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Nissan unveils $18 bln electrification push

Nissan's drive toward electrification will accelerate thanks to investment of almost $18 billion.

The Japanese carmaker confirmed the plans on Monday (November 29), and said the money would be spent over five years.

Nissan wants to catch up with competitors who have gone big on electric vehicles.

Monday's reveal was the first time Nissan had produced a comprehensive electrification plan.

That's despite it being one of the world's first mass-market EV makers with its Leaf model more than a decade ago.

Nissan COO Ashwani Gupta.

"It's very important for Nissan to show where we are going next. And today's the plan. It's a vision. It's a direction which is talking about (the) future with strategic priorities, and one of the strategic priorities is electrification."

Nissan said it would launch 15 EVs by 2030 and plans to shift to higher-tech solid-state batteries by March 2029.

EVs currently make up only a small portion of on-road vehicles, but the sector is growing as major car companies have pushed towards lowering carbon emissions.

Global electric car registrations grew 41% last year, even though the overall car market contracted by almost a sixth.

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