Generic Hero BannerGeneric Hero Banner
Latest market news

Japan’s domestic EV sales fall in 1H 2024

  • Market: Battery materials, Metals
  • 04/07/24

Japanese sales of domestic passenger electric vehicles (EVs) in the first half of the year fell sharply from the same period a year earlier.

Sales totalled 29,282 units during January-June, down by 39pc on the year, according to preliminary data from industry group the Automobile Dealers Association, the Japan Light Motor Vehicle and Motorcycle Association and the Japan Automobile Importers Association (JAIA).

The share of EVs in the total passenger vehicles sales was 1.6pc, down by 0.7 percentage points from a year earlier.

The sharp fall is mostly attributed to a decline in light passenger EV sales, which fell by 45pc on the year to 13,540 units. This is largely because the sales of Nissan's Sakura, one of the top-selling models in the market with a share of around 90pc, fell to 12,082 units, down by 38pc from a year earlier.

Light cars are defined as vehicles with a length, height and width of less than 3.4m, 2m and 1.48m respectively and an engine capacity below 0.66 litres, which is the Japanese standard.

Sales of ordinary passenger EVs also fell to 15,742 units, down by 31pc from a year earlier. The rate of decline was lower than that of light passenger EVs because of imported passenger EVs, for which sales increased by 16pc on the year to 10,689 units. Foreign EVs account for around 68pc of ordinary passenger EV sales.

Foreign brands are dominating Japan's EV market by "offering wider variety of models than domestic manufacturers," according to a representative of JAIA that spoke to Argus. BMW in June introduced its MINI's EV model to the Japanese market, but the sales volume was undisclosed.

Domestic EV sales in June totalled 5,010 units, down by 37pc, marking eight consecutive months of year-on-year declines.


Sharelinkedin-sharetwitter-sharefacebook-shareemail-share

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

News
13/05/25

ISTA blasts 'ludicrous' Tata Steel UK assertion to TRA

ISTA blasts 'ludicrous' Tata Steel UK assertion to TRA

London, 13 May (Argus) — Tata Steel UK's claim to the Trade Remedies Authority (TRA) that 2m-wide hot-rolled coil (HRC) could be bought for slitting is "ludicrous", according to the International Steel Trade Association (ISTA). In a submission to the TRA as part of its safeguard review, Tata said that if 2m-wide material, which it does not produce, is removed from the safeguard, it would be bought and slit, meaning it is no different from the material produced by Tata . But ISTA said 2m-wide HRC is a "significant part" of the yellow goods market and is used by companies such as JCB, Caterpillar and Liebherr for earth-moving, construction and agricultural equipment. It is also used in pipe and tube production and does not constitute a small proportion of the overall market, as suggested by Tata, ISTA said. The material must be imported as it is not manufactured in the UK and carries a premium over speed-stock widths produced by Tata. "For Tata Steel, who import volumes of this width themselves, to suggest that wider coil is ‘often imported only to be slit to narrower cuts' is ludicrous," ISTA said, arguing that there are "almost no" slitting lines in the UK that are capable of slitting 2m-wide material. The lines that do exist typically slit hot-dip galvanised (HDG) rather than HRC, Argus understands. Importers have also questioned the economic rationale of Tata's assertion that if higher-yield HDG is removed from the safeguard, importers would buy it and use it to compete with more commoditised grades produced by Tata. Higher-yield material carries a premium, and it would make no economic sense to pay it and then compete in the commodity market, trading firms told Argus . The TRA, which is expected to announce its provisional findings this week, is widely anticipated to propose caps on the quota for other countries' HDG. Importers told Argus that they were surprised by the aggressive tone of Tata's rebuttal to claims fielded by importers about material that it does not produce being excluded from the safeguard. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Find out more
News

India’s Vedanta expands metals exploration


13/05/25
News
13/05/25

India’s Vedanta expands metals exploration

Mumbai, 13 May (Argus) — Indian private-sector mining firm Vedanta is exploring critical mineral assets in six states as it looks to strengthen its position in the fast-growing clean energy value chain. Vedanta is exploring for copper, nickel, cobalt, chromium, vanadium, tungsten and platinum-group elements (PGEs) in states such as Maharashtra, Rajasthan, Bihar, Arunachal Pradesh, Karnataka, and Chhattisgarh supported by India's policy push for mineral security , it said on 10 May. Vedanta secured four mineral blocks in the fourth round of India's critical mineral auctions. It won a vanadium and graphite block in Arunachal Pradesh and a cobalt, manganese, and iron (polymetallic) block in Karnataka. Its subsidiary Hindustan Zinc (HZL) was awarded one tungsten block in Andhra Pradesh and another in Tamil Nadu. The company is expanding its value-added aluminium products capacity in billets, primary foundry alloys, rolled products and wire rods. Aluminium billets are used in the aerospace, defence and solar power sectors, while aluminium rolled products are used in high-speed railways, electric vehicles, pharmaceuticals and battery enclosures. HZL is exploring uses for zinc beyond galvanizing steel to protect it from rust, which currently accounts for over 60pc of global zinc demand. It has entered the zinc alloy sector with a 30,000t plant and plans to significantly increase the share of value-added products in its aluminium portfolio to over 90pc in the near term. Vedanta's board earlier this year approved an investment of about $1.5bn to expand its aluminium capacity, including an expansion at its smelter in Orisha to increase production, as well as increased value-added product capacity at its flagship aluminium plants. By Deepika Singh Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

US tariff to curb Japan’s crude steel output in FY25


13/05/25
News
13/05/25

US tariff to curb Japan’s crude steel output in FY25

Tokyo, 13 May (Argus) — Japan's major steel producers will likely cut their crude steel output in the current fiscal year ending in March 2026, partly because the US' blanket 25pc tariff on automobile imports will curb domestic car productions. The country's largest and second-largest steel mill by capacity Nippon Steel and JFE Steel estimates crude steel output at 33mn t and 21mn t respectively in April 2025-March 2026, both down on the year by around 1mn t. This comes as the US' tariffs on automobile imports is likely to cap domestic car production, according to the firms. The US levy could potentially reduce several hundred thousand tonnes of its steel products sales given that 20pc of the Japanese domestic car production is exported to the US, said JFE. Nippon Steel also forecasts lower steel demand because of a possible fall in auto and machinery exports to the US, although it is difficult for the company to evaluate the quantitative impact on the wider supply chain. Nippon Steel estimates Japan's total car exports to the US, including delivery via Canada and Mexico, is currently around 2.8mn units/yr, all of which could be subject to the US tariffs. Nippon Steel is cautious about providing its output projections given the unstable climate over the ongoing trade negotiations between Tokyo and Washington. Forecasting crude steel output for the current fiscal year is difficult given uncertainty over the possible impact of US tariff measures, Nippon Steel told Argus . JFE also said "further risk analysis is necessary", suggesting a possible revision of its production outlook. Meanwhile, Nippon Steel expects no significant impact from the US tariffs on its direct steel products delivered to the country for the time being. The impact of the tariffs will be limited given the firm's value-added products such as high-alloy seamless pipe are exported in small volumes and difficult to replace with other products, the company said. Some of its US clients designate Nippon Steel as the supplier of these products because US local manufactures are unable to produce them, the company added. Nippon Steel did not provide their export volumes. Domestic steel demand Domestic steel demand is also unlikely to recover in the short term regardless of the US tariff. The country's domestic crude steel output has been consistently falling over the past several years, but the recent downtrend appears to be especially worrying for the Japanese steel producers. The current slump in domestic steel demand is more severe than expected, Nippon Steel said, forecasting the continuous downtrend in steel demand for most of the steel consuming sectors including auto, construction and manufacturing industries. Sluggish demand has even led JFE to decide to completely close one of its steel production facilities. JFE announced on 8 May that it will shut down its No. 4 basic oxygen furnace (BOF) steel plant in western Japan's Fukuyama sometime in April 2027-March 2028, as part of the mid-term strategy. This will reduce the company's domestic steel production capacity to 21mn t/yr, down by 500t from the 2024-25 level, the company added. JFE decided to close the BOF plant because domestic steel demand is likely to continue falling on the back of shrinking populations and labour shortages, according to the firm. These are causing delays in construction projects and therefore weighing on steel demand, the firm added. By Yusuke Maekawa Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

India proposes retaliatory taxes to US' steel tariffs


13/05/25
News
13/05/25

India proposes retaliatory taxes to US' steel tariffs

Mumbai, 13 May (Argus) — India is seeking to impose higher duties on certain products imported from the US in retaliation to US tariffs on steel and aluminium imports. The extension of Section 232 tariffs on steel and aluminium imports by the US would impact $7.6bn of Indian imports into the US, India said in a notification to the World Trade Organization (WTO) dated 9 May and circulated on 12 May. The duty collection on the products would amount to $1.91bn and India's retaliatory measures would result in an equivalent amount collected from imports of US products into India, according to the WTO notification. India said that the "safeguard" measures by the US are not in line with the General Agreement on Tariffs and Trade (GATT) 1994 and the agreement on safeguards. India in April had requested consultation with the US on the reimposition of tariffs. As the consultations did not take place, India has the right to "suspend concessions or other obligations," which could result in higher duties on imports of certain goods from the US, the notification said. The document did not mention the specific products on which retaliatory duties have been proposed. Indian steel exports to the US are now subject to 25pc safeguard tariffs coupled with anti-dumping and countervailing duties, making it difficult for Indian suppliers to compete in the US market. Indian products exported to the US are also subject to a 10pc baseline tariff imposed by US president Donald Trump on 5 April. India is currently in the process of negotiating a bilateral trade agreement with the US. Indian representatives met US officials in Washington in late April, following bilateral discussions held in New Delhi in March. By Amruta Khandekar Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Russia urges decision on Bolivia Li deal


12/05/25
News
12/05/25

Russia urges decision on Bolivia Li deal

Sao Paulo, 12 May (Argus) — The Russian ambassador to Bolivia today criticized what he described as Bolivian government stalling of a $970mn lithium concession deal with Russian-backed Uranium One Group. Dmitry Verchenko, in an interview with Bolivian state outlet Agencia Boliviana de Información, said the Bolivian congress is taking an "excessive" amount of time to reach a decision on the $970mn lithium concession deal signed in September 2024. The concession deal included the production of 14,000 metric tonnes (t)/yr of lithium carbonate equivalent (LCE) from the Uyuni salt flat — the largest lithium reserve in the world at 23mn t. Verchenko said that Uranium One, a subsidiary of state-owned atomic energy agency Rosatom, will build a pilot plant capable of producing 1,000t/yr LCE as soon as possible and follow up with gradual expansions. The project — which is still unnamed — will be the country's first direct lithium extraction (DLE) plant, a brine processing method that reduces LCE production time and water usage. Bolivian energy minister Alejandro Gallardo last month urged congress to approve both Russia's and China's CBC concession deals , but still no progress has been made. Congress in February said that it would only discuss the two deals after a nationwide round of public consultations that remains unscheduled. Political uncertainty delays Bolivia's Li hopes There is no forecast of when or if the concessions may be approved because Bolivia's congress is deeply divided between allies and political opponents of Luis Arce, the current president. Neither faction has the required majority for the bills to pass. The country will hold a presidential election in August and market participants expect a congressional vote on the matter may be pushed to next year because of uncertainty in the current polling ahead of the election. Russia looks further afield Verchenko added that Russian and Uranium One are waiting on the approval of the concession deal despite neighboring Argentina and Chile rapidly developing their lithium markets. Given the delay, Russia is already looking for alternative lithium solutions in Latin America with Brazil emerging as a potential partner . Following an in-person meeting with Russian president Vladimir Putin on 10 May, Brazilian president Luiz Inácio Lula da Silva confirmed that Brazil is actively seeking to collaborate with Russia to extract spodumene from the country's so-called Lithium Valley, a lithium-rich region located in the state of Minas Gerais. Bolivia's 2024 lithium carbonate output stood at 1,832t . By Pedro Consoli Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more