Since the end of World War II, Japan has been the land where global engineering took many forms and led the world in many technological changes. But over the past few decades, this has changed, leading local brands to lose their leadership in major industries such as communication and semiconductors. Thanks to the race for semiconductors, Japan is the first country to get an overseas plant operated by TSMC.
As this happens, another major industry, automotive, is seeing its position challenged. Yesterday, Honda and Nissan announced merger talks, and within the same day, Toyota announced its first standalone plant in China. As the third largest automotive producer and large exporter, this change of trend puts the future in doubt.
Local companies are maintaining global leadership in conventional cars. As the transition occurs to electric vehicles, the brands do not even feature in the Top 10 for now. Within this industry, China has taken the lead in many ways due to its first-movers' advantage and resources.
As car exports account for 12% of total exports it is important for the local brands to move in quickly to maintain the leadership. The risk of losing the leadership over the next decade or so will not only impact the companies but also the national finances.
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