While some manufacturers are rethinking their initial optimism about electric vehicles (EVs), it seems that Japan’s cautious approach has kept the country’s carmakers relatively unconcerned and on track with their plans.
With changes from companies like Ford adjusting their expectations with the F-150 Lightning, GM narrowing down their electric pickup plans, Genesis losing confidence in their EV-only strategy, and even Chinese automakers like HiPhi pausing EV production for 6 months, it appears that the slow adoption of EVs has caught many industry bigwigs by surprise.
However, that is not the case in Japan. Toyota has long voiced its skepticism about governments and rival automakers’ plans for a complete switch to EVs. Meanwhile, other brands like Honda, Subaru, Nissan, and Mazda are also believed to have some reservation about a full transition to EVs.
While EV proponents often attribute this approach to traditional automakers being reluctant to change as they try to catch up with Tesla, Japanese automakers have a sense that the slow down will eventually happen with the EV market.
“The customers are the one deciding the pace of electrification,” said Stephen Ma, Chief Financial Officer of Nissan Motor. “Electrification is not linear growth, it’s not a straight line. It will go up and down. But in the long run, it will grow.”
According to Nissan’s leadership, it can be seen that being cautious about EVs does not mean that Japanese automakers are losing focus on the future of electrification. While the company is focusing on consumer needs, Nissan will still proceed with its 5-year plan for EV development with an investment of up to 2 trillion yen (~328 billion dong).
And of course, they won’t be alone. Speaking about the company’s plans, Honda Motor CFO Eiji Fujimura said that while a “cooling off” might occur in the growth of the EV market, this automaker will continue to develop its models.
Similarly, Subaru executive vice president Tomoaki Emori stated that they looked into a growth chart when devising their 1.5 trillion yen (~246 billion dong) electrification plan.
Meanwhile, Toyota, the “giant,” remains steady in the EV race after achieving record sales for its hybrid vehicles. According to a Toyota representative, the company plans to sell 5 million hybrid vehicles by 2025.
Additionally, Toyota Chief Financial Officer Yoichi Miyazaki stated that the company will continue investing in their EVs to aim for a full lineup of battery-electric, plug-in hybrid (PHEV), and hydrogen fuel cell vehicles.
Reference: Carscoops
