Japanese automaker, Nissan has announced plans for half its global sales to be electric or hybrid vehicles by 2030, and is to invest around $17.6 billion over the next five years to speed up the electrification of its product line.
Unveiling its new long-term plan, Nissan said it will launch 23 new models, including 15 new electric vehicles, in a bid to reach the 2030 goal.
Nissan said 20 of its new electric models would hit the market in the next five years, setting a target for electric cars to make up 75% of sales in Europe by fiscal 2026.
The company is also seeking to reduce the cost of lithium ion batteries by 65% within eight years. It is also aiming to launch an all-solid-state battery-powered car by 2028. ASSBs give greater range and power, at lower costs.
Last year, only around 10% of Nissan’s global sales were EVs or hybrids, and the firm said the new target would help it achieve carbon neutrality across the lifecycle of its products by 2050.
Elsewhere, Toyota says by 2030, all the vehicles it sells in Europe will be electric or hybrid models, with a goal of 70% in North America and 100% in China by 2035.
Earlier this year, Volvo announced plans for its entire car line-up to be fully electric by 2030, all of which will only be sold online. The Swedish carmaker said 50% of its global sales should be fully-electric cars by 2025 and the other half hybrid models that use a battery and an engine.