Mazda has been slow to embrace the electric vehicle (EV) revolution, but the Japanese automaker is hoping to change by announcing plans to spend $10.6 billion to help electrify their lineup by 2030.
The plan may be too little too late however as it will still only see Mazda introduce new EVs by mid-decade in China, and towards the end of the decade globally.
Announced in their Mid-Term Management Plan Update on Tuesday, Mazda says the investment will cover three phases of their electrification plan through 2030.
The first phase from 2022 to 2024 will see Mazda use their “technology assets comprising multiple electrification technologies to achieve both a reduction in our environmental footprint and produce attractive products.”
In the second phase from 2025 through to 2027 the automaker plans to introduce a new hybrid system, before expanding to include new battery electric vehicles, but only in China where it says “electrification is advancing.”
The third and final phase from 2028 to 2030 is where Mazda plans to introduce their new EVs globally. At the same time the automaker says they will consider investing in EV battery production.
Mazda was previously expecting EVs to make up 25% of their sales by 2030, but with this new three phase plan they now expects EVs to account for as much as 40% of their sales by the end of the decade.
Along with the three phase plan, Mazda says they will also achieve carbon neutrality by 2050, setting interim targets of making their factories carbon neutral by 2035. This will be achieved though energy conservation and use of renewable energy and carbon neutral fuels.
Mazda will also “accelerate the development of human-centered advanced driver assistance technology and eliminate new Mazda vehicles as a cause of fatal accidents avoidable with automotive technologies by 2040.”
While it is nice to see Mazda take the EV revolution more seriously, they will have their work cut out for them to achieve these targets.