Japan based third largest automobile manufacturer Nissan Motor Corp. (TYO: 7201) says that it has set aside $17.6 billion (2 trillion yen) which it will be using on vehicle electrification over the next five years. The company further says that it aims at launching 23 electrified vehicles by 2030.
The company will be undertaking this vehicle electrification push with an aim of catching up with fellow automotive manufacturers who are a step ahead since they made an early entry in the electric vehicle sector.
Among the 23 electrified vehicles the company is aiming to launch by 2030, includes 15 fully-electric vehicles.
Nissan also announced that it want to reduce the production costs of lithium-ion battery by 65% within the next 8 years. Additionally, the company is also considering introducing all solid-state batteries by 2029. These batteries are being viewed as a potential game changer by participants in the automotive industry.
During an online presentation the company’s chief executive officer, Makoto Uchida, said these commitments are majorly made with an aim of making electric vehicles affordable to more drivers.
“We will advance our effort to democratize electrification,” said the CEO.