Honda CEO says Chinese electric car makers are well ahead, vows to fight back

Honda Motor Company aims to ramp up its electrification strategy to grab a larger chunk of the global EV market. However, the company claims to face steep competition from Chinese EV manufacturers. Honda CEO Toshihiro Mibe has admitted that the Japanese auto giant is falling behind in the global race for electric vehicles. He also stated that the Chinese EV makers are well ahead in the race. However, Mibe is confident that Honda will be able to fight back.

Honda has already revealed its plan to launch multiple battery electric vehicles in key markets, including North America, China and Japan, in 2024. The company is focusing on better and more efficient batteries, powerful software and totally transformed driver interface to catch up to EV industry leaders. Also, the auto company plans to have dedicated EV factories with a completely overhauled production system and a secure supply of semiconductors. The auto company is looking at a global reboot acceleration from 2025.

Speaking about the competition, Honda CEO has said that the company's executives had an unpleasant surprise at the Auto Shanghai 2023, where local brands flooded the exhibition hall with advanced EVs of all kinds while the Japanese car maker displayed three electric SUV concepts that are slated to launch in China in 2024. "They are ahead of us, even more than expected," Mibe added, adding, "We are thinking of ways to fight back. If not, we will lose this competition. We recognize we are slightly lagging behind, and we are determined to turn the tables."

Honda CEO believes that the Chinese electric vehicle manufacturers had made major advances during the Covid-19 pandemic when the world was largely cut off from the country by travel restrictions. Honda COO Shinji Aoyama, too echoed Mibe's comment. "We were overwhelmed by the Chinese," he said.

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