Nissan to Inject $17.6 Billion into Switch to Electric Vehicles

The electric vehicle (“EV”) market is expected to grow exponentially as more people ditch their internal combustion engine (“ICE”) cars for electric cars. Although Tesla has dominated the EV market for a decade, the California-based firm company be dealing with significant competition in the near future.

Several other EV startups, as well as established automakers, have thrown their hats into the electric vehicle race and are expected to release dozens of new EV models over the next five years. For instance, Japanese automotive giant Nissan has now announced that it also plans on investing billions of dollars in electrifying its lineup.

A decade after producing the first mass-market electric vehicle in the world, the Nissan Leaf, Nissan is jumping into electrification in a big way. The Asian automaker wants to spend 2 trillion yen ($17.6 billion) on electrifying its product lineup over the next five years. Dubbed Ambition 2030, Nissan’s new electrification plan calls for the rollout of 23 electrified vehicle models by 2030, with 15 of them being all electric. The investment will also fund the development of solid-state batteries. EV and battery makers have been working to develop solid batteries as they are more energy dense and safer than electrolyte-based lithium-ion batteries.

By 2026, Nissan hopes 75% of car sales in Europe, 55% in Japan and 40% in China will be electrified. As per the Ambition 2030 plan, 40% of U.S. sales and 50% of global sales of the Nissan and Infiniti brands will also be electrified by 2030. This includes both fully electric and hybrid cars. Nissan plans on building a pilot facility to develop its all-solid-state batteries in Yokohama, Japan, as soon as 2024. The company also plans on launching its solid batteries by 2028. According to Nissan CEO Makoto Uchida, solid-state technology will allow Nissan to double the energy density of its batteries.

The batteries will also feature smaller, thinner designs, and will allow for different layout customizations, making it possible for Nissan to deploy the solid-state technology in larger electric vehicles. The automaker wants to reduce battery pack costs down to $75 per kWh by 2028 and hopes to bring it even down to $65 per kWh in the future. The Japanese automaker is looking to produce 130 GWh of EV batteries by 2030. Nissan also plans on equipping more than 2.5 million Infiniti and Nissan vehicles with its ProPilt driver assistance technology by 2026. Every model developed by fiscal year 2030 will feature next-gen LIDAR technology.

It remains to be seen how the EV space, which already has players such as ElectraMeccanica Vehicles Corp. Ltd. (NASDAQ: SOLO), will respond to the aggressive expansion of legacy automakers, including Nissan.

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