Plans by Japanese OEMs to Introduce Electrified Vehicles

Toyota boosts China local R&D of smart and electrified cars; Nissan to launch NEVs early

2023/08/18

Summary
Toyota: Responding to "electrification + growth in emerging markets" with a full global lineup
Honda: Initiatives to strengthen software and e-Axle technology
Nissan: Investing EUR 600 million in Ampere, a new EV & software venture established by Renault
Suzuki: Announces plan to launch BEVs by FY2030
Mazda: Full-scale introduction of BEVs from 2028, BEV ratio in 2030 expected to be 25-40%.
Mitsubishi Motors: 30% increase in R&D and capital expenditures over the next six years
Subaru: Producing BEVs in the U.S., aiming for global BEV sales of 600,000 units (50% of total sales) in 2030
FY2022 performance and FY2023 outlook of Japanese passenger car manufacturers
GlobalData (formerly LMC Automotive) Sales Forecast: Sales in Japan in 2026 will be 5 million units

Summary

Electrified vehicle assembly plants and battery plants in Japan
(Source: MarkLines - Map of automobile and parts manufacturer locations)

This report focuses on Japanese automakers' announcements in the first half (H1) of 2023 and their more specific and enhanced electrified vehicle launch plans.

For Toyota Motor Corporation, this report addresses the background of its "full line-up" electrification strategy and its policy to increase the profitability of its electrification business, as well as the strengthening of local development of intelligent and electrified technologies in China. It also addresses Honda Motor Co., Ltd.’s "initiatives to strengthen the competitiveness of its electrification business," including software development and its e-Axle (electric axle drive) business.

In July 2023, Nissan Motor Co., Ltd. and the Renault Group completed the signing of the binding framework agreement executed and announced on February 6, 2023. As part of this effort, Nissan has decided to invest up to EUR 600 million in Ampere, a new EV & software venture established by the Renault Group in Europe. In the Chinese market, Nissan's sales from January to June 2023 decreased 24.5% year-over-year (y/y), and the company plans to pull forward its previous plan and launch NEVs ahead of schedule to make up for the decline.

Suzuki Motor Corporation plans to launch 6 BEV models in Japan, 5 in Europe, and 6 in India by FY2030, and to increase the ratio of BEVs in FY2030 in each region to 20%, 80%, and 15%, respectively.

Mazda Motor Corporation will divide the period up to 2030 into three phases and respond flexibly to electrification. BEVs will be fully introduced in the third phase from 2028 to 2030, and the EV ratio in global sales as of 2030 is expected to be 25% to 40%.

Mitsubishi Motors Corporation will launch 9 electrified vehicles globally over the next five years. It will also increase its R&D and capital expenditures for the six-year period from FY2023 to FY2028 by 30% over the six-year period prior to that.

Subaru Corporation has announced a new target of 600,000 BEVs sold worldwide by 2030 (BEV ratio 50%). As for the production system, in addition to the "construction of BEV production capacity of 400,000 units in Japan after 2028" announced in May, BEVs will be produced in the U.S. from 2027 or 2028. The company aims to sell 400,000 BEVs in the U.S. by 2028.

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