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Nissan Motor Co. Ltd. is cutting its production cost for electric vehicles and aiming to sell an additional one million EVs in the next three years. Japanese automakers are reportedly making this move to compete well with Chinese EV makers.
Nissan Motor is planning to cut its electric vehicle production costs by 30% by 2030. The company announced this plan on Monday, March 25.
New EV Models Launch
The company added it will unveil 30 new vehicle models by fiscal year 2026, 16 of which are electric vehicles. According to CNBC, it is reportedly looking to make the production cost of EVs and combustion engines equal within six years.
“This plan will enable us to go further and faster in driving value and competitiveness,” Makoto Uchida, Nissan Motors’ president and chief executive officer, said in a statement. “Faced with extreme market volatility, Nissan is taking decisive actions guided by the new plan to ensure sustainable growth and profitability.”
Nissan Motors explained that it aims to reach an operating profit margin of over six percent by the end of 2026. It will also work for its long-term profitable growth under a two-part plan called “The Arc.”
Going Head-to-Head With Chinese Rivals
Financial Times reported that Nissan Motors is slashing its production cost for EVs by forging new partnerships and manufacturing processes. The company is doing this to counter the increasing threat from some of its China-based rivals, which are producing cheaper electric cars.
So far, the company has already teamed up with France’s Renault and Japan’s Honda, which was only revealed last week. The company is currently struggling with sales in China because the automotive business sector is struggling to build vehicles at more affordable prices. In any case, Nissan’s ultimate goal is to produce low-priced electric cars that are still profitable.
Photo by: Dayron Villaverde/Pixabay
