Japanese OEM Electric Vehicle Launch Plans

Strengthening HEVs and PHEVs along with BEVs; building new battery plants in Japan

2024/09/13

Summary
Toyota: Planning to invest JPY 1.7 trillion in growth areas and JPY 380 billion in people
Honda: Release of the all-new mini commercial EV "N-VAN e:" and launch of "HondaJet Share Service"
Nissan: Collaborating with Honda on next-generation SDVs, batteries, e-Axles, and more; Mitsubishi Motors also participating
Suzuki: 43% of vehicles are HEV and CNG; technology strategy for energy minimization
Mazda: Strengthening HEVs and PHEVs, "follower" strategy for BEVs
Mitsubishi Motors: Working with partners to adapt to the situation in each country
Subaru: Aiming to achieve carbon neutrality while maintaining the advantages of horizontally opposed engines and AWD
Japanese passenger car manufacturers' FY2023 results and FY2024 forecast
GlobalData Production Forecast: Production in Japan will be 8.13 million units in 2027

Summary

Toyota's depiction of Software Defined Vehicles

Dashboard：Visual analysis of sales volume data
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This report covers Japanese automakers' electric vehicle launch plans, focusing on announcements made in the first half of 2024.

In addition to developing BEV and hydrogen-related technologies to achieve carbon neutrality, Japanese automakers are also working to strengthen their HEV and PHEV technologies, which they see as important.

On September 6, 2024, the battery development and production plans of Toyota, Nissan, Mazda, and Subaru were approved by the Japanese Ministry of Economy, Trade and Industry (METI) as part of its plan for establishing a stable supply of batteries in Japan. Subsidies equivalent to approximately one-third of costs will be provided.

Toyota and Nissan will build new lithium-ion battery plants in Fukuoka Prefecture, while Subaru will build a new plant in Oizumi-machi, Gunma Prefecture. Mazda plans to receive supplies of cylindrical Li-ion battery cells from Panasonic Energy for use in future EV models.

Electric vehicle launch plans of seven Japanese OEMs

Toyota	Toyota plans to develop new engines suitable for electrification, seriously consider CN (carbon neutral) fuel, and make a wide range of investments in BEVs, hydrogen, and software-defined vehicles.
Honda	By strengthening its motorcycle and ICE/hybrid businesses, Honda will secure JPY 10 trillion in funds to invest in electrification and software areas through FY2030.
Nissan	Nissan will promote electrification, focusing on EVs and the e-POWER series hybrid, launch four PHEV models in fiscal 2025-2026, and launch the Juke Hybrid in the European market in the summer of 2024.
Suzuki	HEVs and CNG-fueled vehicles accounted for 43.0% of global sales in FY2023. Suzuki also announced a technology strategy to minimize energy use and reduce CO2 emissions to the utmost.
Mazda	Regarding BEVs, Mazda will adopt an "intentional follower" strategy (promoting the shift to EVs over a certain period of time). At the same time, HEVs and PHEVs will be enhanced.
Mitsubishi Motors	In a market where ICEs, HEVs, PHEVs, and BEVs are mixed, Mitsubishi Motors is working to enhance electrification in accordance with the conditions of each region, utilizing various partnerships.
Subaru	By the end of 2026, Subaru will have four BEV models jointly developed with Toyota in its product lineup, and a production organization will be established for mutual supply. The next-generation e-BOXER will also adopt a series-parallel hybrid system.

The electrification plans of Nissan, Honda, and Toyota are summarized in the following reports. Additional and supplemental information is provided in this report.

Related News:
Japanese government to support investment in EV batteries (Sep. 09, 2024)

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