The existential threat posed by China to Japan’s auto industry finally began to manifest last year. BYD, China’s electric car champion, jumped to number seven in global rankings for car sales, surpassing Honda and Nissan for the first time, according to automotive industry data provider, MarkLines.
With Japan’s number two and three in the rear-view mirror, Shenzhen-based BYD now has its sights set on the biggest of them all in the car sector: Toyota.
The seismic shift from combustion engines to electric motors and the breakneck speed of the rise of China’s electric vehicle industry poses serious challenges to Japan’s auto industry, a cornerstone of the economy.
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