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Source: Global Times

[Global Times reporter Ding Yazhi] The rapid development of Chinese automakers, especially the breakthroughs in the field of electric vehicles, has attracted widespread attention from the Japanese industry, prompting Japanese companies to conduct deep self-reflection and strategic adjustments. Yasuhide Mizuno, representative director, chairman and CEO of Sony Honda Mobility, warned that if the pace of innovation is not accelerated, Japanese automakers may become "followers."

"China is a very strong competitor, and I am very afraid of China's execution capabilities and execution speed," the Financial Times quoted Mizuno Yasuhide as saying on the 21st, saying that China has become the world's leading automobile exporter in just a few years. According to his estimate, the development time of electric vehicles in China (from concept to production) has been shortened to 18 months, less than half the time it takes Japan to develop a car. China's action speed is much faster than he expected. Japanese automakers are always a little nervous or over-concerned before launching a car. Japanese companies need to change their conservative corporate culture, "otherwise China will be number one, and we will always be followers."

Data map: On May 4, 2024, at Shanghai Haitong International Automobile Terminal, the car ro-ro ship "Asian Scenery" carrying more than 1,100 vehicles from Geely, BYD, SAIC and other brands left the Outer Port Haitong Terminal for Japan. (Visual China)

Public data shows that Yasuhide Mizuno has been in charge of Honda's business in China since 2014 until he took over Sony Honda Mobile in 2022. It is reported that Honda and Sony each hold a 50% stake in this joint venture, which aims to combine Honda's automobile manufacturing strength with Sony's software and entertainment expertise.

The Financial Times reported that despite Honda's goal of phasing out gasoline cars by 2040, it still lags behind its competitors in the global electric vehicle race. In March this year, the company agreed to cooperate with Nissan to develop electric vehicles in order to survive the competition with high-tech, low-cost models from China.

Mizuno Yasuhide said that Chinese-made electric vehicles have almost no chance of entering the United States, and American consumers' choices of electric vehicles are limited, "but I will not be happy because Chinese cars cannot enter the (US) market. I think we should launch a car that can compete directly with Chinese rivals." He also mentioned that Japanese automakers should not be content with the status quo after the United States raised tariffs on Chinese electric vehicles to 100% and excluded BYD and NIO.

In a recent interview with Kyodo News, Atsuki Tofukuji, president of BYD Auto Japan Co., Ltd., the Japanese subsidiary of Chinese electric vehicle company BYD, said that although the United States and the European Union have announced that they will impose tariffs on electric vehicles produced in China, it is not a complete ban, and he will wait and see what happens.