The Nissan auto alliance (Nissan, Renault and Mitsubishi) has announced plans to invest $25.7 billion in electric vehicles over the next five years, marking the latest massive cash injection into the fast-growing sector by the auto industry.
The Alliance says the latest outlay followed more than 10 billion euros already spent on its “offensive strategy in electrification”, promising 35 new electric models by 2030.
To achieve its goals, the alliance aims to increase co-operation on common platforms from 60% to 80% of its models by 2026.
The companies also announced a goal of reaching a total electric vehicle battery production capacity of 220 Gigawatt hours by the end of the decade, with Nissan tasked with leading the development of solid-state battery technology.
In December last year, Toyota also unveiled a more ambitious plan for its electric vehicle business, hiking its EV sales goal by 75%. Volkswagen has also said it will bulk up its investment in electric vehicles and digitalisation to 89 billion euros over the next five years.