Nissan To Invest Billions In Battery Powered Cars As Companies Push For More EV Production

Nissan Motor Corporation announced a long-term plan to add multiple battery-powered vehicles to its portfolio on Monday.

The Japanese car giant said it will invest 2 trillion yen, approximately $17.5 billion, over the next five years, aiming to roll out 23 new electric car models by 2030, including 15 fully electric models, the company said in a press release.

Additionally, the company targets 50% of its product line to be fully electric by 2030 and carbon neutral by 2050.

“The role of companies to address societal needs is increasingly heightened,” Nissan chief executive Makoto Uchida said in the press release.

“With Nissan Ambition 2030, we will drive the new age of electrification, advance technologies to reduce carbon footprint and pursue new business opportunities. We want to transform Nissan to become a sustainable company that is truly needed by customers and society,” Uchida said.

President Joe Biden signed an executive order on Aug. 5, targeting up to 50% of all U.S. cars to be electric vehicles by 2030.

Nissan said that it wants electric or hybrid vehicles to generate 40% of its U.S. sales by Biden’s target date.

“We are proud of our long track record of innovation, and of our role in delivering the EV revolution. With our new ambition, we continue to take the lead in accelerating the natural shift to EVs by creating customer pull through an attractive proposition by driving excitement, enabling adoption and creating a cleaner world,” Nissan chief operating officer Ashwani Gupta said in the press release.