Nissan to invest $17.6 billion to accelerate electrification plans as auto industry evolves

"The role of companies to address societal needs is increasingly heightened."

Japanese car giant Nissan Motor Co. said it plans to invest $17.6 billion to accelerate its electrification plans, as the industry as a whole pivots away from gas-powered autos.

Nissan said it will invest 2 trillion Japanese yen over the next five years (just under $17.6 billion) and will launch 23 new electrified models, including 15 new electric vehicles.

The company said it is aiming to have a 50% electrification lineup by 2030 as part of its "Nissan Ambition 2030" initiative, which will put electrification at the center of its long-term strategy.

"The role of companies to address societal needs is increasingly heightened," Nissan CEO Makoto Uchida said in a statement. "With Nissan Ambition 2030, we will drive the new age of electrification, advance technologies to reduce carbon footprint and pursue new business opportunities."