Nissan outlined its goals for the next three years, including an additional 1 million car sales and a 30% decrease in the manufacturing costs of electric vehicles (EVs) by 2030.
In a press statement released on Monday, March 25, president and CEO Makoto Uchida said: "This plan will enable us to go further and faster in driving value and competitiveness."
Nissan has decreased its annual sales forecast for the fiscal year ending this month to 3.55 million units, down from 4 million initially and 3.7 million the month before, according to Bloomberg.
The automaker's sales in China have dropped significantly, and it put the decline down to two factors: rising competition and a brief interruption in logistics. Still, the company expects operational profit to rise throughout the time as a result of cost reduction initiatives.
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Nissan Unveils New Business Strategy
According to CNBC, the Japanese automaker said that in its new medium-term business strategy, the company would introduce 30 new models by fiscal year 2026, 16 of which will be EVs. In 2030, it hopes that the price of EVs and gas-powered cars will be equivalent.
The new strategy is guiding Nissan's decisive measures as the company faces extraordinary market volatility. The goal is to maintain sustained development and profits.
Along with long-term profitable expansion, the carmaker has stated its goal of an operating profit margin above 6% by the conclusion of fiscal 2026.
In its two-part approach called "The Arc," the carmaker plans to increase sales by implementing a "tailored regional strategy" and preparing for a faster shift to EVs by maintaining a healthy mix of EVs and combustion engines, expanding sales in key areas, and maintaining strict financial controls.
It said that this plan will be bolstered by strategic alliances, increased EV competition, innovations that stand out, and fresh sources of income.
New commercial prospects might bring in 2.5 trillion yen ($16 billion) for Nissan by fiscal 2030, according to the company.
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