Nissan's Electric Transition in Europe

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

As part of their efforts to compete with companies like Tesla Inc and BYD, Nissan has revealed plans to launch 19 new fully electric models by 2030. They are also working on introducing cobalt-free batteries by their fiscal 2028. These batteries are expected to not only reduce charging time but also lower costs by 65%.

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