Part 4/8:
Despite Toyota's stable production of around 10 million cars annually, the shift towards electrification reveals troubling trends for Japanese automakers. In 2024, only 1% of Toyota's sales were fully electric. In stark contrast, Chinese companies like BYD achieved remarkable growth in EV sales, capturing a significant share of both the Chinese and global market.
Honda and Nissan, Japan’s second and third largest automakers, have seen troubling declines in sales—21% and 39% respectively since 2018. This fallout is largely attributed to their inability to compete against rising competitors in the EV market. BYD, for instance, has surged past Honda in sales volume, while both brands continue to lose ground to Tesla in the United States.