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Mazda announces $10.6 billion EV investment plan

Mazda Motor Corp (7261) on Tuesday announced a JPY 1.5 trillion ($10.6 billion) investment plan to electrify its fleet and said it was also exploring an investment in battery production.

The company revised up its electric vehicle sales target to up to 40% of its total sales worldwide by 2030 from a previous objective of 25%.

“We will promote the full-fledged launch of battery EVs and consider investing in battery production. We estimate Mazda’s EV ratio in global sales to rise to a range between 25% and 40% as of 2030,” the Japanese auto maker said in a statement.

Under a 3-phase plan, the company intends to introduce battery-powered electric vehicle models in the “latter half of phase 2”, while referring to the period between 2025 and 2027.

Mazda also plans a full-scale launch of fully electric vehicles in 2028-2030.

According to Akira Marumoto, Mazda’s Chief Executive Officer, the auto maker aims to introduce a new hybrid system and increase efficiency on internal combustion engine.

Mazda also said it had reached an agreement to collaborate with 7 companies, including electric component manufacturer Rohm Co, to jointly develop and produce electric drive units.

The company aims to achieve net sales of about JPY 4.5 trillion in the business year that ends in March 2026, which would be a nearly 45% surge compared to the business year that ended in March 2022.

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