Nissan to invest $17.6 billion in battery development, electric cars

Nissan said on Monday it is investing US $17.6 billion (2 trillion yen) over the next 5 years  to accelerate the electrification of its vehicle lineup and introduce by 2028, a 65 percent cheaper battery.

“The role of companies to address societal needs is increasingly heightened. 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 Nissan CEO Makoto Uchida in a statement.

Nissan battery ASSB is the center of its electrification strategy. The company wants to bring the cost of battery packs down to US $75 per kWh and aims to bring it further down to US $65 per kWh to “achieve cost parity between electric vehicles (EV) and gasoline vehicles in the future.”

“By reducing charging time to one-third, ASSBs will make EVs more efficient and accessible,” the company said in the statement. 

Nissan said it “intends” to increase its global battery production capacity to 52 GWh by fiscal year 2026, and 130 GWh by fiscal year 2030.

All top automakers are working on EVs, as a global movement is looking to a more sustainable environment. 

The company said it will introduce 20 new EV and e-POWER equipped models in the next five years; hence, increasing its electrification sales mix across major markets by fiscal year 2026.