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TOKYO: Japanese automakers are gearing up for the Tokyo Motor Show which starts on Wednesday. While hybrid cars are still very much in the spotlight, the race is now on to lead the market in electric cars.
Hybrid vehicles are showing Japanese automakers the way out of the doldrums. Brisk sales of Toyota's Prius and Honda's Insight, for example, are helping to push sales numbers ahead.
Carlos Ghosn, president & CEO of Nissan Motor, said: "Take a look at the last six months – we had a (sales) drop and then for the last three months, it's gradually looking better. It looks like different incentives in the market worked. We're doing better as an industry in the month of September."
Japan's previous Taro Aso administration can be credited for helping to increase sales of new cars – with the purchase of a new green car, not only will car tax be lowered, one will also receive up to 250,000 yen of subsidy.
Japan Automobile Manufacturers Association said 65 per cent of the cars sold in September were, in fact, those covered by green car benefits.
Some analysts have warned that there is not much potential for growth in a market that is seen to be shrinking.
Yuki Kuboshima, partner, Automotive Sector, Deloitte Tohmatsu Consulting, said: "Many OEMs (original equipment manufacturers) regret they have done (only the) minimum in stimulating the Japanese market by postponing life proposition vehicles... (This is) the reason why the domestic market shrank. This shrinkage will lead to loss of competitive advantage for Japanese OEMs."
Still, the race for Japanese automakers to produce more green cars for emerging markets is getting more intense.
Nissan Motor, which is pumping money not just to develop its electric vehicles, but also its own battery, is aiming for a 10 per cent electric vehicle market share by 2020.
- CNA/so
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