All the companies in China are involved in making electric cars. China is considered the stronghold of electric cars worldwide. The government there is also running various schemes to promote electric cars. But a shocking figure has emerged. In China, Japanese auto companies Toyota and Honda have beaten Chinese companies. Recently there were reports that the world's auto sector is reeling under recession. There has been a decline in car sales all over the world.
Fitch Rating report says that in 2019, sales of cars decreased by 31 lakh units. Two big car companies of the world, Toyota Motor Corp and Honda Motors kept the pace of decreasing sales of cars, which has been witnessing a continuous decline since June 2018.
It is to be noted that in this market the demand for hybrid electric cars running on petrol is increasing. Both of these Japanese companies are experts in this technology. These cars are also pleasing to the Chinese people because, despite the Chinese government's promotion of electric vehicles, the people there are not yet willing to buy fully electric vehicles. Toyota has already been manufacturing hybrid cars Toyota Prius, which is one of the popular hybrid cars in the world. Honda and Nissan car companies have already adopted hybrid technology, in which internal combustion engines are combined with electric motors. Due to this feature, people still demand petrol-powered cars.