RIYADH: Nissan Motor Co plans to spend 2 trillion yen ($17.59 billion) over the next five years to accelerate vehicle electrification.

The new electrification strategy, called Nissan Ambition 2030, is a roadmap on how the company plans to meet its goals by the end of the decade, Bloomberg reported.

The Japanese automaker will launch 23 new electrified models by 2030, including 15 new electric vehicles.

Nissan has been ramping up its EV ambitions and announced plans to build a $1.4 billion hub to manufacture battery-powered cars in the UK.

The Yokohama-based carmaker plans to further increase its global battery production capacity to 130 gigawatt-hours by 2030.

It will launch an electric vehicle equipped with a solid-state battery by 2028, the company said.

By 2024, a pilot plant for solid-state batteries will be operational in Yokohama, with mass production expected to start by 2028.

According to Nissan, next-generation batteries are key to achieving cost parity between EV and gasoline vehicles.

Over the next decade, the global electric vehicle sales are projected to rise above 10 million a year from around one million today.

Nissan also plans for electric vehicles to account for more than 75 per cent of sales in Europe, 55 per cent in Japan, and 40 per cent in China by 2026.

It plans to have electric vehicles reach 40 per cent of sales in the US in 2030.

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