By 2050 the central government aims to have all new cars sold in Japan be electric or hybrid vehicles, an economy ministry panel said Tuesday, amid intensifying competition in the global shift to green cars.
The panel, which included chiefs of major automakers such as Toyota Motor Corp., Nissan Motor Co. and Honda Motor Co. Ltd., also reported that a new industry organization will be set up by next March under which automakers will collaborate in the joint procurement of cobalt, an essential element involved in the manufacturing of electric car batteries.
The move comes as global carmakers race to lock in battery supplies and move away from traditional combustion engines, and as China locks down supply chains to secure its own quickly growing battery sector.