New Toyota President to Helm Firm Amid Fierce Competition
14:56 JST, January 27, 2023
Toyota Motor Corp. presidential designate Koji Sato will likely have to contend with fierce competition from various industries when he takes the company helm in April.
The auto industry is in the midst of a “once-a-century” major transformation: Growing demand for decarbonized travel is accelerating the development of electric vehicles (EVs), while the proliferation of vehicles with a permanent connection to the internet and the development of self-driving technology are also driving progress.
Currently, the EV field is led by foreign automakers. According to research firm MarkLines Co., among all vehicle sales for the first 11 months of 2022— including estimates — EVs accounted for 21.1% in China, 10.3% in Europe and 5.8% in the United States. The rise of such industry giants as Tesla Inc. of the United States and BYD Co. of China has been particularly conspicuous. In Japan, however, EVs only accounted for 1.7% of sales in 2022.
Japan has lagged in bringing new EVs to the market and has a poor recharging environment. “Japan is already a lap behind the competition,” one leading automaker executive said.
The car industry is increasingly responding to the shift toward EVs. Last year, Honda Motor Co. began collaborating with Sony Group on an EV venture. The resulting prototype was unveiled this month, with a tentative launch date of 2025, or later.
French auto giant Renault SA, meanwhile, plans to spin off its EV division in 2023 and create a new Europe-based company. Renault is seeking to partner with Nissan Motor Co.’s on the new company, and negotiations are already at an advanced stage, including on such points as equity participation.
A number of U.S. industry players are expected to throw their hats into the EV ring, such as IT giant Apple Inc.
"Business" POPULAR ARTICLE
-
Japan’s Newly Harvested Rice Arrives on Store Shelves; Prices Soar 30%-50% Following Shortage
-
Japan to Give New Subsidies for Domestic EV Battery Output
-
Spa Resort Hawaiians Gets Offer from U.S. Fund
-
JR Freight Rail Yards Inspected over Data Fraud
-
JR East Employee in His 70s Earns Doctorate on Safe Train Operations; Believes Accidents Caused by Human Error Can Be Reduced
JN ACCESS RANKING
- Philippines Steps Up Defense of Northernmost Province with Eye on Possible Contingency Involving Taiwan
- Tokyo Companies Prepare for Ashfall From Mt. Fuji Eruption; Disposal Of Ash, Possibly at Sea, A Major Challenge
- Harris Widens Lead over Trump to 47%-40%, Reuters/Ipsos Poll Finds
- Typhoon Bebinca Could Approach Southern Japan In Days; Heavy Storms Expected from Saturday (Update 1)
- Mooncake Sales in China Frosty Ahead of Fall Holidays, as Sluggish Economy and Govt Rules Take Their Toll