Nissan Motor Co. is going all in on electrification, promising to rapidly increase its offerings and adopt new technology while slashing costs.
The carmaker on Monday announced “The Arc,” its new business plan that aims to raise the company’s value and make it more competitive in the auto market by 2030. The new strategy comes a little more than a week after Nissan said it would explore a strategic partnership with fellow Japanese automaker Honda Motor to create “core components” related to electric vehicles.
“The auto industry is now being forced to reshape its values so we can say continuous change is the new normal,” CEO Makoto Uchida told reporters Monday while outlining the ambitious plan. “Nissan must change. We cannot succeed if we continue along the same path.”
The Japanese automaker aims to launch 30 new models — 16 of which will be electric — and refresh 60% of its gas-powered vehicles by fiscal year 2026, or sometime around May 2027. Nissan plans to launch another 18 EVs to cover all segments of the market and achieve a 60% model mix by the end of fiscal year 2030.
As part of its electrification goals, Nissan will invest more than 400 billion yen ($2.6 billion) in battery capacity. By adopting new technology, among other measures, the company aims to reduce the cost of next-generation EVs by 30% and make them cost about as much as gas-powered models by 2030.
Uchida said global sales will increase by 1 million units by the end of the decade. Nissan sold 3.3 million vehicles in fiscal 2022, and Japan’s second-largest automaker expects to sell 3.55 million units in fiscal 2023, which ends in May.
“The Arc plan shows our path to the future. It illustrates our continuous progression and ability to navigate changing market conditions,” Uchida said Monday. “This plan will enable us to go further and faster in driving value and competitiveness.”
In the U.S. and Canada, Nissan plans to launch seven new models and refresh almost 80% of its passenger vehicle lineup. In China, where Nissan and Honda have been struggling to match local competitors, Nissan aims to launch eight EVs and grow sales by 200,000 units.
Nissan’s shares on the Tokyo Stock Exchange sunk 2% on Monday.