Japanese Carmakers ‘Very Scared’ by China’s Rapid EV Development

• Japanese carmakers are alarmed by the swift progress of Chinese electric vehicles, risking becoming followers if they don't innovate faster, warns Sony-Honda's joint venture head.
• Yasuhide Mizuno calls for a shift in Japan's conservative corporate culture to keep pace with Chinese rivals, who have quickly become leading vehicle exporters.
• Mizuno highlights the need for Japanese carmakers to change their cautious approach to launching cars, or risk falling behind China.
• Despite plans to phase out petrol cars by 2040, Honda has lagged in electrification, teaming up with Nissan to compete against China's high-tech, low-cost models.
• The Sony-Honda joint venture aims to deliver its electric vehicle to North America by 2026, targeting 'wealthy geeks' with its premium car, Afeela.

Source: Financial Times