The news reflects the declining market share of Japanese car brands in China and points to several key reasons that may be contributing to this trend. Here's a more detailed explanation of these three reasons:
1.Technological Change and New Energy: The article argues that Japanese automakers have failed to seize opportunities in the face of new technological changes. Specifically, Toyota and Honda have been relatively conservative in their adoption of new energy sources, which may have put them at a disadvantage in the competition in electric vehicles and other new energy sectors. This is not in line with the growing trend of clean energy vehicles in the Chinese market, thus affecting the market share of Japanese car brands.
2.The Rise of Domestic Cars: The article mentions that the rise of local Chinese car brands has squeezed the share of Japanese cars in the market. The accelerated growth of Chinese brands such as BYD, Changan, and Geely is seen as a major factor in the competition. This may reflect the increased confidence of Chinese consumers in local brands and the progress these brands have made in offering products that meet local needs.
3.Young people's embrace of domestic cars: The article also mentions that the younger generation has increased their acceptance of domestic cars and no longer blindly pursues imported cars. This shows that young Chinese are more confident in supporting local brands, which is reflected in the choice of the automotive sector. This increase in cultural self-confidence may be a manifestation of the revival of traditional Chinese cultural elements among a new generation of consumers.
Overall, this situation may prompt Japanese automakers to reassess their strategies in the Chinese market, including accelerating the shift to new energy vehicles to better meet local market demand, as well as competing with Chinese brands.