Nissan CEO discusses the evolution of the EV market post-Covid.

• Since Covid, the EV market has undergone significant changes, according to Nissan CEO Makoto Uchida.
• He informed CNBC that the market is fragmented and customer acceptance speeds vary.
• Uchida stated that Nissan's global scale will provide an advantage in lowering the costs of EV components.

The CEO of the company states that the demand for electric vehicles has evolved significantly since the Covid pandemic, with individuals worldwide having varying preferences for their battery-powered cars.

Established automakers like Nissan face a series of challenges due to global strategies followed for decades.

Nissan CEO Makoto Uchida stated to Martin Soong of CNBC that although there is an increasing number of customers purchasing electric vehicles (EVs), the rate of adoption varies significantly across markets, and the preferences of buyers also differ.

Uchida stated that the pace of EV adoption in the world has been altered due to a fragmented market and varying customer acceptance speeds. As a result, automotive companies must adapt and transform from their past ways.

According to Uchida, the disparities in government incentives, costs, regional competition, and customer adoption rates have resulted in significant differences between the U.S., Europe, Japan, and China as markets for electric vehicles.

Uchida stated that the key is to determine the extent of localization required for each market.

Uchida stated that Nissan's global scale will provide an advantage in lowering the costs of EV components such as motors and batteries, which can be utilized across various vehicle types.

Nissan will develop future EVs for regions like the U.S. and China in those regions to ensure they are aligned with local customers and regulations, and priced appropriately for each market's expectations, according to Uchida. While Nissan has had regional models to an extent, he believes that future EVs must be developed locally to meet the specific needs of each market.

In China, Nissan faces the challenge of competing with both its longtime global rivals like Toyota and the rapidly growing Chinese EV startups like BYD, CATL, and Great Wall Motors, all while keeping costs as low as possible.

Nissan's history in China and its existing customer base provide an advantage, but the company must adapt to the rapid pace of the country's EV market, where new models are launched frequently.

"We have great potential and a lot of customers, all we need to do is adapt to the market," he stated.

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