GS Yuasa Corporation
6674.TMEDIUMScore: 34.3Battery — Motorcycle Li-ion / EV R&D · Weight: 5%· Data as of 2026-05-06
Investment Thesis
World's #1 motorcycle battery maker (Yuasa brand is OEM standard across Honda, Yamaha, Kawasaki globally) pivoting to Li-ion as e-motorcycles displace ICE. Honda-GS Yuasa EV Battery R&D JV (est. Aug 2023) positions GS Yuasa as Honda's Li-ion battery partner. Upcoming FY2025 results (May 13, 2026) with dividend raised ¥80→¥90 signals strong earnings. Reasonable PE 11x, ROE 9.59% (above TSE 8% reform target), PB 1.54x.
Risk
Majority of revenue still lead-acid automotive batteries (structurally declining as EVs grow). Honda JV focused on 4-wheel EV batteries (not 2-wheeler specific). Chinese Li-ion motorcycle battery makers (CATL supply chain) gaining share. FY2025 earnings on May 13 — guide down risk if auto battery weakness.
Monitoring Trigger
May 13 FY2025 results: If motorcycle Li-ion segment disclosed with double-digit growth, upgrade conviction. If lead-acid revenue decline accelerates >10% YoY, reduce. Watch for Honda JV prototype announcements.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Automotive Batteries (Japan) | est. ~¥200B | ~35% | Lead-acid batteries for cars and motorcycles (Japan domestic). OEM supplier to Honda, Toyota, Yamaha. |
| Automotive Batteries (Overseas) | est. ~¥230B | ~40% | Lead-acid batteries for cars and motorcycles (Asia, US, Europe). Dominant Yuasa brand. |
| Industrial Batteries | est. ~¥100B | ~17% | UPS, telecom, renewable energy storage. Growth segment. |
| Automotive Lithium-ion | est. ~¥60B | ~10% | Li-ion for HEV/PHEV (Honda JV). R&D stage for high-capacity EV cells. |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | Honda Motor | OEM motorcycle lead-acid and Li-ion batteries (Yuasa brand) | GS Yuasa is the OEM motorcycle battery supplier for Honda globally. Yuasa brand appears on Honda motorcycle batteries worldwide. Honda-GS Yuasa EV Battery R&D JV established Aug 2023 for high-capacity Li-ion. |
| confirmed | Honda Motor | Li-ion battery storage systems for Honda factories | GS Yuasa delivered large-scale Li-ion storage battery to Honda Kumamoto Manufacturing plant and Honda Hosoe Outboard Engine Plant. |
| probable | Yamaha Motor / Kawasaki | OEM motorcycle lead-acid starter batteries | Yuasa brand is the de facto OEM motorcycle battery across all major Japanese OEMs. World #1 powersports battery. |
Primary IR Documentation
Values and insights cited from official company IR releases (earnings, 決算短信, MoUs, presentations).
Cites: Primary IR portal
https://ir.gs-yuasa.com/en/ir.html
Cites: Full-year earnings PDF released May 13, 2026
https://data.swcms.net/file/gs-yuasa-ir/dam/jcr:ae93741b-55b9-4432-82a0-4a3d84b6dce3/140120260513529579.pdf
Cites: Honda LIB JV agreement (May 11, 2023) — backbone of e-motorcycle / EV battery thesis
https://newsroom.gs-yuasa.com/en/news-release/110