Part 7/8:
The competition landscape is stark, with automakers like Tesla and BYD leading the charge in EVs through significant government subsidies, something Japanese companies have notably lacked. Japanese government policies have focused more on hydrogen fuel cell technology, without providing substantial support for EV development.
In 2023, merely 4% of new car sales in Japan were EVs, compared to 38% in China and 22% in the EU. This alarming statistic demonstrates a deep-rooted reluctance to pivot away from conventional vehicles.