April 18, 2024

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Nissan raises global electric vehicle targets;  To increase US localization

Nissan raises global electric vehicle targets; To increase US localization

TOKYO (Reuters) – Nissan Motor Co., Ltd. (7201.T) on Monday raised sales targets for electric vehicles and said it will increase production of power trains in the United States, as it looks to catch up with a sector dominated by the latest electric vehicles. Automakers such as Tesla Inc (TSLA.O).

The Japanese automaker pioneered electric vehicles (EVs) with its all-battery-powered Leaf, but it has struggled alongside several legacy automakers in the face of growing competition from nimble newcomers.

Nissan now aims for electrified vehicles – including its high-end e-powered cars – to account for more than 55% of global sales by fiscal 2030, from a previous target of 50%.

The automaker plans to build 27 new electric cars by that year, of which 19 will be entirely battery electric, the company said in a statement. This compares to its previous plan, which included 23 electric cars, including 15 battery electric vehicles.

In addition to producing electric vehicles at its plant in Smyrna, Tennessee, Nissan plans to build electric power trains at its Decherd plant in the same state to help it meet the requirements of the Inflation Control Act, Chief Operating Officer Ashwani Gupta said Monday.

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Gupta said in an online affidavit that Nissan is confident it will comply with the law due to localization starting in 2026.

(Reporting by Rocky Swift) Editing by David Dolan and Christopher Cushing

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