Nissan's electric shift in Europe

Nissan Motor Co Ltd (TYO: 7201) has announced that it will exclusively launch fully electric vehicles in Europe going forward. This decision builds upon their previous commitment to sell only electric vehicles on the continent by the end of this 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 announcement that it will allow sales of new petrol and diesel vehicles until 2035, Nissan remains steadfast in its EV goals. The UK had previously planned to ban these sales at the beginning of the new decade.

In order to better compete with companies like Tesla Inc and BYD, Nissan has revealed plans to launch 19 new fully electric models by 2030. Additionally, the automaker is committed to introducing cobalt-free batteries by its fiscal 2028. These batteries are expected to not only reduce charging time but also lower costs by 65%.

Nissan celebrated the 20th anniversary of Nissan Design Europe, located in London, by making these announcements. Despite the challenges faced by the automotive industry this year, shares of Nissan have seen a nearly 70% increase since the beginning of the year.