Japan and the Association of Southeast Asian Nations (ASEAN) are set to develop their first joint strategy for automobile production and sales within Southeast Asia, aiming to counter the growing influence of China's electric vehicle (EV) market, as reported by Nikkei newspaper.
The collaborative strategy, which is slated to be outlined by 2035, will be a focal point of discussions when Japan's economic ministers and ASEAN members convene next September. This plan will emphasize cooperation in key areas such as personnel training, decarbonizing production processes, securing mineral resources, and investing in innovative sectors like biofuels.
To support this initiative, Japan plans to utilize the 140 billion yen ($899.51 million) allocated by its Ministry of Economy, Trade and Industry for Global South assistance, particularly focusing on personnel training.
In a related development, Honda Motor, a major Japanese automaker, announced last week its commitment to double investments in electrification and software to approximately $65 billion by fiscal 2030. This move comes in response to increasing competition from Chinese automakers, including industry leader BYD.
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