TOKYO – If you’re wondering why Japan continues to make it easy for China’s economy to race ahead, look no further than events at Toyota Motor.
In decades past, Japan’s most celebrated name disrupted the US and Europe with innovation and productivity methods the West struggled to match.
Now, a similar disruption is happening to Toyota. The electric vehicle revolution Tokyo was slow to recognize risks driving a Japan Inc icon off the road. And Toyota’s myopia is symptomatic of Japan’s broad struggle to get its economic groove back.
The good news is that officials in Toyota City are realizing their blunder and mulling a noteworthy EV pivot. The bad news: it may already be too late as Tesla, Detroit, Germany and China beat Toyota to the punch.