Nissan reveals $18 billion car electrification plan

Nissan Motor said it will spend 2 trillion yen ($17.60 billion) over five years to work on vehicle electrification in order to catch up with rivals in one of the fastest growth areas for automakers.

The automaker will be spending twice as much as it did in the earlier decade for a share of the EV market as rivals also move ahead with their electric car plans.

The automaker said on Monday it will introduce 23 electrified vehicles by 2030, including 15 electric vehicles (EVs), and wants to decrease lithium-ion battery costs by 65% within eight years. It also prepares to introduce potentially game-changing all-solid-state batteries by March 2029.

Those commitments, CEO Makoto Uchida said, would make EVs affordable to more drivers.

“We will advance our effort to democratize electrification,” he said.