Japan's Honda aims to cut more than $9 billion in costs over the next four years and has instructed suppliers to drastically reduce their prices, according to internal documents and one person familiar with the matter.
The plan, reported here for the first time, is one of the most striking examples yet of how Japanese automakers are scrambling to deal with intensifying competition from China. BYD and other Chinese electric vehicle (EV) makers are capturing sizeable market share in Southeast Asia, Latin America and Europe, powered by advanced software and battery technology - and prices that are by far the industry's lowest.
