# Who are Mazda Motor's customers? Who does Mazda Motor earn revenue from?
Canonical: https://valuechain.wiki/mazda-motor · Facet: customers · Updated: 2026-07-12T05:39:57.981068+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Mazda Motor discloses no named confirmed revenue counterparties; 3 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 3 revenue edges, backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).

### 북미 소비자·딜러 (high)
- note: Largest market. FY2026 external-customer sales ¥2,561.7B on 582k units (-6% YoY). Tariffs on the Mexico-built CX-30 drove a first-half loss, with a second-half recovery.
- [confirms] Mazda Motor (EN, filing, published 2026-05-12) https://www.mazda.com/content/dam/mazda/corporate/mazda-com/en/pdf/investors/library/result/2026/result20260512_e.pdf: "North America external-customer net sales ¥2,561,746M (FY2026 segment information)."
- [confirms] Mazda Motor (EN, filing, published 2026-05-12) https://www.mazda.com/content/dam/mazda/corporate/mazda-com/en/pdf/investors/library/result/2026/presentation20260512_e.pdf: "North America sales volume 582k units (-6%)."
- [mentions] Morgan Stanley (EN, research, published 2026-03-13) https://finance.yahoo.com/news/mazda-motor-price-target-raised-161545077.html: "Morgan Stanley target ¥1,200 (Equal Weight, Mar 2026); consensus ~¥1,174, Neutral (13 analysts)."
- [mentions] Nikkei Asia (EN, news, published 2025-05-01) https://asia.nikkei.com/business/tech/semiconductors/toyota-supplier-denso-to-invest-3.3bn-in-chip-business: "Mazda-Toyota alliance incl. a joint US plant."

### 토요타 (자본 제휴) (high)  → /toyota.md
- note: 2017 cross-shareholding: Toyota holds ~5.05% of Mazda and Mazda ~0.25% of Toyota — the anchor of the capital and technology alliance.
- [mentions] Nikkei Asia (EN, news, published 2025-05-01) https://asia.nikkei.com/business/tech/semiconductors/toyota-supplier-denso-to-invest-3.3bn-in-chip-business: "Toyota-Mazda cross-shareholding alliance."
- [confirms] Toyota (press release) (EN, news, published 2017-08-04) https://global.toyota/en/detail/18012215: "In the 2017 alliance Toyota acquired 31.9m new Mazda shares (5.05%) and Mazda acquired Toyota shares (0.25%) — the anchor of the capital and technology alliance."

### 유럽 소비자·딜러 (high)
- note: FY2026 external-customer sales ¥859.6B (+16%) on 164k units; the only region with revenue growth, aided by mix.
- [mentions] Mazda Motor (EN, filing, published 2026-05-12) https://www.mazda.com/content/dam/mazda/corporate/mazda-com/en/pdf/investors/library/result/2026/presentation20260512_e.pdf: "Europe sales volume 164k units (-6%)."
- [confirms] Mazda Motor (EN, filing, published 2026-05-12) https://www.mazda.com/content/dam/mazda/corporate/mazda-com/en/pdf/investors/library/result/2026/result20260512_e.pdf: "Europe external-customer net sales ¥859,557M (segment total +16% YoY)."

### 일본 소비자·딜러 (high)
- note: Home market. FY2026 external-customer sales ¥900.2B on 144k units (-5% YoY); most domestic output is exported.
- [confirms] Mazda Motor (EN, filing, published 2026-05-12) https://www.mazda.com/content/dam/mazda/corporate/mazda-com/en/pdf/investors/library/result/2026/result20260512_e.pdf: "Japan external-customer net sales ¥900,173M."
- [mentions] Mazda Motor (EN, filing, published 2026-05-12) https://www.mazda.com/content/dam/mazda/corporate/mazda-com/en/pdf/investors/library/result/2026/presentation20260512_e.pdf: "Japan sales volume 144k units (-5%)."

Reverse side: https://valuechain.wiki/mazda-motor/suppliers.md · Ripple: https://valuechain.wiki/mazda-motor/ripple.md

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