Mazda to Spend 1.5 T. Yen for Vehicle Electrification

Economy

Tokyo, Nov. 22 (Jiji Press)--Mazda Motor Corp. <7261> said Tuesday it will invest 1.5 trillion yen with its partners by 2030 in projects to electrify vehicles as part of its contribution to the fight against global warming.

With the investment, Mazda aims to make electric vehicles account for up to 40 pct of its overall global unit sales in 2030, up from the previous target of 25 pct, the major Japanese automaker said.

To this end, Mazda will newly procure batteries for vehicles to be manufactured in Japan from Chinese-affiliated Envision AESC Group Ltd., based in Zama, Kanagawa Prefecture, in which Nissan Motor Co. <7201> has a stake.

"We will fully shift to electrification," Mazda President Akira Marumoto said at a briefing on his firm's medium-term business program through 2030 on Tuesday.

The company sets 2022-2024 as a development enhancement period and 2025-2027 as a transition period during which it plans to launch EVs in the Chinese market.

[Copyright The Jiji Press, Ltd.]

Jiji Press