The Japanese manufacturers will cooperate on technology for EVs, including components and software, after signing a memorandum of understanding yesterday.
Honda and Nissan, respectively Japan’s second- and third-largest carmakers behind Toyota , aim to cut costs by combining resources. Long-standing manufacturers are struggling to compete with upstart rivals as the electric vehicle sector grows rapidly, adding significant development costs.
China’s BYD and Li Auto have gained market share in a competitive industry, alongside Elon Musk’s Tesla. Earlier this year, BYD, which stands for Build Your Dreams, overtook Tesla as the world’s top-selling electric carmaker.
Nissan was an early mover in EVs : its all-electric Leaf model became what it claimed was the world’s first mass-market electric car when it was launched in 2009 from its Sunderland factory . But it has struggled to keep pace with Chinese players who are able to access cheaper raw materials and labour, as well as greater scale and more potential customers.
This story is from the March 16, 2024 edition of The Guardian.
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This story is from the March 16, 2024 edition of The Guardian.
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