Nissan said Monday it plans to introduce 16 new electric-vehicle (EV) models by fiscal year 2026 and slash their production costs by 30% by fiscal 2030.

The Japanese automaker said in a business plan announced Monday that it plans to have 40% of its global model mix by fiscal 2026 consisting of EVs and 60% by fiscal 2030. At its strategy update last year, Nissan had a goal of having more than 55% of its global model mix from EVs by fiscal 2030.

Nissan said it aims to have an additional 1 million unit sales compared with fiscal 2023 and ꦬan operating profit margin of more than 6% by the end of fiscal 2026. It added it plans to invest over 400 billion yen ($2.65 billion) in battery capacity.

The plan comes weeks after the Japanese firm said it was exploring an EV partnership with rival Honda Motor (HMC).

Nissan's expansion of EVs is unusual at a time when many automakers are pulling back, as they face stiff competition from typically 澳洲幸运5官方开奖结果体彩网:lower-priced Chinese EV makers like BYD (BYDDY), Nio (NIO), and XPeng (XPEV). Also, Apple reportedly is 澳洲幸运5官方开奖结果体彩网:scrapping its EV plans in order to focus on 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) initiatives.

Earlier this month, Tesla (TSLA) announced 澳洲幸运5官方开奖结果体彩网:new incentives ℱfor some models in China to boost demand and is also reportedly slowing 澳洲幸运5官方开奖结果体彩网:production at its facility☂ in Shanghai.

Struggling EV maker Fisker (FSR) last week announced it was🦹 pausing production fo🗹r six weeks as it reportedly has hired a firm to help with restr🍸ucturing possibilities, including bankruptcy.