Nissan to invest ¥2 trillion over 5 years to accelerate EV development

The Yomiuri Shimbun

November 29, 2021

Nissan Motor Co. announced Monday its long-term vision to introduce 15 new electric vehicles by fiscal 2030, including EVs equipped with lightweight next-generation all-solid-state batteries.

To accelerate the electrification of its vehicles, the company plans to invest about ¥2 trillion over the next five years.

Nissan said it aimed to “achieve cost parity between EVs and gasoline vehicles in the future.” Along with the commercialization of all-solid-state batteries, the company will also work to reduce the cost of lithium-ion batteries. It aims to establish technology that does not use cobalt, the supply of which is limited, in batteries and reduce the cost by 65% by fiscal 2028.

The roughly ¥2 trillion fund will be invested mainly in the development of batteries and vehicles, including Nissan’s original hybrid technology. To expand the development of advanced technologies, including automated driving, the company intends to hire more than 3,000 engineers.

Nissan has also raised its target sales ratio for electrified vehicles across major markets. By fiscal 2026, it aims for the ratio to be more than 55% for Japan, more than 75% for Europe and more than 40% for China. In the United States, the company aims for EV sales alone to account for 40% of total sales by fiscal 2030.

Nissan President and Chief Executive Officer Makoto Uchida announced the plans online and said the company wanted to expand the possibilities for mobility and society by positioning electrification and intelligence, such as automated driving, as its pillars.