Nissan Motor say to spend $17.6 billion to accelerate electrification

Nissan Motor Co Ltd on Monday said it plans to spend 2 trillion yen ($17.59 billion) over the next five years to accelerate vehicle electrification as it bets tighter restrictions on carbon emissions will spurs demand for electric cars and hybrids.

The company in a press release said it will introduce 23 electrified vehicles by 2030, including 15 electric vehicles (EV). It also said it planned to introduce all solid-state batteries by March 2029.

"We will advance our effort to democratise electrification," Chief Executive Officer Makoto Uchida said in an online presentation.