The Nissan Ariya electric vehicle is on display during the 2020 Beijing International Auto Show (Auto China 2020) at the China International Exhibition Center on September 27, 2020 in Beijing, China.
VCG | China Optical Group | Getty Images
Japanese automaker Nissan announced Monday that it aims to sell an additional million vehicles over the next three years and reduce electric vehicle production costs by 30% by 2030.
In a new medium-term business plan, Nissan also said it will launch 30 new models by fiscal year 2026, including 16 electric models. It aims for the costs of electric cars and combustion engines to reach parity by 2030.
“This plan will enable us to go further and faster in enhancing value and competitiveness,” Makoto Uchida, Nissan's president and CEO, said in a statement.
In the face of extreme market volatility, Nissan is taking decisive action guided by the new plan to ensure sustainable growth and profitability.
The automaker also said it is targeting an operating profit margin of more than 6% by the end of fiscal 2026, as well as “long-term profitable growth.”
Under the two-part plan, dubbed “Arc,” Nissan said it will aim to ensure volume growth through a “tailored regional strategy,” prepare for the rapid transition from electric vehicles by balancing its portfolio between electric and combustion-powered vehicles, and increase volumes. In key markets and financial discipline.
This will be supported by “smart partnerships, enhanced electric vehicle competitiveness, diversified innovations, and new revenue sources.”
Nissan said this strategy could generate a potential revenue of 2.5 trillion yen ($16 billion) from new business opportunities by fiscal 2030.
This is a breaking news story and will be updated soon.
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