Nissan is going all-electric in Europe

Nissan Motor Co Ltd (TYO: 7201) says it will only launch fully electric vehicles in Europe from here on. Its shares ended slightly up on Monday.

Nissan is ‘pressing ahead’ with its EV goals

The announcement is an extension of its earlier commitment to selling electric vehicles only on the continent by the end of this decade. Speaking with CNBC this morning, Makoto Uchida – the Chief Executive of Nissan said:

“There is no turning back now. We believe it is the right thing to do for our business, our customers and for the planet.”

Nissan is pressing ahead with its EV goals even after the United Kingdom said it will allow sales of new petrol and diesel vehicles until 2035.

It was previously slated to ban those sales at the start of the new decade.

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Nissan is working on cobalt-free batteries

Nissan has so far sold more than 1.0 million electric vehicles globally – about one-third of which it did in Europe.

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On Thursday, the Japanese car manufacturer revealed plans of launching 19 new fully electric models by 2030 to better compete with the likes of Tesla Inc and BYD.

Nissan is also committed to introducing cobalt-free batteries by its fiscal 2028 that are expected to not only reduce the charging time but the cost as well by 65%.

The automaker made these announcements as it celebrated the 20^th anniversary of Nissan Design Europe located in London. Shares of Nissan are up nearly 70% versus the start of this year at writing.  

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