Nissan Motors is stepping up its game within the electric vehicle industry by investing $17.6 billion over the next five years in an attempt to add 20 new battery-powered vehicles to its fleet.
The company would like to reclaim prominence throughout the EV market as other motor vehicle makers such as Tesla Inc., Volkswagen, and Ford Motor Co. have recently invested heavily into the expansion of EV manufacturing.
Nissan has been a prominent member of the EV market as early as 2010, and since then has had a significant foothold in the market, however, until recently Nissan has been outpaced by other motor vehicle manufacturers. Nissan’s new investment of $17.6 billion will be more than double what the company has invested since 2010.
Out of the new 20 vehicles that will be introduced before 2026, 9 of them will be purely electric with the other 11 maintaining a hybrid model in which a small gasoline engine will be equipped primarily to recharge the battery.
Nissan stated Monday that the company’s all-electric and hybrid vehicles account for 40% of the company’s total sales. The Biden administration is pushing for 50% of all new vehicle sales to be electric or hybrid by 2030.
Source: Bloomberg
