Honda: 50% cutback of production in Japan through June affecting business results in the H1 2011
Starting production of EVs in China in 2012, preparing for local production of HEVs as well
2011/05/30
Summary
Reported below are Honda's financial results for fiscal year 2010, the impact of the Great East Japan Earthquake available by early May, and the company's plans to expand its electric vehicle lineup.
Honda's financial results for the fiscal 2010 showed net sales of 8,936.8 billion yen, up 4.2%, and operating income of 569.7 billion yen, up 56.6%, with its net income doubling to 534 billion yen from the year earlier, attributable to the recovery of Honda's largest market, North America, and the business expansion in Asia.
Honda was forced to suspend production in Japan due to the Great East Japan Earthquake that shook the area on March 11. Although production was resumed at all production sites by April 11, Honda will be operating at about half the normal pace until the end of June with plans to return to full operation before the end of the year. The production cutback in Japan is affecting the company's overseas production. Production in North America was down by 40% in April, will be down up to 50% until summer, and full production is not likely until the end of 2011.
Honda has not published forecasts for fiscal 2011 as it is currently unable to make reasonable calculations. The company plans to release business plans and forecasts for fiscal 2011 in the second half of May. The production cutback is likely to affect the company's performance in the July-September period also.
With regard to product planning, Honda has announced new electric vehicle models (HEV, EV, PHEV) and further launch plans. Honda released the Fit HEV in Japan in October 2010 and plans to release the Fit Shuttle HEV in 2011. In April 2011, Honda released the new Civic lithium-ion battery HEV for sale in the United States.
Honda will launch the Fit EV and the Inspire-based PHEV in 2012 in Japan and the United States.
The company announced plans to launch three HEV models, namely the Insight, Fit and CR-Z in China in 2012 with plans to start local production of EVs there in 2012 if all goes as planned.
Honda: 57% increase in operating income in the fiscal 2010 with net income doubling to 534 billion yen
Honda's unit sales in fiscal 2010 increased from 3,390,000 units in fiscal 2009 to 3,580,000 attributable to brisk sales in North America, Asia and other markets. Net sales rose 4.2% to 8,936.8 billion yen, enough to offset the yen's appreciation and the impact of the earthquake and nearly keep the anticipated profit. The company's operating income increased 56.6% to 569.7 billion yen while net profit for the term increased 99.0% to 534 billion yen.
Honda has not published forecasts for fiscal 2011 as it is currently unable to make reasonable calculations because of the Great East Japan Earthquake of March 11. Honda will release forecasts for fiscal 2011, sometime in the second half of May, when parts procurement and production plans become available.
Honda's global unit sales |
(1,000 vehicles) |
FY2005 | FY2006 | FY2007 | FY2008 | FY2009 | FY2010 | Forecast announced in January | |
---|---|---|---|---|---|---|---|
Japan | 696 | 672 | 615 | 556 | 646 | 582 | 595 |
North America | 1,682 | 1,788 | 1,850 | 1,496 | 1,297 | 1,458 | 1,475 |
Europe | 291 | 324 | 391 | 350 | 249 | 198 | 205 |
Asia | 521 | 620 | 755 | 793 | 950 | 1,008 | 1,040 |
Other regions | 201 | 248 | 314 | 322 | 250 | 266 | 265 |
Total | 3,391 | 3,652 | 3,925 | 3,517 | 3,392 | 3,512 | 3,580 |
Source: Honda's consolidated financial results | |
(Notes) 1. | The global unit sales quantities are the totals of completed vehicles sold and of parts sold to the equity method affiliates, by Honda and its consolidated subsidiary companies. |
2. | "Forecasts announced in January" are financial forecasts for the entire fiscal 2010 that were released on January 31, 2011 together with the results covering the April-December period of fiscal 2010. |
3. | Sales quantity in Japan in April 2011 was 27,089 units, down 46.3% from the previous year. The total sales quantity by the automotive industry in Japan (including sales of large trucks and mini vehicles) was 185,673, down 47.3%. |
Honda's consolidated financial results |
(Million yen) |
FY2005 | FY2006 | FY2007 | FY2008 | FY2009 | FY2010 | Forecast announced in January | ||
---|---|---|---|---|---|---|---|---|
Net sales | 9,907,996 | 11,087,140 | 12,002,834 | 10,011,241 | 8,579,174 | 8,936,867 | 8,900,000 | |
Operating income | 868,905 | 851,879 | 953,109 | 189,643 | 363,775 | 569,775 | 620,000 | |
Income before taxes | 829,904 | 792,868 | 895,841 | 161,734 | 336,198 | 630,548 | 665,000 | |
Equity in income of affiliates of which Asia | 99,600 73,000 | 103,400 72,600 | 118,900 86,100 | 99,000 97,500 | 93,200 90,800 | 139,700 111,100 | 130,000 | |
Net income | 597,033 | 592,322 | 600,039 | 137,005 | 268,400 | 534,088 | 530,000 | |
Capital expenditures Depreciation R & D costs | 457,800 262,200 510,300 | 627,000 361,700 551,800 | 654,000 417,300 587,900 | 599,100 408,200 563,100 | 329,700 366,600 463,300 | 311,300 325,200 487,500 | 330,000 330,000 500,000 | |
Average rates | USD= | JPY113 | JPY117 | JPY114 | JPY101 | JPY93 | JPY86 | JPY85 |
EUR= | JPY138 | JPY151 | JPY162 | JPY142 | JPY130 | JPY114 | JPY112 |
Source: Honda's consolidated financial results (Note) The impact of the Great East Japan Earthquake on Honda's financial results for fiscal 2010 was 45,720 million yen in losses, which consisted of 17,450 million yen in sales cost, including fixed cost of 15,062 million yen accrued while operation at some of the production sites in Japan was suspended, and administrative and general expense of 28,270 million yen, including 15,647 million yen losses attributable to the devastation of the tangible fixed assets. Amounts expected to be incurred after fiscal 2011 are not booked.
Increase and decrease factors of Honda's operating income |
(Million yen) |
Change | Change in revenue, model mix | Cost reduction | R&D costs | SG&A expenses | Impact of great earthquake | Currency effects | |
---|---|---|---|---|---|---|---|
FY2010 | 2,060 | 3,222 | 1,533 | (242) | (620) | (457) | (1,376) |
Q4 of FY 2010 (Jan.-Mar. 2011) | (498) | 357 | 241 | 141 | (342) | (457) | (440) |
Source: Honda's consolidated financial results
63% cutback of production in Japan in March 2011, operating at a 50% capacity level through the end of June
Honda registered a 1.2% increase of production in Japan in fiscal 2010, along with 10.9% increase in overseas production, and an 8.2% increase in worldwide production to 3,576,362 vehicles. However, its production in Japan in March 2011 plummeted to 34,754 units, down 62.9% from the previous year, and overseas production registered the first decline in 17 months to 247,500 units (down 3.2%). Honda's worldwide production during the month was 282,254 units (down 19.2%).
Honda's production in Japan was suspended after the March 11 earthquake. Although production was resumed at all production sites by April 11, production of completed vehicles and parts for overseas production will remain at about 50% of normal operations until the end of June. Full operation is not expected until the end of the year. Production is likely to catch up slowly after July but a detailed outlook is not available and production may not return to normal until the end of the year in Honda's worst scenario.
Honda's worldwide production quantities |
(Vehicles) |
FY2006 | FY2007 | FY2008 | FY2009 | FY2010 | March of 2011 | ||
---|---|---|---|---|---|---|---|
Actual | 2011/2010 | ||||||
Japan | 1,348,085 | 1,296,682 | 1,148,361 | 901,775 | 912,307 | 34,754 | △62.9% |
Overseas | 2,354,307 | 2,658,801 | 2,425,936 | 2,402,755 | 2,664,055 | 247,500 | △3.2% |
Worldwide | 3,702,392 | 3,955,483 | 3,574,297 | 3,304,530 | 3,576,362 | 282,254 | △19.2% |
Export | 645,203 | 695,678 | 573,561 | 230,010 | 310,254 | 20,699 | △26.2% |
Overseas production by region |
(Vehicles) |
FY2006 | FY2007 | FY2008 | FY2009 | FY2010 | March of 2011 | ||
---|---|---|---|---|---|---|---|
Actual | 2011/2010 | ||||||
North America of which U.S. | 1,394,025 981,172 | 1,441,265 1,019,135 | 1,251,029 857,802 | 1,152,009 827,946 | 1,291,556 963,911 | 113,060 89,483 | △10.5% △4.4% |
Europe | 190,538 | 247,189 | 174,535 | 99,346 | 139,114 | 12,912 | △7.0% |
Asia of which China | 670,705 378,359 | 819,251 492,008 | 828,851 512,076 | 991,999 652,596 | 1,085,457 687,632 | 108,997 73,032 | 9.8% 11.9% |
Other regions | 99,039 | 151,096 | 171,521 | 159,401 | 147,928 | 12,531 | △22.7% |
Total | 2,354,307 | 2,658,801 | 2,425,936 | 2,402,755 | 2,664,055 | 247,500 | △19.2% |
Source: Honda's press releases on global production, sales and export, (Note) Production in Japan taken from JAMA report (CBU), overseas production based on line-off provisional data, and exports taken from JAMA report (CBU).
Recovery in profitability in North American operation seen in fiscal 2010 but cutback to a 50% maximum may last through the summer of 2011
Honda's operation in North America, the company's largest market, recovered from the worst in fiscal 2009 and contributed to the company's performance in fiscal 2010. The North American operation registered net sales of 4,147.8 billion yen, up 6.1%, while operating income improved by 27.3% to 300.9 billion yen thanks, among others, to increase in sales, improvement of product mix, and reduction of fixed cost sharing resulting from increased production.
In April 2011, Honda launched the new Civic and the new Civic HEV energized by lithium-ion battery.
Due to short supply of production parts from Japan, however, Honda began cutback of completed vehicle production in North America at the end of March and, as a result, production in North America dropped by 40% in April and will drop up to 50% until the summer of 2011. Recovery to normal production, it is said, will not be realized until the end of 2011. It is also said Honda has squeezed production of vehicles in Japan exportable to North American market (CBU), and is increasing parts production for North American plants, to keep production and employment in North America. Honda has even suspended taking orders in North America for cars imported from Japan.
Results of Honda's North American operation |
(Vehicles) |
FY2006 | FY2007 | FY2008 | FY2009 | FY2010 | ||
---|---|---|---|---|---|---|
Net sales Operating income | (Million yen) | 6,172,644 456,827 | 6,265,263 432,628 | 4,779,124 79,702 | 3,908,216 236,379 | 4,147,897 300,922 |
Production | North America of which U.S. | 1,394,025 981,172 | 1,441,265 1,019,135 | 1,251,029 857,802 | 1,152,009 827,946 | 1,291,556 963,911 |
Sales | North America | 1,788,000 | 1,850,000 | 1,496,000 | 1,297,000 | 1,458,000 |
Export from Japan | North America of which U.S. | 366,252 337,911 | 413,914 391,115 | 295,951 271,378 | 133,479 124,405 | 208,696 199,696 |
Source: Honda's consolidated financial results | |
(Notes) 1. | Net sales and operating income in North America taken from geographical information of Financial Results (same source applies to Asian operation reported below). |
2. | Honda's sales in the United States during the fiscal 2010 were 1,282,000 vehicles, up 9.0% from the previous year. The total demand for light vehicles in the U.S. market during the year was 12,105,000 vehicles, up 12.4% and Honda's share fell from 10.9% in the fiscal 2009 to 10.6%. The fallen share is said to be attributable to the recovery of the Detroit Three as demonstrated by market launch of new, highly competitive models, and the fact that Honda's volume production model, Civic, had reached the end of the model cycle. |
3-1. | Honda's production in North America (US, Canada, Mexico) in April 2011 was 67,346 vehicles, down 39.9% (taken from Automotive News' provisional data including estimates) against the total quantity of light vehicles produced there during the same period (1,044,656 vehicles, up 4.7%). |
3-2. | Honda's sales volume in North America in April 2011 was 124,799 vehicles, up 9.8% from the previous year but behind the total growth rate of light vehicles in the U.S. (1,157,928 vehicles, up 17.9%). Japanese OEMs including Honda had kept a minimum inventory but it is said they lowered incentives to prevent inventory from shrinking and to maintain profitability. |
Business expanding in Asia in FY2010 with market launches of the Brio in Thailand and the Everus S1 in China
Business expansion in Asian markets contributed to Honda's performance in fiscal 2010 as that in North America did. Net sales in Asia were 1,841.1 billion yen, up 21.2%, along with operating income of 150.6 billion yen, up 33.3%. Equity in income of affiliates in Asia increased from 90.8 billion yen in the fiscal 2009 to 111.1 billion yen thanks especially to the brisk business in China.
In March 2011, Honda announced an entry car, Brio, designed primarily for Thailand and India. The Brio will be released for sale in late May and its production in India will start before the end of the year. However, it is reported that Honda has stopped accepting new orders for the Brio in Thailand because of the short supply of production parts.
In April 2011, Guangqi Honda released "Everus S1" for sales in China. "Everus" is Guangqi Honda's original automobile brand.
Honda's sales in April were approximately 43,000 units in China, down 22%, as in other markets. It is said the short supply of parts is likely to affect production and sales through the end of 2011.
Honda's business results in Asia |
(Vehicles) |
FY2006 | FY2007 | FY2008 | FY2009 | FY2010 | ||
---|---|---|---|---|---|---|
Net sales | (Million yen) | 1,271,403 | 1,638,290 | 1,608,231 | 1,518,580 | 1,841,167 |
Operating income | 77,153 | 130,724 | 103,603 | 113,006 | 150,637 | |
Equity in income of affiliates | 72,600 | 86,100 | 97,500 | 90,800 | 111,100 | |
production | Asia of which China | 670,705 378,359 | 819,251 492,008 | 828,851 512,076 | 991,999 652,596 | 1,085,457 687,632 |
Sales | Asia | 620,000 | 755,000 | 793,000 | 950,000 | 1,008,000 |
Source: Honda's consolidated financial results | |
(Notes) 1. | Guangqi Honda and Dongfeng Honda are Honda's equity method affiliates in China and their net sales and operating incomes are not included in the above table. Amounts equivalent of net income are included under equity in income of affiliates. Honda Automobile (China) Co., Ltd., the company that produces automobiles for exports exclusively, is a consolidated subsidiary |
2. | Production in May at Dongfeng Honda and Guangqi Honda is expected to decline by 50% from the previous year because of the 10-day suspension that lasted from late April to the first half of May set aside for scheduled inspection of the facilities (rather than because of the earthquake in Japan, according to Honda). It is also said that the short supply of parts from Japan will affect operation through the end of 2011. |
Thailand: New compact car Brio unveiled
In March 2011, Honda unveiled the new compact car, Brio, in Thailand. The Brio is a small car developed for the entry car market that is rapidly growing in Thailand, India and other parts of Asia. The Brio will be released for sale in Thailand in late May. Honda had a plan to sell 40,000 units in the first year of launch with future plans to export the car to neighboring countries. |
The Thai version of the Brio is powered by the 1200cc i-VTEC engine and meets the fuel efficiency standard set by the Thai government for "eco-car" authorization (5L/100km or higher) and environmental performances in compliance with the Euro 4 emissions standards. The car is sold for the affordable price of 399,900 baht (approximately 1,079,730 yen) while offering the performances sought in the Thai market. |
Honda plans to produce and sell the Brio in India and export the vehicles to the neighboring countries starting in the second half of 2011. Cost reduction is a critical factor in India and it is said the company will procure 80% of parts locally including the steel sheets for the first time. The starting price is set at 500,000 rupee (slightly over 900,000 yen) or lower. |
Source: Honda's press release 2011.3.17, Nikkei Sangyo Newspaper 2011.3.18
China: Guangqi Honda unveils its original brand vehicle, Everus S1
In April 2011, Honda unveiled the Everus S1, the original brand developed exclusively by Guangqi Honda, at the Shanghai auto show. It is said the car was developed on the basis of Honda's old City model and is sold for 69,800 yuan (1300cc MT version), lower than the cheapest model in the Chinese market, the Fit, that is sold for approximately 90,000 yuan. It is said Honda plans to produce 50,000 units in 2011. |
The new model is 4420mm long, 1690mm wide and 1495mm high and is powered by the 1300cc/1500c engines. The 1300cc MT model, powered by the 1300cc engine, has fuel efficiency of 6.1L/100km (16.4km/L). The Everus S1 is sold with quality assurance for the first three years after purchase or 100,000km on the odometer. |
Source: Honda's press release 2011.4.18/2011.4.19, Nikkan Jidosha Newspaper 2010.12.20 | |
(Notes) 1. | Honda has established new R&D and product planning functions in China to more effectively reflect Chinese customers' needs on its products. In April 2011, the company established a market research office in Beijing to strengthen its product planning function to better meet the needs of the local consumers. |
2. | A full-length testing course will be completed in 2012 at Guangzhou Honda Automobile Research & Development, a R&D facility that was established in April 2007. The testing course will be used for the development of vehicles carrying original brands, evaluation of parts, and other purposes. |
Honda: Strengthening HEV lineup and launching EV/PHEV in 2012
In July 2010 Honda announced plans to introduce multiple HEV models, mainly small-sized vehicles, equipped with a lightweight, compact IMA system in Japan, by July of next year.
Honda launched the Fit HEV in October 2010 and will launch the Fit Shuttle HEV and the Freed-based HEV in 2011.
In April 2011, Honda launched the new Civic HEV energized by Honda's first lithium-ion battery, in the United States.
In 2012, Honda will launch the Fit EV and the PHEV based on the Inspire (Accord in the U.S.) in Japan and the United States. Honda plans to make PHEV versions available with several mid-sized or larger models.
Honda's electric vehicles launch plans
Fit HEV | October 2010 | The 1300cc i-VTEC engine with the 65kW maximum output is combined with the lightweight, compact IMA (Integrated Motor Assist) system having 10kW maximum motor output has achieved a 10-15 mode fuel efficiency of 30km/L (26km/L in JC08 test mode). The car can run in EV mode alone when cruising at a constant speed between 15 and 40km/h. |
---|---|---|
The starting price is 1.59 million yen including tax, the lowest price among Honda HEVs. Released for sale on October 8, 2010. Among the 45,258 Fits sold during the three months from October to December, 24,498 (54.1%) were hybrids. | ||
Civic HEV | April 2011 (launched in U.S.) | The new Civic and the Civic HEV debuted and were released for sale at the New York auto show held in April 2011. The HEV is powered by a 1500cc i-VTEC gasoline engine combined with a lithium-ion battery and motor. The car can run in EV mode at a constant speed of up to 45 mph. |
The IMA is inherited in the hybrid system of the Civic HEV with the EPA fuel efficiency of 44mpg in all of city, highway and combined modes, higher than that of the 2011MY (40, 43, 41mpg, respectively) but falling behind the Toyota Prius (51, 48, 50mpg, respectively). | ||
The new Civic is not sold in Japan and sales will be discontinued as soon as inventory goes dry (it was once reported that only HEV would be sold but a decision was made later not to sell the HEV either). Production of export models in Japan will continue. | ||
Fit Shuttle HEV | 2011 | The Fit Shuttle was to be announced and released for sale on March 17, 2011 but the dates were postponed due to the earthquake. Production will resume in the second week of May in Honda's plant in Suzuka rather than Saitama but the release date has not been decided because of the back orders for the existing models. |
The Fit Shuttle is a wagon type vehicle having the overall length of 4410mm, 510mm longer than the Fit it derived from and shares 70% of the parts with the Fit. A 1500cc gasoline engine version and HEV with a 1300cc i-VTEC engine and IMA will be available (HEV's 10-15 mode fuel efficiency, 30km/L, is the same as that of the Fit HEV and the starting price is 1.81 million yen, 220,000 yen higher than that of the Fit HEV). | ||
Freed HEV | Autumn 2011 | It is reported that the HEV versions will be made available with the Freed (Fit-based minivan) and the derivative Freed Spike. |
Source: Honda's press releases 2010.7.20/2010.10.8//2010.11.18 | |
(Notes) 1. | The HEV system on the Fit HEV is the same as that of the Insight that was released for sale in February 2009. The two models have slightly different sizes (overall length, width and height of 3,900mm×1,695mm×1,525mm for the Fit HEV, 4,390mm×1,695mm×1,425mm for the Insight), but it is said the HEV system on the Insight was initially designed in such a way it could be used on the Fit HEV as well. The same hybrid system is used on the Fit Shuttle and the Freed HEV to reduce cost through large-volume production. |
2. | The IMA is originally a simple system driven primarily by a gasoline engine and assisted by a motor. Honda claims that the IMA costs less than the full-HEV systems developed by other OEMs and can be made available on many models more flexibly. |
3. | The Fit HEV has fuel efficiency of 30km/L (10-15 mode), lower than that of Toyota Prius (38km/L in 10-15 mode), but it was reportedly released for sale under the judgment that "the Fit HEV, sold for 1.59 million yen including tax, is built on a concept of fuel efficiency at an affordable price, unlike the Prius that is sold for 2.05 million yen, and therefore help perfect the product lineup." |
4. | It is reported that Honda is developing a new two-motor hybrid system of higher fuel efficiency, in addition to the existing IMA. The PHEV that was announced earlier is based on the two-motor hybrid system that is currently being developed. |
Honda's sales of hybrid vehicles in Japan |
(Vehicles) |
2009 | 2010 | Remarks | |
---|---|---|---|
Civic HEV | 3,766 | 2,542 | Sales in Japan ending soon |
Insight | 93,283 | 38,080 | Launched in February 2009 |
CR-Z | 22,372 | Launched in February 2010 | |
Fit HEV | 24,498 | Launched in October 2010 | |
Total | 97,049 | 87,492 |
Source: Japan Automobile Dealers Association
Main specifications of Honda's EV/PHEV slated for market release
Fit EV | Inspire PHEV | |
---|---|---|
Engine | - | Four-cylinder 2000cc Atkinson cycle i-VTEC engine |
Transmission | - | ECVT (electro-CVT) |
Motor | Gearbox coaxial motor | 2-motor system (Drive, regeneration/generation) |
Battery | Lithium-ion battery (by Toshiba) | 6kWh lithium-ion battery (by Blue Energy) |
EV mode range | 160km min. | 25km (JC08 mode) |
EV max. speed | 144km/h | 100km/h |
Charging time | 100V=12 hours max. 200V=6 hours max. Quick charger=30 minutes (80%) | 100V=4 hours max. 200V=1.5 hours max. |
Source: Honda's press release 2010.12.20 (Note) Main specifications of EV/PHEV used in demonstration tests started by Honda in Saitama Prefecture in December 2010
Launching three additional HEVs in Chinese market with plans to start local production of EVs in 2012
Honda launched the Civic HEV through Dongfeng Honda in November 2007. Honda announced plans during the Auto Shanghai 2011 in April:
(1) Import the Insight, CR-Z and Fit HEVs from Japan for selling in China starting in 2012 while making preparations for local production, (2) Conduct demonstration tests of the next-generation personal mobility using EVs in Guangzhou, and (3) Start local production of EVs in China in 2012 if all goes as planned.
Launching three additional HEVs in Chinese market with plans to start local production of EVs
HEV | In addition to the Civic HEV currently sold in China, Honda will launch the Insight HEV from Dongfeng Honda and the CR-Z and Fit HEVs from Guangqi Honda in 2012. |
---|---|
The HEVs will initially be imported from Japan while making necessary preparations for local production in China, including the local procurement of core components of hybrid systems such as batteries and motors, to make the HEVs available at more affordable prices for Chinese customer. | |
Honda will strengthen its local parts purchasing function in China and use them globally. Honda will strengthen R&D capabilities in China toward local production of hybrid vehicles and increasing parts procurement from local suppliers in China. | |
EV | A basic agreement was reached between Honda, the city of Guangzhou and Guangzhou Automobile Group Co., Ltd. to conduct demonstration tests of the next-generation personal mobility using EVs. The tests will verify the practicality and convenience of the EVs being developed by Honda, and the ideal social infrastructure that will encourage widespread use of EVs. |
Honda announced local production of EVs in China to begin in 2012 at the earliest. It is said that EVs will be built at two locations, Wuhan (Dongfeng Honda) and Guangzhou (Guangqi Honda), and that Honda is also considering local purchasing of some of the batteries and motors to minimize costs. |
Electric vehicles and technologies exhibited at the Auto Shanghai 2011 in April
HEV Technologies | Technical display model of the IMA hybrid system using lithium-ion batteries (disclosed for the first time in the world) |
---|---|
HEV | Three models (Fit HEV, Insight and CR-Z) were exhibited |
EV | Fit EV concept model (disclosed for the first time in China) |
PHEV Technologies | Technical display model of the next-generation PHEV (disclosed for the first time in China) |
Source: Honda's press releases 2011.4.7/2011.4.18/2011.4.19, Nihon Keizai Newspaper 2011.4.19 (Note) Honda is the only automaker that has officially announced plans to produce EVs locally in China. It has been reported that Toyota, Nissan and Mitsubishi are to consider local production after confirming the availability of infrastructure.
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