Japan's Automakers Race to Innovate in the Global EV Market

Japanese automakers are intensifying their electric vehicle (EV) development efforts to keep pace with U.S., European, and Chinese competitors. With a focus on technological innovation, especially in battery technology, they aim to elevate their EVs to the high standards of their gasoline-powered cars.

Toyota is leading the charge, targeting the release of 10 new EV models and aiming for 1.5 million units sold annually by 2026. Despite these ambitious goals, the Toyota group currently holds a minimal global market share, underscoring the need for rapid advancement.

Other key players like Honda and Subaru are also making significant strides, with Honda planning for all its vehicles to be EVs or hydrogen-powered by 2040, and Subaru planning eight new EV models within five years. Nissan continues to refine its strategy, enhancing its product lineup and investing heavily in partnerships to bolster its standing.

The race extends beyond vehicle production to encompass digital technologies such as autonomous driving and advanced software, essential for competing in major markets like the U.S. and China. Thus, Japanese automakers are broadening their focus from traditional strengths to digitalization and software development, enhancing vehicle commercial value and competitiveness.