YOUR NEXT CAR WILL BE A VOLT:

Japan Inc's move should put further pressure on EV prices, accelerate the transition away from internal combustion engines and broadly benefit consumers.

Toyota currently sells more cars than any other company in the world while Honda and Nissan also ride high in global rankings. Yet Nissan, via the Renault-Nissan-Mitsubishi Alliance, is the only Japanese company that ranks among the top 15 EV producers.

In 2022, the Alliance ranked 10th with less than one-fifth the output of industry leader BYD. If they seek to remain auto industry leaders, Toyota and Honda must convert their large global franchises and popularity with consumers into meaningful shares of the EV market.

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