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In May 2001, Isuzu Motors Limited unveiled a new medium-term business plan dubbed the Isuzu V
Plan. While fine-tuning the plan to stay in step with a fast-changing business environment, Isuzu
worked to achieve two overriding goals of this key management initiative—enhance competitiveness
and restore corporate value.
But with business conditions remaining difficult, typified by a protracted slump in the domestic
commercial vehicle market and a downturn in the U.S. SUV business, the Isuzu Group felt compelled to
launch a new business plan in October 2002. Called the New Three-Year Business Plan, this initiative is
designed to build a powerful organization capable of withstanding the challenges Isuzu faces. The main
thrust of this plan is sweeping reforms of Isuzu’s operating framework and financial structure.
On the cover
Photographs:
ELF KR: Light-duty truck (Domestic specifications)
Isuzu D-MAX: Isuzu’s all-new pickup truck
4EE2-TC 1.7-Liter Diesel Engine: This engine has cleared Europe’s Euro 4 next-generation emission standards and powers the new
Opel Astra passenger car.
PROFILE
Contents
Financial Highlights . . . . . . . . . . . . . . . . 1
President’s Message . . . . . . . . . . . . . . . 2
The New Three-Year Business Plan . . . 4
Environmental Activities . . . . . . . . . . . . 8
Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Financial Section . . . . . . . . . . . . . . . . . . 11
Corporate Directory . . . . . . . . . . . . . . . . 35
Corporate Data . . . . . . . . . . . . . . . . . . . . 36
FORWARD-LOOKING STATEMENTS
This annual report contains forward-looking statements about Isuzu Motors
Limited’s plans, strategies, beliefs and performance that are not historical facts.
These forward-looking statements are based on current expectations, estimates,
forecasts and projections about the industries in which Isuzu Motors Limited
operates, management’s beliefs and assumptions made by management. As the
expectations, estimates, forecasts and projections are subject to a number of
risks, uncertainties and assumptions, they may cause actual results to differ
materially from those projected. Isuzu Motors Limited, therefore, wishes to caution
readers not to place undue reliance on such forward-looking statements.
ISUZU MOTORS LIMITED ANNUAL REPORT 2003