Part 4/8:
As sales plummet, foreign competitors have swiftly capitalized on the opportunity. Brands like BYD and Hyundai have reported remarkable gains in sales, with BYD increasing its footprint in the Japanese market by 54%. This indicates that not only are foreign EVs preferred, but they are also providing consumers with viable alternatives that Japanese automakers have failed to deliver.
Interestingly, it appears that Japanese consumers are turning towards Chinese brands, such as BYD, which are now outpacing Toyota in sales figures. This shift further underscores a departure from traditional loyalty to local brands and suggests a fundamental change in consumer perception regarding automotive quality and value.