Nissan unveils aspirational electric vehicle plan, to launch 23 EVs with $18 billion investment

Nissan will be spending twice as much as it did in the previous decade for a share of the EV market as rivals, including Toyota Motor Corp and newer entrants such as Tesla Inc, move ahead with their electric-car plans

Nissan Motor Co announced it will spend 2 trillion yen ($17.59 billion) over five years to accelerate vehicle electrification to catch up with competitors in one of the fastest growth areas for car makers. This is the first time Japan's No.3 automaker, one of the world's first mass-market electric vehicle (EV) makers with its Leaf model more than a decade ago, is unveiling a comprehensive electrification plan.

Nissan will be spending twice as much as it did in the previous decade for a share of the EV market as rivals, including Toyota Motor Corp and newer entrants such as Tesla Inc, move ahead with their electric-car plans.

Nissan said on Monday it will launch 23 electrified vehicles by 2030, including 15 electric vehicles (EVs), and wants to reduce lithium-ion battery costs by 65% within eight years. It also plans to introduce potentially game-changing all solid-state batteries by March 2029. Those commitments, Chief Executive Makoto Uchida said, would make EVs affordable to more drivers.