July 9, 2024

Sixth Mid-Term Management Plan Update Briefing 

April 6, 2023

Briefing of Vision 2035
(Long-Term Vision and Sixth Mid-Term Management Plan)

Vision 2035 (Long-Term Vision)

Vision of GS Yuasa in 2035

Based on the “Four Re’s” formula, we strive for innovation in energy technology, endeavor to address the challenges facing society through the development of mobility and other public infrastructures, and seek to create comfortable living environments and play our part in the global effort toward sustainability.

In order to contribute to the realization of a sustainable society, it is important for us to further innovate the technologies we have developed for storing and using electricity and to widely implement and operate these technologies in public infrastructure in order to solve social issues. In order to realize a sustainable society and to realize sustainable growth of our company, we have reviewed the "Management Vision and Management Policies" that we had previously established, and have now formulated a new "Policy on Sustainability Management Policy".

Vision 2035, which we have announced this time, shows "Vision of GS Yuasa in 2035" in order to achieve "Innovation and Growth" for the next 100 years, based on the DNA of our founders and the knowledge we have accumulated over the past 100 years.

Achieving Vision 2035 requires two elements, some innovating and some eternal. In terms of elements that should not be changed are our philosophy and a commitment to technical innovation. Our philosophy “Innovation and Growth” inherited from the Company’s founders should not be changed as well as a commitment to technical innovation, namely the sustainable development of energy storage technology that has been polished up for more than 100 years. Conversely, we seek to innovate in business areas and in the value we provide. In the past, we have offered “mono,” that is “products” to customers, in the form of lead-acid batteries, lithium-ion batteries, power supply systems, etc. Going forward, in addition to products, we also want to offer solutions and services in the domains of mobility and public infrastructure, and aim to become a comprehensive device company.

Here is a diagram showing the innovation and growth of our business toward achieving Vision 2035. Automotive Battery segment will be further improving profit margins, securing profits which we intend to use as investment capital for the growth domains of mobility and public infrastructure. Regarding the Automotive Lithium-ion battery segment, sales of lithium-ion batteries for HEVs are expected to increase through to around 2035, after which they will see a gradual decline. We believe there is and will continue to be strong demand in the Industrial Battery and Power Supply segment, centered around backup batteries and power supplies, as these play a role in the maintenance of public infrastructure. Toward 2035 and 2050, we will develop high-capacity, high-output lithium-ion batteries by utilizing our joint venture with Honda Motor Co., Ltd. and apply to batteries for BEVs and the regular field, centered around batteries for ESS. In terms of new initiatives, starting around 2035, we would like to nurture a new business contributing to society, and utilizing GS Yuasa’s technology and expertise acquired over the years.



Road map of Research and Development

Liquid electrolyte lithium-ion batteries as they currently exist will evolve into batteries free from the use of rare metals, possessing longer lives, and capable of being recycled. As such, we will continue to develop more sustainable batteries with more consideration for resources and environmental issues. Regarding all-solid-state batteries, we are aiming to achieve higher energy density, and will be developing batteries with distinctive features, based on our unique solid electrolyte technology. We will be carrying out the development of silicon-based anodes, as opposed to carbon-based anodes as they currently exist, and furthermore, through the development of metal anode batteries, we will aim to achieve higher energy densities. In terms of cathode technology, sulfur presents several advantages, such as allowing for high-performance batteries. Reserves of this resource are also plentiful, and it’s also a low-cost material.

Growth Story of Our Business

GY 2050 Carbon Neutrality Target

※ GS Yuasa Group's CO2 emissions aggregation standards have been changed, and in FY2018, we are undergoing third-party verification again.

  1. Recalculated using the 2018 emission coefficient obtained from the Ministry of the Environment and IEA
  2. Adopted the control standard as the calculation standard, and consolidated subsidiaries that can be directly influenced are included in the scope of calculation.



Efforts Through Achieving Carbon Neutrality

Promote energy-saving measures
1. Contribute to energy-saving equipment
2. Develop prescriptions for efficient charging methods and develop new ones

Promote of generating renewable energy
1. Maximize introduction in all offices and plants in Japan and overseas
2. Introduce own products (ESS, etc.) and conduct a demonstration experiment

Procure renewable energy
1. Purchase electric power that uses renewable energy
2. Procure reports of renewable energy

Contribute to reducing CO_{2} emission by environmentally considered products

Sixth Mid-Term Management Plan (FY2023-2025)

Policies and Issues


Positioning this period as one for laying the foundation for reform to realize the vision envisioned in Vision 2035,
we will implement a variety of measures to reform our business structure.


1.Development of batteries for BEVs

  • Development of a high-capacity, high-output lithium-ion batteries by utilizing joint venture company with Honda
  • Establishment of production and supply systems of batteries for BEVs to expand mobility and public infrastructure business

2.Reinforcement of earning capacity in existing business

  • Thorough value-added creation and improvement in profitability
  • Maximization of profits due to unparalleled superiority in Industrial Batteries and Power Supplies Business in Japan
  • Transformation of regional strategy, including review of business in China, maximization of profits by concentrating resources at main sites

3.DX / new business

  • DX promotion to enable business structure transformation
  • Create new business that contribute to solving social issues

Mid-Term Management Targets

Segment Targets

Segment Strategies

Automotive Batteries (Japan)

Business Policy

Build an optimal supply system in response to change of business environment and improve profit rate

Strategies and Important Tasks


Establish supply system that enables both rapid response to demand fluctuations and inventory reduction

Sales - For new automobiles

Improve profit ratio due to optimal price revision such as raw material prices

Sales - For replacement

Rebuilt marketing strategies and maintain high market share

Improve efficiency utilizing IoT and DX


Automotive Batteries (Overseas)

Business Policy

Reform management structure for the future by selection and concentration and strengthen profitability

Strategies and Important Tasks

Southeast Asia

Maximize profit by strengthening sales in ASEAN area


Promote fundamental review of business


Supply steadily to Europe utilizing Turkish site and expand sales to the Middle and Near East or North Africa

Other (Australia)

Strengthen production base and expand market share of replacement batteries


Strategy by Region

Industrial Batteries and Power Supplies

Business Policy

Building a business foundation to capture the growth of the next generation

Strategies and Important Tasks

Emergency field (Japan)

Expand our remote monitoring services

Maximize profit by utilizing unparalleled superiority

Regular field (Japan)

Setting the stage for a second pillar of business

Emergency field (Overseas)

Strengthen competitive ability by expanding product lineup


Strategy of Regular Field

As the introduction of renewable energy expands, the importance of storage batteries for controlling fluctuations and adjusting supply and demand is expanding. We will enhance the value we provide to our customers and increase our presence in the regular field market through our all-in-one business, in which we offer power conditioners and storage batteries as a package and can provide everything from products to installation and maintenance in an integrated system.

Automotive Lithium-ion Batteries

Business Policy

Achieve sustainable growth in the lithium-ion battery business by taking carbon neutrality and government targets as opportunities

Strategies and Important Tasks


Improve yield rate and plant utilization rate

Establish further increasing production system of Blue Energy No.2 plant

Strengthen development and production systems of batteries for PHEVs


Strengthen development systems of batteries for BEVs

Prepare for entering market of batteries for BEVs

Auxiliary and backup use

Development of products / preparation of production


Strategy of batteries for BEVs

By using the results of research and development at Honda・GS Yuasa EV Battery R&D Co., Ltd., a new company established with Honda Motor, we plan to start operation of a production line in April 2027 and start full-scale mass production in October of that year for mass production of lithium-ion batteries for BEVs, the pillar of the mobility business. We will supply the batteries mainly to Japanese automakers, and by launching a series of production lines through 2030, the combined production capacity of GS Yuasa, Honda Motor, and Blue Energy will reach 20 GWh/year. We will later seek to expand production capacity within the GS Yuasa Group alone to more than 20 GWh/year by 2035.

Strategy of batteries for HEVs

We expect that during the term of the Sixth Mid-Term Management Plan, sales volume of batteries for HEVs will increase, and we plan to increase Blue Energy’s production capacity to 70 million cells annually in fiscal 2025.

<Change in net sales and operating profit of Blue Energy>

Specialized Batteries and Others

Business Policy

Contribute to the building of new public infrastructure through batteries with the highest level of performance and quality

Strategies and Important Tasks

Specialized batteries business

Improve profitability due to efforts to strengthen the foundation of the defense industry

Development of next-generation LiB for submarines

Response to expand sales of LiB for aircrafts

Expand sales of LiB for satellites


Increase in environmental response costs

Increase in costs for DX and creation of new business


Financial Policy and Capital Policy

Financial Policy

FY2025 Targets

Interest-bearing debt to operating cash flow ratio*1

Approx. 3 years*1

Total return ratio*2

30% or more

Equity ratio

maintain 40% or more

  1. Interest-bearing debts (including lease obligations) / operating cash flow
  2. The total return ratio for FY2025 is before goodwill amortization

Sixth Mid-Term
Management Plan
3-year total

Operating cash flow

¥140.0 bn

Investing cash flow

190.0 bn

Free cash flow

50.0 bn

Capital Allocation


Archives of Mid-Term Management Plan Briefing Materials

Fifth Mid-Term Management Plan (FY2019-2023)

Fourth Mid-Term Management Plan (FY2016-2018)