstanleymufg.com +81 3 6836-5414

Lexus ES Launch

Key Takeaways

Toyota's announcement that the new Lexus ES has gone on sale domestically

draws attention to new efforts in the auto parts space to raise added-value Auto Parts

particularly in interiors. Japan

Industry View In-Line

Tokai Rika's "responsive hidden switches" (in collaboration with DaikyoNishikawa)

offer both functionality and design appeal.

Toyota Boshoku has TBlock multifunction block seats structured so that sections

such as seat surfaces and sides can be separated as single blocks.

Koito Mfg supplies Japan's first high-definition adaptive driving beam lamps for

the new ES (with the ability to control illumination range using 16,000-segment

micro LEDs).

The new ES only comes in HEV and BEV format. While demonstrating a high

degree of attention to interiors, it appears that electrification technologies of

firms such as Denso and Aisin are fully represented too.

Toyota Motor (covered by Hiroto Segawa) announced on Jun 11 that it has started

selling the new Lexus ES model through Lexus outlets nationwide in Japan.

Powertrains for this, the 8th new ES range, are HEV and BEV only with no ICE

options in the lineup. Maker recommended retail prices (incl. consumption tax) are

¥7.9-8.1mn for the HEVs and ¥7.9-9.2mn for the BEVs. Notable interior features are

the world's first "responsive hidden switches" – physical switches integrated into