{"text":[[{"start":9.7,"text":"China’s BYD is challenging Toyota and other Japanese carmakers in one of their most important market segments with the launch of its mini electric kei car."}],[{"start":19.14,"text":"The release comes soon after BYD’s founder and chief executive, Wang Chuanfu, announced a plan to topple Toyota as the world’s largest carmaker by sales within five years through rapid advances in charging technology and explosive overseas growth."}],[{"start":35.48,"text":"Its push into Japan, Asia’s second-biggest economy, is a key part of that expansion plan. BYD has become the world’s biggest EV producer but now faces slowing growth and rising competition in China, the world’s biggest car market."}],[{"start":49.84,"text":"Beyond aggressively expanding exports — helped by the construction of eight purpose-built ships to carry EVs — the carmaker is expanding its manufacturing footprint with new factories in Hungary, Brazil, Thailand, Indonesia and Uzbekistan."}],[{"start":64.32,"text":"BYD’s answer to the kei car — a class of boxy compact vehicles suited for Japan’s narrow roads and tight parking spaces — is the Racco, which the company said on Tuesday could cost less than ¥2mn ($12,000) after subsidies are taken into account."}],[{"start":80.16,"text":"On a full charge, it will offer a range of 210km to 320km, beating out best-selling Japanese electric kei models such as the Nissan Sakura."}],[{"start":90.56,"text":"Last year, Atsuki Tofukuji, president of BYD Auto Japan, told the FT that his company saw an opening for low-cost EVs of a similar size to “Mr Bean’s Austin Mini Cooper”, as high taxes push up conventional fuel prices and as petrol stations rapidly disappear in depopulating rural Japan."}],[{"start":107.52,"text":"Kei cars made up 36.5 per cent of new vehicle sales in Japan last year, according to the Japan Light Motor Vehicle and Motorcycle Association."}],[{"start":118.04,"text":"However, their popularity has also been driven by tax and insurance breaks for cars that do not exceed certain dimensions, contain an engine smaller than 660cc and have a power output of less than 47 kilowatts."}],[{"start":131.32,"text":"Despite its price point, BYD’s Racco faces an uphill battle in Japan, where foreign brands make up a small portion of sales. The Chinese carmaker sold only 3,742 vehicles in Japan last year, according to the company."}],[{"start":147.64,"text":"While up 68 per cent from 2024, it was only a fraction of the 4.5mn new cars sold in Japan last year, according to the Japan Automobile Dealers Association."}],[{"start":158.487,"text":"US President Donald Trump made his own pitch for kei cars last year, calling for US production of the “very small” and “really cute” vehicles during a White House announcement on fuel economy rules."}],[{"start":175.25,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1785220893_9547.mp3"}