Honda is concerned about China’s meteoric rise as a dominant and highly competitive player in the EV and autonomous driving space. In late December, when Honda and Nissan announced that they had signed a memorandum of understanding to create an automotive company worth around $50 billion, Honda CEO Toshihiro Mibe said that the “rise of Chinese automakers and new players has changed the car industry quite a lot... We have to build up capabilities to fight with them by 2030, otherwise we’ll be beaten.”