More often, they've been called boring.

更多的時候，他們被稱為無聊。

Even Honda's own designers have said so.

就連本田自己的設計師也是這麼說的。

Akio Toyota, that company's chairman and scion of its founding family, was so frustrated with this he once demanded no more boring cars.

豐田公司董事長兼創始家族的後代豐田章男對此非常不滿，他曾要求不再生產乏味的汽車。

The word boring and the word Lexus would never be used in the same sentence again.

無聊和雷克薩斯這兩個詞再也不會出現在同一個句子裡了。

You know, we were always seeing it sort of pedestrian, right?

你知道，我們總是看到它有點行人，對嗎？

Like you buy a Camry, but, you know, it's not cool.

就像你買了一輛凱美瑞，但你知道，它並不酷。

Despite the image, Toyota and Honda rule the used car lot.

儘管形象不佳，但豐田和本田仍統治著二手車市場。

What do you feel about 500 bucks?

你覺得 500 美元怎麼樣？

Let's do this.

我們開始吧

These two brands and their luxury divisions hold their values better than any other.

這兩個品牌及其奢侈品部門比其他任何品牌都更能體現其價值。

It matters a lot and it is not something that Honda has been able to achieve overnight.

這一點非常重要，而且本田也不是一朝一夕就能做到的。

We want to make sure that they've maintained their value above the rest of the competition.

我們要確保它們在競爭中保持自己的價值。

This relentless pursuit of making sure that we're producing what customers want and they're durable, we stay hyper-focused on that and we don't take that for granted.

我們堅持不懈地追求，確保生產出客戶需要的產品，並且經久耐用。

But their records aren't perfect.

但他們的記錄並不完美。

And on top of it, it's a chaotic time in automotive history with EVs, software, upstart brands and looming Chinese competition.

此外，電動汽車、軟件、新品牌以及迫在眉睫的中國競爭，都讓這一時期成為汽車發展史上的混亂時期。

So why do Toyota and Honda hold their value so well?

那麼，豐田和本田的保值率為何如此之高？

And can they stay on top?

他們能保持領先地位嗎？

Toyota has topped Kelley Blue Book's best resale value list eight times since 2014, including the last four consecutive years.

自 2014 年以來，豐田汽車八次榮登《凱利藍皮書》最佳轉售價值榜首，其中包括最近連續四年。

Lexus has won the group's award five times. 2024 is its third consecutive.

雷克薩斯已五次獲得該集團的獎項。2024 年是其第三次蟬聯。

Lexus won the luxury category on J.D.

雷克薩斯在 J.D. 雜誌的豪華車類別中勝出。

Power's residual awards list.

Power 的殘餘獎項名單。

The market tends to have much greater demand than Toyota supplies up front, which keeps resale high, which keeps consumers happy.

市場的需求量往往遠遠大於豐田的前期供應量，這就使得轉售量居高不下，從而讓消費者感到滿意。

And the cycle continues on and on.

如此循環往復。

Honda is another big winner among mainstream brands.

本田是主流品牌中的另一個大贏家。

It bested its Japanese rival in J.D.

它在 J.D. 的比賽中擊敗了日本對手。

Power's ranking.

Power 的排名。

Edmunds data shows overall Toyota and Honda are neck and neck, as are their higher end Acura and Lexus brands.

Edmunds 的數據顯示，豐田和本田的整體實力不相上下，其高端品牌謳歌和雷克薩斯也不相上下。

Honda's numbers are impressive, but Toyota's stand apart.

本田的數據令人印象深刻，但豐田的數據卻與眾不同。

It's the biggest automaker in the world, sells many more cars than Honda and has a greater selection.

它是世界上最大的汽車製造商，銷售的汽車比本田多得多，選擇也更多。

For example, Honda doesn't have a full line of pickup trucks.

例如，本田沒有全系列的皮卡車。

Those typically have lackluster resale values as they tend to be heavily incentivized and get beat up by owners.

這些產品的轉售價值通常很低，因為它們往往受到大量獎勵，並被車主肆意踐踏。

In addition, the higher volume means more supply that should drive down prices.

此外，更高的產量意味著更多的供應，這應該會推動價格下降。

Not in Toyota's case.

豐田的情況並非如此。

Toyota is the number one selling nameplate in the United States automotive industry.

豐田是美國汽車行業銷量第一的品牌。

Chevy, Ford kind of go back and forth between who's number two.

雪佛蘭，福特在誰是二把手之間來來回回。

Toyota's 40 percent bigger than them.

豐田比他們大 40%。

Toyota, and in a slightly different way rival Honda, have managed to get to this position without relying on some of the strategies other automakers resort to in order to sell cars, which can hurt a brand and drive down resale value.

豐田和競爭對手本田以略微不同的方式成功地取得了這一地位，而沒有依賴其他汽車製造商為銷售汽車而採取的一些策略，因為這些策略會損害品牌並降低汽車的轉售價值。

Automakers do three things to push volume when times are tough.

在困難時期，汽車製造商會做三件事來推動銷量。

Incentives, fleet sales and leasing.

獎勵、車隊銷售和租賃。

Take incentives.

採取激勵措施。

If you've ever heard that a car loses 10 percent in the lot, it's because most cars are sold with incentives and the market factors that in when determining what your car is worth.

如果你聽說過汽車在停車場會損失 10%，那是因為大多數汽車在出售時都有優惠，而市場在確定汽車價值時會將優惠因素考慮在內。

When you do trade in your car at the dealership, the dealer is going to give you a price for it that assumes you got some kind of incentive because chances are you have.

當你去車行換車時，車行會給你一個價格，假定你得到了某種獎勵，因為你很可能得到了。

Toyota offers very little in incentives.

豐田提供的激勵措施很少。

Honda says it spends about 23 percent less than rivals.

本田表示，它比競爭對手少花約 23% 的錢。

From sales and production planning to manufacturing, we work very closely to make sure that we have enough inventory on dealer lots to sell, but not too much.

從銷售、生產規劃到製造，我們緊密合作，確保經銷商地段上有足夠的庫存可供銷售，但又不會太多。

We don't spend a lot of incentive dollars relative to the industry.

與同行業相比，我們花費的獎勵資金並不多。

Then you're going to have higher resale value because the demand that drives the new car side, it's going to drive the used car side.

然後，你就會有更高的轉售價值，因為推動新車方面的需求，也會推動二手車方面的需求。

Fleet sales is essentially bulk sales like to rental companies or the government.

車隊銷售主要是向租賃公司或政府進行批量銷售。

About 14 percent of Toyota's sales are fleet.

豐田約 14% 的銷售額來自車隊。

Hondas are just 1.8.

本田僅為 1.8。

That's far lower than Ford, Chevrolet and Chrysler.

這一數字遠遠低於福特、雪佛蘭和克萊斯勒。

Bulk sales usually come with discounts.

批量銷售通常會有折扣。

It's kind of like the incentive, but not quite the same.

這有點像獎勵，但又不完全一樣。

It lowers the transaction price overall of that.

總體而言，這降低了交易價格。

A lot of fleet cars tend to have fewer bells and whistles and their presence in the used market drives the brand's overall resale value down.

很多車隊用車往往沒有那麼多配置和口哨，它們在二手市場上的出現導致品牌的整體轉售價值下降。

Also, your buyer could decide to unload its whole fleet at once.

此外，您的買方可能會決定一次性卸下整個車隊。

Well, that's one of the reasons Tesla's retention values are as low as they they are.

這也是特斯拉保值率如此之低的原因之一。

They can't control that aspect of it because they've sold a big chunk of vehicles into the marketplace.

他們無法控制這一方面，因為他們已經向市場出售了一大批車輛。

And finally, leasing.

最後是租賃。

Toyota is among the companies with the lowest level of it.

豐田是其中水準最低的公司之一。

That hasn't always been the case.

情況並非總是如此。

Honda, on the other hand, is among the highest.

而本田則是其中最高的。

Leases usually have lower payments than purchases.

租賃的付款額通常低於購買。

It's another tool automakers use to sell more cars.

這是汽車製造商用來銷售更多汽車的另一個工具。

But if you over rely on it, you add more vehicles to the used market when the lease is up.

但如果過度依賴它，租賃期滿後，二手車市場上就會增加更多車輛。

It's simple supply and demand.

這就是簡單的供求關係。

Interesting thing with Toyota is we perhaps don't know how big Toyota could actually be because they are not really doing these sorts of activities to stoke demand artificially in the form of unnatural level of incentives or pushing out production to the fleet channel.

豐田的有趣之處在於，我們也許不知道豐田究竟能做多大，因為他們並沒有真正開展此類活動，以不自然的激勵措施或向車隊管道推送產品的形式人為地刺激需求。

Toyota tends to avoid a lot of these brand destroying activities, even as their number one.

豐田往往會避免很多此類破壞品牌的活動，即使是作為其第一品牌。

This is day's supply, a way of measuring how much inventory a dealer has.

這是每日供應量，是衡量經銷商庫存量的一種方法。

You want that number to be low.

你希望這個數字很低。

Lower day's supply means cars are selling faster.

日供應量減少意味著汽車銷售速度加快。

The three brands with the lowest numbers, Lexus, Toyota and Honda.

數量最少的三個品牌是雷克薩斯、豐田和本田。

Frankly, it's probably lower than I'm comfortable with.

坦率地說，這個數字可能比我能接受的還要低。

I'd like to have a few more day's supply in stock.

我想多儲備幾天。

But managing that, not over building also impacts the long term resale value of the products.

但在管理上，不過度建造也會影響產品的長期轉售價值。

Our target is to make sure that the dealers have enough supply on dealer lots to sell in one month.

我們的目標是確保經銷商地段上有足夠的貨源，可以在一個月內售出。

And they're turning their inventory every month.

他們每個月都在週轉庫存。

And that will also go into how we're able to maintain our residual values because we're able to maintain the right mix of inventory, which is not an easy thing to do.

這也會影響到我們如何保持剩餘價值，因為我們能夠保持正確的庫存組合，而這並不是一件容易的事情。

And it's a constant challenge that we work on.

這是我們不斷面臨的挑戰。

Here's days to turn the number of days it takes to sell a car for a handful of mainstream U.S. brands.

以下是一些美國主流品牌汽車的銷售天數。

Toyota is by far the lowest.

到目前為止，豐田是最低的。

Honda is third, barely edged out by Subaru.

本田排在第三位，被斯巴魯勉強超越。

In addition to all this, these companies, especially Toyota, have strong reputations for quality, durability and reliability.

除此之外，這些公司，尤其是豐田公司，在品質、耐用性和可靠性方面享有盛譽。

These three words even form a slogan at Toyota, often abbreviated as QDR.

這三個詞甚至成為豐田的口號，通常縮寫為 QDR。

The culture here is completely different in Toyota.

這裡的文化與豐田完全不同。

And I think that's a huge competitive advantage.

我認為這是一個巨大的競爭優勢。

The QDR is the cornerstone, customer satisfaction and focus is the cornerstone.

QDR 是基石，客戶滿意度和關注度是基石。

And we just relentlessly Kaizen, you know the term Kaizen, it's always trying to improve.

我們堅持不懈地進行 Kaizen（改善），你知道 Kaizen（改善）這個詞吧，就是一直努力改進。

Quality and reliability helped it overcome early failures in the U.S. market and win over a skeptical public.

品質和可靠性幫助它克服了早期在美國市場的失敗，並贏得了持懷疑態度的公眾。

We came to the U.S., we built cars that weren't exactly what the U.S. market wanted.

我們來到美國，我們製造的汽車並不完全符合美國市場的需求。

And we had to go back and reengineer our vehicles to make sure that they appealed to consumer tastes here.

我們不得不回頭重新設計我們的車輛，以確保它們符合這裡消費者的口味。

Lexus and Toyota top Consumer Reports reliability ranking, with MINI in third place and Honda and Acura in fourth and fifth.

雷克薩斯和豐田在《消費者報告》可靠性排名中名列前茅，MINI 位列第三，本田和謳歌分列第四和第五。

In 2024, the group began ranking five to 10-year-old used cars, and Toyota and Lexus topped that list, too.

2024 年，該小組開始對 5 至 10 年車齡的二手車進行排名，豐田和雷克薩斯也名列榜首。

The Honda brands don't fare nearly as well in J.D.

本田品牌在 J.D. 的表現則差強人意。

Power's dependability study, but Toyota and Lexus top it.

Power 的可靠性研究，但豐田和雷克薩斯名列前茅。

A lot of consumers are willing to pay more, both for the perception and the reality that a Toyota vehicle is not going to break down.

很多消費者願意支付更高的價格，因為他們認為豐田汽車不會出現故障。

There's examples of people driving their Lexuses and Toyotas well past a million miles.

有人開著自己的雷克薩斯和豐田汽車行駛了超過一百萬英里的例子比比皆是。

It is rare, but those vehicles can certainly go the distance.

這種情況很少見，但這些車輛肯定能跑得很遠。

These automakers are also the number one and number two sellers of hybrids in a market that can't get enough of them.

這些汽車製造商也是混合動力車的頭號和二號銷售商，市場對混合動力車求之不得。

It takes just 26 days for a dealer to sell a hybrid, compared with 58 days for the industry overall.

經銷商銷售混合動力汽車僅需 26 天，而整個行業則需要 58 天。

Same with resale.

轉售也是一樣。

Three-year-old used EVs hold 44 percent of their value.

三年車齡的二手電動車保值率為 44%。

Plain gas cars, 65 percent.

普通汽油車為 65%。

Hybrids, 72.

雜交種, 72.

Automaker profits usually hover in the high single digits to low double digits range.

汽車製造商的利潤通常徘徊在高個位數到低兩位數之間。

Every automaker is tempted to build and sell just a few more units, but carmakers' costs are high and mostly fixed.

每個汽車製造商都想多生產和銷售幾輛車，但汽車製造商的成本很高，而且大多是固定的。

About 70 percent of the price of a vehicle goes to the direct cost of producing it, building the engine, stamping the sheet metal, keeping the factory lights on.

汽車價格中約有 70% 是生產汽車、製造發動機、衝壓鈑金、維持工廠照明的直接成本。

Two-thirds of what's left is eaten up by marketing, product development and everything else.

剩下的三分之二被市場營銷、產品開發和其他一切所吞噬。

So about 10 percent profit.

是以，利潤約為 10%。

If a company makes a million cars, profits don't flow until they've sold about 900,000.

如果一家公司生產了 100 萬輛汽車，在售出約 90 萬輛之前，利潤是不會流動的。

You want to build one more, you want to sell one more, because that's closer you get to nirvana, where the profits just start flowing in.

你想再建一座，你想再賣一座，因為這樣更接近涅槃，利潤就會源源不斷地湧入。

But the challenge is if the demand isn't there.

但如果沒有需求，就會面臨挑戰。

That's where Fleet comes in.

這就是艦隊的作用所在。

Instead of Ising comes in, all kinds of things come into play.

而不是伊辛來了，各種各樣的東西都會發揮作用。

What sets Toyota and Honda apart is they tend not to build cars they aren't sure they can sell.

豐田和本田的與眾不同之處在於，它們往往不會製造沒有把握賣得出去的汽車。

So it's a tightrope walk in manufacturing and nobody walks that better than Toyota.

是以，在製造業中，走鋼絲是一項艱鉅的任務，沒有人比豐田走得更好。

The renowned Toyota production system especially is credited with introducing revolutionary manufacturing principles, including, among other things, concepts sometimes called lean manufacturing or just-in-time production.

著名的豐田生產系統尤其因引入了革命性的生產原則而備受讚譽，其中包括有時被稱為精益生產或準時生產的概念。

The idea, reduce waste of all kinds and improve efficiency as much as possible.

我們的想法是，儘可能減少各種浪費，提高效率。

Nothing is made until there is a need for it.

在有需要之前，什麼都不會被製造出來。

That holds true through the entire chain.

整個產業鏈都是如此。

Toyota production system is probably the closest thing we have to a pull system still in the auto industry.

豐田生產系統可能是汽車行業中最接近拉動式生產系統的系統。

It's called a pull system because production is pulled by demand.

之所以稱之為拉動式系統，是因為生產是由需求拉動的。

The reputation for quality and durability also goes back to manufacturing.

品質和耐用性的聲譽還可追溯到製造環節。

On a Toyota factory floor, for example, any employee can stop the assembly line by pulling a cord if they notice a defect.

例如，在豐田工廠的工廠中的房間裡，任何員工只要發現缺陷，都可以通過拉繩來停止裝配線。

That allows the company to catch things early.

這樣，公司就能及早發現問題。

And they're making big investments in training every worker, every maintenance worker, every engineer in how to solve problems.

他們正在投入巨資，培訓每一位工人、每一位維修工、每一位工程師如何解決問題。

They also standardize designs.

它們還使設計標準化。

Even something as simple as the hood of a car will be designed similarly across models.

即使是汽車引擎蓋這樣簡單的東西，不同車型的設計也大同小異。

And when you standardize, you're making a larger volume, which reduces cost.

標準化後，產量更大，成本更低。

But also you can fine tune and work out any quality issues over years of practice.

不過，在多年的實踐中，你也可以對任何品質問題進行微調和解決。

They will work on testing and retesting and retesting and fine tuning the standards until it's almost perfect.

他們將致力於測試、再測試、再測試，並對標準進行微調，直到幾乎完美為止。

The company also moves slowly and thoroughly, even when it takes big leaps.

該公司的行動也是緩慢而徹底的，即使在大躍進時也是如此。

It considered 80 different potential technologies for its hybrid powertrain on the original Prius.

在最初的普銳斯車型上，該公司為混合動力系統考慮了 80 種不同的潛在技術。

It doesn't stuff cars with features customers aren't asking for.

它不會在汽車上塞滿客戶不需要的功能。

So there is less pressure to include the latest and greatest.

是以，要求我們採用最新、最先進技術的壓力較小。

This is also true of Honda.

本田也是如此。

We've had a relentless focus on cost controls.

我們一直堅持不懈地注重成本控制。

Some brands may put a piece of equipment on a car because it's more profitable.

有些品牌可能會在汽車上安裝某種設備，因為這樣做更有利可圖。

Right.

對

And that just doesn't enter our mentality.

而這恰恰不在我們的考慮範圍之內。

It's what is what the customer wants and at what price.

這就是客戶的需求和價格。

You do risk losing customers to the latest and greatest.

你確實有可能因為最新、最棒的產品而失去客戶。

But by going with tried and true technology, it's really enabled them to say, like, look, you might miss out on a few gadgets here and there, but we're going to build a vehicle that you know is going to go forever.

但是，通過採用久經考驗的技術，他們可以說，聽著，你可能會錯過一些小玩意兒，但我們要打造的是一輛你知道會永遠使用下去的汽車。

But that also means it rolls out new technology much later than competitors.

但這也意味著它推出新技術的時間要比競爭對手晚得多。

Toyota has been criticized for this in the past, even Honda, that they're not jumping right into, you know, full EV.

豐田過去曾是以受到過責備，甚至本田也是如此，因為他們沒有立即進入全電動車領域。

Toyota and Honda buyers are the most loyal.

豐田和本田的買家最忠誠。

That said, their records do have a few blemishes.

儘管如此，他們的記錄也有一些瑕疵。

They're not perfect.

他們並不完美。

No one is.

沒有人是。

There has been a widening scandal over falsified safety check data in Japan.

在日本，偽造安全檢查數據的醜聞愈演愈烈。

Toyota and Honda have been swept up into it.

豐田和本田也被捲入其中。

Honda said in February it will have to recall 750,000 vehicles over faulty airbags.

本田公司今年 2 月表示，由於安全氣囊故障，該公司將不得不召回 75 萬輛汽車。

Toyota will replace engines in over 100,000 Tundra and Lexus LX SUVs.

豐田將為 10 多萬輛 Tundra 和雷克薩斯 LX SUV 更換髮動機。

Tacoma, the most legendary result values durability where you just run into a rock.

塔科馬，最富傳奇色彩的結果值是耐久性，你只是撞上了一塊石頭。

It'll be fine.

沒事的

Transmission recall, complete replacement.

變速箱召回，全部更換。

Toyota's V61 Turbo, recalling the engines.

豐田的 V61 渦輪增壓發動機，召回發動機。

Right.

對

So we're talking about major component failures.

所以我們說的是主要部件故障。

And this is where you start to see maybe some consumers might start to break.

這就是你開始看到一些消費者可能開始崩潰的地方。

But the transition to EVs, while rocky, won't stop.

但是，向電動汽車的過渡雖然坎坷，卻不會停止。

And Toyota's reputation for moving slowly has earned it criticism.

而豐田行動緩慢的名聲也為其招致了責備。

Toyota was long the leader known for alternative power trades.

長期以來，豐田一直是替代能源行業的領導者。

They more or less invented the hybrid industry as we know it today, bringing the original Prius to market and continuing to iterate on that technology.

他們或多或少地發明了我們今天所知的混合動力產業，將最初的普銳斯推向市場，並不斷改進該技術。

And yet a new technology came around and they're a laggard in an EV transition.

然而，一項新技術的出現卻讓他們在電動車轉型中落伍了。

The brand has only two EVs, the BZ4X and the Lexus RZ.

該品牌僅有兩款電動汽車，即 BZ4X 和雷克薩斯 RZ。

The BZ4X rollout was by many accounts a disaster.

許多人認為，BZ4X 的推出是一場災難。

They literally had the wheels falling off.

他們的車輪真的掉下來了。

They had a stop sale on the BZ4X and that was kind of like of all brands.

他們對 BZ4X 進行了停止銷售，這在所有品牌中都是一樣的。

Younger buyers are a bit less brand loyal than previous generations.

與上一代人相比，年輕買家對品牌的忠誠度較低。

And right now, many say the future is basically anyone's game.

而現在，許多人都說未來基本上是任何人的遊戲。

Any incumbent, no matter how well run or beloved, faces threats.

任何在位者，無論經營得多好，多麼受人愛戴，都會面臨威脅。

The variation now in ideas and innovation that has come to the auto industry is, I think, on a scale we haven't seen before.

我認為，現在汽車行業在理念和創新方面的變化是我們以前從未見過的。

And with that means the winners and losers are not always guaranteed.

這就意味著，輸贏並不總是有保證的。

One of the strengths of Chinese manufacturers, for example, is their ability to move very quickly.

舉例來說，中國製造商的優勢之一就是行動迅速。

They can release new versions of vehicles within a year or two of the previous model, a fraction of the typical time it takes automakers and develop markets.

它們可以在前一車型的一兩年內推出新款汽車，這與汽車製造商開發市場所需的時間相比，簡直是小巫見大巫。

Even new non-Chinese automakers such as Tesla and Rivian have an advantage, the rise of the software-defined vehicle, which allows automakers to update features remotely.