Mazda invests 11 billion USD in car electrification

Mazda senior executive Akira Koga said the investment will be rolled out jointly with partners. The money will be used for R&D activities.

Mazda follows in the footsteps of rivals that spend heavily on electric cars. (Photo: Reuters)

Earlier, at a conference, Mazda CEO Akira Marumoto revealed that the company had signed an agreement with Envision AESC, the battery division of Envision renewable energy group (China), to buy batteries for electric vehicles made in Japan. Copy. The brand also collaborates with seven other companies, including electrical components manufacturer Rohm, to jointly develop and manufacture electric actuators.

Global automakers are spending billions of dollars to ramp up production of batteries and electric vehicles. In August, Toyota Motor said it would invest up to 730 billion yen in Japan and the United States to produce batteries for all-electric vehicles, as opposed to hybrid gasoline-electric models like the Prius. Honda Motor also announced the construction of a new $4.4 billion lithium-ion battery plant for electric vehicles in the United States with battery supplier LG Energy Solution.

Mazda targets net sales of 4.5 trillion yen for the fiscal year ending March 2026, up 45 percent from the fiscal year ending March 2022. The company will produce electric cars at its main plant in Hiroshima and export it to the US and other countries. The company expects electric vehicles to account for 30% to 40% of production by 2030, up from its original 25% target.

Last month, Shoichi Matsumoto – CEO of Envision AESC – shared that he is in talks with car manufacturers in Japan, Europe, the US and China. Envison AESC is headquartered in Japan, is a joint venture between Nissan Motor, NEC, NECTOKIN.

(According to Reuters)

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