Nissan plans to invest 15 billion euros to accelerate the electrification

Japanese carmaker Nissan plans to invest 2 trillion yen (15.52 billion euros) over the next five years to accelerate the electrification of its vehicles. Its goal is to launch electric cars with their own batteries by 2028. Nissan has lagged behind competitors in one of the fastest growing areas of the automotive industry in recent years and needs to catch up. The carmaker will spend twice as much as in the previous ten years to increase its share of the electric vehicle market. Japan's third-largest carmaker wants half of its global sales by 2030 to be electric or hybrid vehicles, as many countries are taking increasingly stringent measures to address climate change concerns. Britain, for example, plans to ban the sale of new cars with internal combustion engines from 2030. And US President Joe Biden announced earlier this year that half of all cars sold in the US market by 2030 will have zero emissions. At present, electric cars account for about 10 percent of European car sales, and in the US it is only two percent. Similar plans have already been announced by other global car manufacturers. Presenting its new long-term plan, Nissan said it would launch 23 new models, including 15 new electric vehicles, in an effort to reach its 2030 target. The carmaker has set a goal for electric cars to account for 75 percent of its sales in Europe by 2026. Last year, electric cars or hybrids accounted for only about 10% of Nissan's worldwide sales. In recent years, Nissan has been hit by a series of problems, from weak demand before the pandemic to the consequences of the arrest and flight of former boss Carlos Ghosn. Nissan CEO Makoto Uchida said in a statement that the long-term plan, which the carmaker announced on Monday, "will transform the Nissan so that it will become a sustainable company."