Autos Sector: Japanese automakers‘ humanoid robot initiatives

研报英文原文证据摘录

Autos Sector: Japanese automakers‘ humanoid robot initiatives

J P M O R G A N Asia Pacific Equity Research

10 July 2026

Autos Sector

Japanese automakers’ humanoid robot initiatives

• Mitsubishi Motors to begin production of humanoid robots: Mitsubishi Japan Equity Research

Motors announced on July 9 that it will start mass production of humanoid

Autos & Auto Parts

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). Akira Kishimoto AC

Mitsubishi Motors, which has invested in Highlanders, will start production of (81-3) 6736-8646

akira.x.kishimoto@jpmorgan.com

humanoid robots in 2027, using idle facilities at its Kyoto plant, with target

Wencong Zhang

production capacity of 1,000 units/month. According to the company, it will (81-3) 6736-8627

first confirm the effectiveness of humanoid robots at its own plants and then wencong.zhang@jpmorgan.com

consider external sales in the future. Assuming annual production of 12,000 JPMorgan Securities Japan Co., Ltd.

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.

• Humanoid robots not limited to Mitsubishi Motors; Toyota’s and Honda’s

initiatives: Other Japanese automakers are also moving forward with

humanoid robot initiatives. Toyota and Honda have each been developing

humanoid robots for over 20 years. Both companies have unique expertise in

hardware design, with strengths in high-efficiency and high-precision

machinery, and we believe they have recently accelerated the introduction of