Nissan Motor say to spend $17.6 billion to accelerate electrification

© Reuters. FILE PHOTO: Nissan Motor’s logo is displayed during a press preview for the company’s new Ariya all-battery SUV at Nissan Pavilion in Yokohama, south of Tokyo, Japan July 14, 2020. REUTERS/Issei Kato

TOKYO (Reuters) – Nissan Motor Co Ltd on Monday said it plans to spend 2 trillion yen ($17.59 billion) over the next five years to accelerate vehicle electrification as it bets tighter restrictions on carbon emissions will spurs demand for electric cars and hybrids.

The company in a press release said it will introduce 23 electrified vehicles by 2030, including 15 electric vehicles (EV). It also said it planned to introduce all solid-state batteries by March 2029.

“We will advance our effort to democratise electrification,” Chief Executive Officer Makoto Uchida said in an online presentation.

($1 = 113.7000 yen)

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