Nissan plans to invest 18 Billion to power shift to electric vehicles – “Nissan Next is on track and we have laid a strong foundation for progressive change.”

Nissan Motor Co. plans to invest approx 2 trillion yen (17.6 billion USD) over the course of the next 5 years in the world of electric mobility and will expand the battery-powered options for its customers across the world.

The Japanese manufacturer has planned to introduce 23 new car models by the year 2030 counting 15 upgraded electric vehicles. The company aims to hit half of its sales in the electric vehicle line as per its statement released on Monday.

The company’s ultimate goal is to highlight electric vehicles in its product category, starting with its Nissan Leaf.

For the first time in 3 years, Nissan Leaf is on board to make an annual profit by reviving its EV capabilities. The automaker seeks to use its prior experience to enter the electric vehicle market.

In 2010, after mass-producing electric vehicles, the Yokohama-based car manufacturer was pronounced as the world’s first car company to produce EV vehicles in bulk.

While the company continues to be the world’s number one selling EVs, its recent sales seem to have been outpaced by the industry giant, Tesla Inc.

“We have a 10-year head start over competitors with electrification,” Makoto Uchida, the Chief Executive Officer, said during an online conference on Monday.  “We will leverage this experience” and “speed up the shift with further investment.”

Since UK and US market shares are crucial, it plans to further invest to capture a 75% sales share in Europe, 40% in the US and China, and 55% in Japan after making an initial investment in the UK.

Due to environmental safety concerns, the companies are now focusing more on producing Hybrid and Electric vehicles. This has led Britain to ban the sales of petrol and diesel cars by 2030.

In 2020, Nissan’s Electric and Hybrid vehicles were around 10% globally. However, the company claims to achieve carbon neutrality around the world by 2050 with its new set target for Electric vehicles. 

Nissan seems to be elevating its EV ambitions to a whole new level as the company plans to make a series of investments in the EV market. For instance, it plans to invest $1.4 billion in the infrastructure of its upcoming battery-powered car line in the UK. It further aims to globally improve its battery manufacturing capacity from 7.5 to 130 GWh by the year 2030 and Electric vehicles incorporating a solid-state battery by 2028.

A pilot testing for solid-state batteries will begin in Yokohama by the fiscal year 2024, with an objective to kick start mass production by 2028. The latest batteries are crucial to hitting cost parity between gasoline cars and EVs – as per the company’s statement.

About the new “Nissan Ambition strategy”, Uchida said, “The time is right for us to shift gears from focusing on business transformation to creating the future.”

“Nissan Next is on track and we have laid a strong foundation for progressive change.” 

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