Nissan to invest $17.6 billion in electric vehicles

Nov. 29 (UPI) -- As automakers race to create and produce more electric vehicles, Nissan announced Monday that it will invest $17.6 billion in EV development over the next five years.

The investment will go toward developing new EVs and battery technology as part of Nissan's "Ambition 2030" plan. The company plans to release 15 new EVs by 2030, making up half its vehicle lineup. It aims to have 75% electric vehicles in Europe, 55% in Japan and 40% in the United States and China by then.

It will develop 23 certified electric vehicles in total over the next eight years, with 20 of those coming in the next five years.

The EVs would be launched with all-solid-state batteries by 2028 with a pilot plant in Yokohama ready as soon as 2024. Nissan also said it aims to bring the price of battery packs to $65 per kWh, down from $75 per kWh.

The new EVs will have LIDAR systems by 2030. Nissan announced four concept cars: the Chill-Out, Surf-Out, Hang-Out, and Max-Out. Each concept offers different options like self-driving technology.

The Chill-Out is a small crossover vehicle with an all-wheel-drive system. The Surf-Out is a small pickup with a removable canopy and off-road capabilities. The Hang-Out is a small SUV with movable seats. The Max-Out is a concept lightweight convertible sports car.