Nissan's electric transition in Europe

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【Summary】Nissan Motor Co Ltd will only launch fully electric vehicles in Europe, following its commitment to selling electric vehicles only on the continent by the end of the decade. Despite the UK's decision to allow sales of petrol and diesel vehicles until 2035, Nissan is pressing ahead with its EV goals. The company plans to introduce 19 new fully electric models by 2030 and is working on developing cobalt-free batteries. Nissan shares have increased by almost 70% this year.

FutureCar Staff Sep 25, 2023 11:20 PM PT

Nissan Motor Co Ltd (TYO: 7201) has announced that it will exclusively launch fully electric vehicles in Europe going forward. This decision is an extension of their previous commitment to selling electric vehicles only on the continent by the end of the decade. Makoto Uchida, the Chief Executive of Nissan, stated that there is no turning back now and that they believe it is the right thing to do for their business, customers, and the planet.

Despite the United Kingdom's recent decision to allow sales of new petrol and diesel vehicles until 2035, Nissan is determined to press ahead with its EV goals. The UK had previously planned to ban these sales at the beginning of the new decade.

Having already sold over 1.0 million electric vehicles globally, with about one-third of those sales in Europe, Nissan is now focusing on launching 19 new fully electric models by 2030. This move is aimed at better competing with companies like Tesla Inc and BYD. Additionally, Nissan is committed to introducing cobalt-free batteries by fiscal 2028, which are expected to significantly reduce charging time and cost by 65%.

These announcements were made as Nissan celebrated the 20th anniversary of Nissan Design Europe in London. The company's shares have seen a nearly 70% increase since the beginning of the year.