Japanese automaker Nissan announced plans to invest 2 trillion yen (about $17.6 billion) over the next five years in order to speed up its electric vehicle program.
Nissan is aiming to roll out 23 new electric vehicle models by 2030 with 15 of those models being fully electric.
"With Nissan Ambition 2030, we will drive the new age of electrification, advance technologies to reduce carbon footprint and pursue new business opportunities. We want to transform Nissan to become a sustainable company that is truly needed by customers and society," said CEO Makoto Uchida.
By 2026, Nissan expects electric vehicles to make up about 40% of its sales in the U.S., 55% in Japan, more than 40% in China and more than 75% of sales in Europe.
The company is targeting a 50% electrification mix for its Nissan and Infinity brands by 2030 and by 2050, Nissan has a goal of being carbon neutral across the life cycle of its products.
Nissan is planning to introduce its own all-solid-state batteries to the market by 2028.
“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 COO Ashwani Gupta.
Car makers are seeing internal and external pressure to evolve away from internal combustion engines . The U.K. wants to stop the sale of new diesel and gasoline cars and vans by 2030.
Meanwhile, the EU is targeting a 100% reduction in carbon emissions from cars and vans by 2035.