In the world of gasoline cars, Japan's automakers are king. Toyota holds the title of the world's No. Honda and Nissan remain the world's top car company for the past three years, while Honda and Nissan are the global bestsellers.
The Japanese giants are facing stiffer competition from EV upstarts like Tesla and BYD as the transition to electric vehicles accelerates. Nowhere is the threat more apparent than in China - the world's largest auto market and where 1 in 4 cars sold last year were electric cars. In 2023 EV sales are expected to rise to 9 million, reaching a market penetration of 35%.
Honda and Nissan sales in China have fallen for at least two years, while Toyota's sales last year declined for the first time in a decade. The trio has a growing issue because of the lack of attractive electric-car offerings, despite the fact that COVID 19 lockdowns and related supply chain snarls played their part.
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