Japanese companies have famously lagged in the electric vehicle (EV) industry but plans to accelerate vehicle assembly and battery, motor and electronic component production could quickly put them in the race.
Japan Inc’s move should put further pressure on EV prices, accelerate the transition away from internal combustion engines and broadly benefit consumers.
Toyota currently sells more cars than any other company in the world while Honda and Nissan also ride high in global rankings. Yet Nissan, via the Renault-Nissan-Mitsubishi Alliance, is the only Japanese company that ranks among the top 15 EV producers.
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