Nissan Targets 1 Million Vehicle Sales By 2027, Will Launch 30 New Models

Nissan aims to produce electric vehicles at the same price as traditional combustion engine vehicles by 2030, according to a new mid-term strategy announced recently. In addition, the carmaker announced a goal of selling one million more vehicles per year globally in three years.

The Japanese automaker also said that it will reduce production costs for next-generation electric vehicles by 30% in order to compete with rapidly growing Chinese rivals.

CEO Makoto Uchida stated that Nissan has encountered some challenges in the Chinese market, as the company struggles with sales volume in the nation, despite promising to improve the company's bottom line globally. 

By working with joint venture partners (in China), we will continue to optimise our production levels and work with products that allow us to grow in the market," Uchida said.

"We are focused on providing what Chinese customers want."

Nissan announced that it will produce cutting-edge electric models "through grouped 'family' development, with vehicle production under the approach starting in fiscal year 2027" and that this would result in "significant" cost savings.

The term "family" development describes how common parts are used across different car models.

Nissan also declared that through "integrating powertrains, utilising next-generation modular manufacturing, group sourcing, and battery innovations," it would cut the price of next-generation EVs by thirty percent.

In an effort to weather a "once-in-a-century" industry upheaval, Nissan and rival Honda announced this month that they were investigating the possibility of forming a strategic alliance in the electric vehicle space. Analysts speculated that this move was made to catch up to Chinese rivals.

Nissan stated that sixteen of the thirty new models it plans to introduce over the next three years will be "electrified".

"If you look at our product portfolio, in the future the number of ICE (internal combustion engine) vehicles will decline, but they are very important for our business," Uchida stated.

Citing "temporary logistics disruption and intensifying competition," Nissan reduced its unit sales volume projection for the current fiscal year from 3.7 million vehicles to 3.55 million in February.