Battle for Japan's EV Market: China's BYD Takes on Toyota

Oct 04, 2024 | News On Japan

TOKYO - Electric Vehicles (EVs) are currently facing both tailwinds and headwinds. We’ve investigated the strategies of popular Chinese manufacturers and the Japanese players that are fighting back.

Last weekend, an event showcasing the trending EVs took place in Yokohama City. The Chinese manufacturer BYD is making a strong push into the Japanese market with affordable pricing.

"It's overwhelmingly cheaper compared to Tesla. I'm curious where that price difference comes from," one attendee said. Another added, "If it's usable enough for daily purposes, then why not?"

The compact EV is priced from 3.63 million yen, and with government subsidies, it comes down to 3.28 million yen.

BYD Auto Japan's Marketing Director, Tomoaki Endo, commented, "It's not just people interested in EVs; even those driving hybrid vehicles are now considering our models."

BYD's global presence is more significant than many imagine. According to research firm MarkLines, BYD ranked 7th in global sales from April to June this year, surpassing Honda and Nissan. The only Japanese automaker ahead of it is Toyota.

Toyota, meanwhile, unveiled its latest battery factory in Kosai City, Shizuoka Prefecture. However, what came out of Chairman Akio Toyoda's mouth was the name of an ancestor.

"We are all successors of the dream of Sakichi Toyoda," said Toyota's Chairman Akio Toyoda.

Apparently, the group's founder, Sakichi Toyoda, was already passionate about high-performance battery development in his era.

This factory currently produces batteries for hybrid vehicles but will start manufacturing batteries for EVs by 2026.

However, EVs are facing some headwinds. The lack of charging infrastructure, especially in the U.S. and Europe, and high prices have caused EV popularity to wane. "Volvo" and "Mercedes-Benz" have even withdrawn their goal of making all new cars EVs by 2030.

On the other hand, Toyota’s strategy is to prepare for all vehicle types.

"We can offer PHEV, BEV, hydrogen engines, gasoline, and hybrids. Ultimately, I believe the market and customers will make their choices," said Chairman Toyoda.

Expectations and concerns about EVs are constantly evolving, and manufacturers are being forced to navigate a difficult course.

Source: TBS

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