Hyperdrive
Booming Profits Bolster Japan Automakers’ Cautious EV Shift
- Toyota, Honda, Nissan all raised guidance on strong first half
- Manufacturers had faced criticism for not rushing into EVs
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Toyota Motor Corp., Honda Motor Co. and Nissan Motor Co. all raised their operating profit forecasts for the current fiscal year on the back of strong sales, in what can be seen as a validation of their view that the shift to fully electric vehicles will take longer and require more patience by the industry.
General Motors Co. and Ford Motor Co. learned that the hard way. They were forced to pull guidance recently following weeks of strikes by the United Auto Workers over wage hikes and job security in the EV future. They also scaled back aggressive electrification plans.