Updated March 25th, 2024 at 13:32 IST

Nissan targets 1 million vehicle sales by 2027, to launch 30 new models

Despite being an early innovator in EVs, Nissan has faced stiff competition from industry giants such as Tesla and BYD, particularly in key markets like China.

Reported by: Business Desk
Nissan growth plan | Image:Nissan
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Nissan growth plan: Japanese auto major Nissan Motor has unveiled plans to launch 30 new models by the financial year ending in March 2027. The company is setting its sights on a significant boost in global sales, targeting an increase of 1 million vehicles while simultaneously implementing cost-cutting measures to enhance profitability.

With competition in the automotive industry intensifying, Nissan aims to achieve an operating profit margin exceeding 6 per cent and total shareholder returns surpassing 30 per cent by the end of the specified period. Despite being an early innovator in electric vehicles (EVs) with its groundbreaking all-battery-powered Leaf model, Nissan has faced stiff competition from industry giants such as Tesla and Chinese leader BYD, particularly in key markets like China.

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Recognising the need to adapt to evolving market dynamics, Nissan is doubling down on its commitment to electrification. The company aims for electrified vehicles, including hybrids, to constitute 60 per cent of its global sales by the end of the decade, an increase from its previous target of 55 per cent set in February 2023.

In response to the shifting landscape of the automotive industry, Nissan has also announced plans to collaborate with domestic rival Honda Motor on strategic partnerships, particularly focusing on essential components for EVs and other critical areas.

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Out of the 30 new models slated for release over the next three years, Nissan plans for 16 to be electrified, reflecting its dedication to sustainable mobility solutions. Moreover, the company has set ambitious targets to reduce the cost of the next generation of EVs by 30 per cent by 2030, aiming to make them economically comparable to internal combustion engine models.

(With Reuters inputs.)

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Published March 25th, 2024 at 13:32 IST