(NEW YORK) -- 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."
"We want to transform Nissan to become a sustainable company that is truly needed by customers and society," Uchida added.
Nissan wants to launch an electric vehicle with its proprietary all-solid-state batteries by fiscal year 2028 and prepare a pilot plant for EVs in Yokohama, Japan, as early as fiscal year 2024. The company promises that its all-solid-state batteries will significantly reduce charging time and make electric vehicles more efficient and accessible.
Nissan was among the original pioneers of mainstream electric vehicles with its battery-powered Leaf, which first launched in 2010. A growing number of major carmakers, from Ford to General Motors, have similarly announced recent plans to invest heavily in electrification.
“We are proud of our long track record of innovation, and of our role in delivering the EV revolution. With our new ambition, we continue to take the lead in accelerating the natural shift to EVs by creating customer pull through an attractive proposition by driving excitement, enabling adoption and creating a cleaner world," Nissan COO Ashwani Gupta said in a statement Monday.
Earlier this year, President Joe Biden announced a set of actions aimed to cut greenhouse gas emissions from cars and trucks and signed an executive order that set a goal of having half of all new vehicles sold by 2030 be zero emissions vehicles.