Nissan Plans To Introduce 16 New EV Models by Fiscal 2026, Slash Their Production Costs

Nissan said Monday it plans to introduce 16 new electric-vehicle (EV) models by fiscal year 2026 and slash their production costs by 30% by fiscal 2030.

The Japanese automaker said in a business plan announced Monday that it plans to have 40% of its global model mix by fiscal 2026 consisting of EVs and 60% by fiscal 2030. At its strategy update last year, Nissan had a goal of having more than 55% of its global model mix from EVs by fiscal 2030.

Nissan said it aims to have an additional 1 million unit sales compared with fiscal 2023 and an operating profit margin of more than 6% by the end of fiscal 2026. It added it plans to invest over 400 billion yen ($2.65 billion) in battery capacity.

The plan comes weeks after the Japanese firm said it was exploring an EV partnership with rival Honda Motor (HMC).

Nissan’s expansion of EVs is unusual at a time when many automakers are pulling back, as they face stiff competition from typically lower-priced Chinese EV makers like BYD (BYDDY), Nio (NIO), and XPeng (XPEV). Also, Apple reportedly is scrapping its EV plans in order to focus on artificial intelligence (AI) initiatives.

Earlier this month, Tesla (TSLA) announced new incentives for some models in China to boost demand and is also reportedly slowing production at its facility in Shanghai.

Struggling EV maker Fisker (FSR) last week announced it was pausing production for six weeks as it reportedly has hired a firm to help with restructuring possibilities, including bankruptcy.