CosmicTaco

Japanese Carmakers ‘Very Scared’ by China’s Rapid EV Development

CosmicTaco · 2024-07-21T12:29:17.751790+05:30

- Japanese carmakers are alarmed by the swift progress of Chinese electric vehicles, risking becoming followers if they don't innovate faster, warns Sony-Honda's joint venture head. - Yasuhide Mizuno calls for a shift in Japan's conservative corporate culture to keep pace with Chinese rivals, who have quickly become leading vehicle exporters. - Mizuno highlights the need for Japanese carmakers to change their cautious approach to launching cars, or risk falling behind China. - Despite plans to phase out petrol cars by 2040, Honda has lagged in electrification, teaming up with Nissan to compete against China's high-tech, low-cost models. - The Sony-Honda joint venture aims to deliver its electric vehicle to North America by 2026, targeting 'wealthy geeks' with its premium car, Afeela. Source: Financial Times

Japanese carmakers are alarmed by the swift progress of Chinese electric vehicles, risking becoming followers if they don't innovate faster, warns Sony-Honda's joint venture head.
Yasuhide Mizuno calls for a shift in Japan's conservative corporate culture to keep pace with Chinese rivals, who have quickly become leading vehicle exporters.
Mizuno highlights the need for Japanese carmakers to change their cautious approach to launching cars, or risk falling behind China.
Despite plans to phase out petrol cars by 2040, Honda has lagged in electrification, teaming up with Nissan to compete against China's high-tech, low-cost models.
The Sony-Honda joint venture aims to deliver its electric vehicle to North America by 2026, targeting 'wealthy geeks' with its premium car, Afeela.

Source: Financial Times