Core Insights - Japanese automakers are actively showcasing electric vehicle (EV) concepts and models at the 2025 Japan Mobility Show, despite low consumer acceptance of EVs in Japan, indicating a competitive response to foreign manufacturers like China’s BYD [1][2] Company Summaries Nissan - Nissan introduced the upgraded version of its electric vehicle, the Leaf B7, featuring a full upgrade including platform and battery, with a rapid charging capability of 80% in under 40 minutes and a range of approximately 700 kilometers [1] - Since its launch in 2010, the Leaf has sold around 700,000 units globally, with 170,000 units in Japan, but the sales performance has been underwhelming due to low consumer acceptance of EVs [2] Honda - Honda has launched six new electric vehicles at the show, including the N-one e: and the super-one prototype, with plans for mass production by 2026 and 2027-2028 respectively [2] - Honda previously announced a reduction in its investment in EVs from 10 trillion yen to 7 trillion yen but is now showing renewed ambition in the EV market due to the ongoing electrification in China and Europe [3] BYD - BYD showcased 13 models at the event, including the Racco K-car and various passenger and commercial electric vehicles, marking its entry into the Japanese market [3][4] - The Racco is designed specifically for the Japanese market, targeting the K-car segment, which is significant in Japan, with a potential range exceeding 300 kilometers and a competitive price [4] Industry Trends - The Japanese EV market is currently facing challenges, with a low penetration rate of electric and plug-in hybrid vehicles at approximately 2.56% in 2024, expected to rise to around 3.5-3.6% [5] - The entry of foreign EV brands like BYD is seen as a potential catalyst for growth in the Japanese EV market, although they face significant barriers such as consumer loyalty to domestic brands and a general preference for gasoline vehicles [5]

Group 1 - Toyota unveiled the concept car of the Corolla, indicating the brand's intention to launch its first pure electric vehicle (EV) [2][4] - The initial Corolla was launched in 1966 and is a representative model of Toyota [2][4] - In addition to the EV, Toyota confirmed plans to introduce plug-in hybrid vehicles (PHV), hybrid vehicles (HV), and gasoline cars under the Corolla brand, although specific launch dates have not been announced [4] Group 2 - Toyota showcased the "IMV Origin," part of its global strategy vehicle series aimed at emerging markets, particularly in Africa, where only the chassis will be exported for local assembly [4] - President Akio Toyoda emphasized the innovative approach of "incomplete assembly" in Africa, highlighting the company's commitment to new manufacturing methods [4]

Core Insights - The launch of new range-extended electric vehicles (REEVs) by various manufacturers indicates a growing interest in this segment, with over 20 models expected to be released by 2025 [1][2] - Despite the enthusiasm for REEVs, the market is experiencing a slowdown in sales growth compared to pure electric vehicles (EVs) [1][2] - The shift in technology for REEVs is moving towards larger battery capacities combined with smaller range extenders, aiming to enhance competitiveness against pure EVs [4][5] Market Performance - In September, the wholesale sales of pure electric vehicles reached 947,000 units, a year-on-year increase of 32.4%, while REEVs sold 129,000 units, showing a modest year-on-year growth of 8.7% [1][2] - For the entire year of 2024, the growth rate for REEVs is projected at 78.7%, significantly lower than the 83.3% for plug-in hybrid vehicles and 15.5% for pure EVs [2] - The market share of pure EVs has risen to 63%, while REEVs hold only 9% of the market, reflecting a decline in their share [2] Technological Developments - The cost reduction of key components, particularly lithium carbonate for batteries, has enabled lower pricing for pure EVs, enhancing their market appeal [3] - New models with larger battery capacities are being introduced, such as the 80.3 kWh battery in the Leap D19, which exceeds many pure EVs in range [4][5] Consumer Perspectives - Consumers express concerns that the shift to larger batteries in REEVs may dilute their primary advantage of quick refueling compared to traditional gasoline vehicles [5] - The necessity for REEVs remains acknowledged, particularly for users in areas with limited charging infrastructure [6][7] Future Outlook - Industry consensus suggests that while REEVs will continue to exist, the market will increasingly favor pure EVs, with projections indicating that by 2040, pure EVs could account for 80% of the new energy vehicle market [7]

Core Viewpoint - The collaboration between BYD and AEON in Japan is expected to transform the domestic automotive distribution framework, which has been predominantly controlled by manufacturers and their affiliated stores [2][5]. Group 1: Collaboration Details - AEON will engage in a "sales intermediary" role, facilitating orders and purchase contracts while collaborating with BYD's exclusive stores to showcase vehicles in their commercial facilities [3]. - BYD aims to increase its exclusive stores in Japan to 100 by 2025, with AEON establishing sales points near these stores [3]. - AEON will independently set prices and promotional activities, offering customers points in AEON's electronic currency "WAON" and discounts on home charger installation, potentially reducing the purchase price by around 1 million yen [3]. Group 2: Market Context - In the first half of 2025, domestic sales of pure electric passenger vehicles in Japan are projected to grow by 3% year-on-year, reaching 28,501 units, marking a return to positive growth after a year [3]. - However, the market share of new electric vehicles, including hybrids and gasoline cars, remains low at around 1%, compared to approximately 20% in overseas markets, indicating challenges in infrastructure development [3]. - As of February, AEON operates about 2,500 electric vehicle chargers across 374 stores, aiming to enhance customer convenience by allowing charging while shopping [5]. Group 3: BYD's Strategic Moves - BYD's expansion in Japan is partly driven by slowing sales in China and increasing competition among EV manufacturers, with inventory reaching 150 billion yuan by the end of March 2025 [6]. - The company plans to launch a pure electric light vehicle specifically developed for the Japanese market by 2026 [6]. - BYD's presence in Japan is growing, with approximately 20% of the EV import market share as of September, indicating a strengthening foothold in the region [5].

Group 1 - Toyota's global sales in August increased by 2% year-on-year, reaching 844,963 units, driven by strong demand for hybrid vehicles in North America and new electric vehicles in China [2][4] - In the U.S. market, sales grew by 14%, with hybrid vehicle demand remaining robust despite price increases implemented in July [2][4] - In China, sales rose by 1% to 153,415 units, supported by the strong performance of the newly launched electric vehicle "bZ3X" [4] Group 2 - Overseas sales increased by 4% to 748,694 units, marking the highest record for August, with U.S. sales contributing significantly [4] - The number of vehicles exported from Japan to the U.S. grew by 12% to 41,342 units, reflecting strong demand in the U.S. market [4] - In Japan, sales decreased by 12% to 96,269 units due to production delays caused by a recent earthquake [5] Group 3 - Toyota's global production, including Lexus, grew by 5% to 744,176 units, with North America and Japan showing recovery in production levels [5]

Core Insights - The launch of the Li Auto i6 marks the completion of the company's vehicle releases for the year, following a challenging trajectory in 2023 with fluctuating sales and a need to adjust targets [1][3] - Li Auto's ambition for 700,000 annual sales has been undermined by declining sales in its extended-range series and increased competition in the market, leading to a shift in focus towards pure electric vehicles [1][4] Group 1: Sales Performance - After a promising start in early 2023, Li Auto's sales peaked in May at 40,000 units but have since declined, with August sales dropping below 30,000 units [4][6] - The average selling price of Li Auto vehicles has decreased amid falling sales, although net profit for the first half of the year remained positive at 1.744 billion yuan, with a slight increase in vehicle gross margin to 20.3% [8] - The company anticipates a significant drop in third-quarter vehicle deliveries, projecting a year-on-year decrease of 37.8% to 41.1%, with revenues expected to fall by 38.8% to 42.1% [8][9] Group 2: Competitive Landscape - Li Auto faces intense competition, particularly from the AITO brand, which has successfully launched multiple models that directly compete with Li Auto's offerings, leading to a loss of market share [6][8] - The introduction of lower-priced competitors targeting the extended-range market has further pressured Li Auto's sales, particularly affecting the performance of its L6 model [8][9] Group 3: Product Strategy and Challenges - The launch of the i8 model faced challenges due to pricing and configuration complexities, leading to a need for strategic adjustments, including a return to simpler configurations and price reductions [9][11] - The i6 model's launch has shown initial success, with significant pre-orders, but it raises concerns about cannibalizing sales from the L6 model, which is crucial for Li Auto's extended-range segment [11][16] - The company is at a crossroads, needing to balance the growth of its pure electric segment while maintaining the sales momentum of its extended-range vehicles, a challenge that reflects broader industry trends [16]

Core Viewpoint - Suzuki's first electric vehicle (EV) "e-Vitara" is set to launch on January 16, 2026, with a starting price of 3.993 million yen (approximately 193,000 RMB), and an effective price of 3.123 million yen (approximately 151,000 RMB) after government subsidies in Japan [2][4]. Group 1 - The "e-Vitara" will be produced in India and sold in over 100 countries and regions globally [4]. - In Japan, three variants will be available, including both two-wheel and four-wheel drive options [4]. - The two-wheel drive models will offer two different ranges under the WLTC mode: 433 kilometers and 520 kilometers [4]. Group 2 - The vehicle incorporates multiple technologies from Toyota, with the chassis developed collaboratively by Suzuki, Toyota, and Daihatsu [4]. - The EV drive system "eAxle" is a product developed by Aisin, Denso, and BluE Nexus, a joint venture between the two [4]. - Suzuki's mid-term business plan, announced in February, includes the introduction of six EV models in Japan by the fiscal year ending in 2030 [4].

Core Viewpoint - Suzuki's first electric vehicle (EV), the "e Vitara," is set to launch in January 2026, aiming to strengthen its position in the EV market as a latecomer [2][4]. Group 1: Product Details - The "e Vitara" is a small SUV available in two-wheel drive (2WD) and four-wheel drive (4WD) configurations [2]. - The starting price for the lowest 2WD model is approximately 3.9 million yen (around 188,000 RMB), with an expected range of over 400 kilometers under the WLTC mode [4]. - The "e Vitara" will become Suzuki's highest-priced model in its lineup [4]. Group 2: Market Context - The Japanese government offers subsidies for EV purchases, which will further reduce the effective price. The average subsidy for domestically produced EVs in Japan is about 810,000 yen (approximately 39,000 RMB) [4]. - In Suzuki's domestic sales for the fiscal year 2024, light vehicles (a unique category in Japan for vehicles with engine displacements under 660cc) account for 81% of total sales, although non-light vehicle sales are also increasing [4]. Group 3: Sales Performance - The small passenger car "SOLIO" and the SUV "Fronx" are expected to drive sales growth in the fiscal year 2025 [5]. - The "SWIFT" series of small passenger cars achieved a global cumulative sales milestone of over 10 million units, marking the first time a non-light vehicle from Suzuki has reached this significant figure [5].

Core Viewpoint - Toyota Motor Corporation announced plans to produce a pure electric vehicle at its factory in the Czech Republic, marking its first electric vehicle production in Europe. The company will invest approximately €680 million to expand its facility in Kolin, with the Czech government contributing up to €64 million for a dedicated battery assembly facility [1]. Group 1 - Toyota's stock rose by 1.38% in pre-market trading on September 4 [1]. - The specific details and production timeline for the new electric vehicle have not yet been disclosed [1]. - The investment in the Kolin factory is part of Toyota's broader strategy to enhance its electric vehicle production capabilities in Europe [1]. Group 2 - The planned battery assembly facility will support the production of the new electric vehicle, indicating a commitment to localizing battery production [1]. - The investment from the Czech government highlights the collaboration between Toyota and local authorities to promote electric vehicle manufacturing [1].

Core Insights - The Chengdu International Auto Show, which opened on August 29, 2025, features nearly 120 domestic and international automotive brands showcasing over 1,600 vehicles, with a strong emphasis on new energy vehicles (NEVs) [1] - The event highlights the current consumer trends in the automotive market, particularly the growing popularity of electric vehicles (EVs) and the advancements in technology and design [1] Electric Vehicles - Numerous brands, including traditional automakers and new entrants, presented their latest pure electric models, indicating a robust market interest in EVs [5][8] - The new models showcased impressive specifications, such as the new Zhijie R7 with a range of 802 km and fast charging capabilities [5] - The Xiaopeng P7 features a 3.7-second acceleration to 100 km/h and a top speed exceeding 230 km/h, demonstrating the performance potential of modern EVs [6] Hybrid and Extended-Range Vehicles - The auto show also highlighted the advancements in hybrid and extended-range vehicles, with models like the Roewe M7 DMH achieving a combined range of 2,050 km [10] - The Wanjie M8 extended-range version offers a range of 1,600 km, showcasing the growing appeal of this technology among consumers [14] - The integration of advanced technologies, such as Huawei's collaboration with GAC for the Xiangwang S9, reflects the trend towards enhanced performance and efficiency in hybrid models [10] Market Trends - The auto show serves as a barometer for consumer preferences, with a clear inclination towards electric and hybrid vehicles due to their environmental benefits and lower operating costs [8][19] - The industry is moving towards "scene segmentation" and "technology downscaling," focusing on personalized consumer needs and making advanced technologies accessible in more affordable models [19] - The development of new battery technologies, such as solid-state batteries, is expected to further enhance the range and performance of electric vehicles, potentially solidifying their dominance in the market [18]