Nissan said Monday it planned to spend $17.6 billion over the next five years as part of a plan to add 20 new battery-powered vehicles to its lineup. The company plans to recapture some of the prominence it formerly held in the electric-vehicle race after its pioneering introduction of the Leaf EV more than a decade ago.
Investors have given a boost to the share prices of car companies that are betting big on EVs, including relative newcomers such as Tesla Inc. TSLA, -3.05%, and industry stalwarts like Ford Motor Co. F, -2.47% and Volkswagen AG VOW, -3.58%. Nissan said some of those 20 new vehicles would be purely battery-powered, like the Leaf, while others would be gasoline-electric hybrids. It didn’t say what proportion would be pure electric vehicles.
Nissan has been battered by a series of problems in recent years, ranging from weak demand even before the pandemic, to the fallout from the arrest and subsequent escape of former boss Carlos Ghosn. After falling behind rivals during the pandemic, it has begun clawing back performance, tripling its full-year net profit forecast earlier this month despite the impact of a global chip shortage