Nissan announced on Monday plans to spend $18 billion over the next five years to electrify its lineup of vehicles.
The plan is part of a broader “Nissan Ambition 2030” long-term vision which aims for a 50% “electrification” of the company’s lineup that includes EVs as well as hybrids and their e-POWER powertrain.
The Japanese automaker said they plan to introduce 15 new electric vehicles (EVs) by 2030, and is aiming for 50% of their global lineup to be electrified by the end of the decade.
“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,” said Nissan COO Ashwani Gupta.
The money will also go towards the development of their “breakthrough” all-solid-state batteries (ASSB). They claim the battery is more efficient and reduces charging time to 1/3.
Nissan expects it will be cheaper to produce and will be able to bring the cost down to $75/kWh by 2028, and further down to $65/kWh at an unspecified time in the future, at which point they will have cost parity with internal combustion engines.
The company said it hopes to have an ASSB pilot production line as early as 2024. It will also ramp its global battery production capacity to 52GWh by 2026 and 130GWh by 2030.