Nissan reveals electric vehicle plan worth massive $18 billion

Nissan Motor Co. has plans of playing a possibly formidable role in the world of electric mobility and will invest around two trillion yen (approximately $17.6 billion) over the course of the next five years to have more battery-powered options for customers across the world. The eventual aim for Nissan is to ensure that its electric vehicles are the highlights in the product portfolio.

Nissan Leaf was one of the earliest electric offerings in many markets and the Japanese car company is looking at expanding its battery-powered options with plans of having as many as 23 new models by 2030. This will include 15 all-electric cars. “We have a 10-year head start over competitors with electrification. We will leverage this experience and speed up the shift with further investment," said CEO Makoto Uchida. “The time is right for us to shift gears from focusing on business transformation to creating the future."

File photo: A charging cable is attached to a Nissan Leaf electric car at the Tokyo Motor Show.

Nissan Motor Co. has plans of playing a possibly formidable role in the world of electric mobility and will invest around two trillion yen (approximately $17.6 billion) over the course of the next five years to have more battery-powered options for customers across the world. The eventual aim for Nissan is to ensure that its electric vehicles are the highlights in the product portfolio.

Nissan Leaf was one of the earliest electric offerings in many markets and the Japanese car company is looking at expanding its battery-powered options with plans of having as many as 23 new models by 2030. This will include 15 all-electric cars. “We have a 10-year head start over competitors with electrification. We will leverage this experience and speed up the shift with further investment," said CEO Makoto Uchida. “The time is right for us to shift gears from focusing on business transformation to creating the future."

All eyes for now would be on the Ariya SUV that has already been showcased to the world and is gearing up for an official launch in select markets. But many believe going strong may be the best way for auto companies as volumes have a big role to play in determining success in the electric field of play that is currently being led by Tesla. But others like Volkswagen, GM, Toyota and Honda have major plans of going electric.

And Nissan doesn't want to lose out.

The US and the UK markets are crucial. Nissan has confirmed plans to have a $1.4 billion EV hub in the UK. And as per reports, the company wants to eventually have 75% of its Europe sales coming from EVs. The figures are 55% in Japan, 40% in China and the US.

India, however, may have a longer wait for a Nissan EV as the company only recently revived itself on the shoulders of the Magnite sub-compact SUV. The car, launched late 2020, has hit the 30,000 mark in deliveries with the company saying the order book is currently at around 70,000.