Nissan To Invest $17.6 Billion In Ev Development Over The Next Five Years

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Nissan will invest 2 trillion yen ($17.6 billion) over the next five years developing new EVs and battery technology as part of a grand plan it calls “Ambition 2030,” the company announced. The company also wants to bring the cost of battery packs down to $75 per kWh by 2028 with a reduction to $65 kWh further down the road. The company said it plans to expand its ProPilot driver assistance technology to over 2.5 million Nissan and Infiniti vehicles by 2026. Nissan’s new plan comes as the company has grappled with internal problems, including the arrest and subsequent flight of former CEO Carlos Ghosn. In the short term, the company plans to cut 300 billion yen ($2.65 billion) in fixed costs and reduce production capacity by 20 percent as part of its “Nissan Next” plan unveiled last year.