Japan's Mazda Motor Corp will invest about 1.5 trillion yen ($10.58 billion)to electrify its vehicles, including boosting production of battery EVs, and aims to increase their share in the company's overall global car sales by 2030.
The logo of Mazda is pictured at the LA Auto Show in Los Angeles, California, U.S., November 20, 2019. REUTERS/Andrew Cullenwill invest about 1.5 trillion yen to electrify its vehicles, including boosting production of battery EVs, and aims to increase their share in the company's overall global car sales by 2030.
Mazda's senior managing executive officer Akira Koga said the investment would be made along with its "partners", without elaborating, and will be used for research and development. The news was first reported by the Nikkei business daily. The ratio of electric vehicles in global sales is expected to rise to between 25 percent and 40 percent as of 2030, from 25% previously, the company said in a statement.
Mazda CEO Akira Marumoto also told a news conference that the company had reached an agreement with Envision AESC, the battery business of Chinese renewable energy group Envision, to procure batteries for EVs produced in Japan. The automaker also said it had agreed to work with seven companies, including electric component manufacturer Rohm CoAutomakers worldwide are spending billions of dollars to ramp up battery and EV production in the face of tougher environmental regulations.said it would invest up to 730 billion yen in Japan and the United States to make batteries for fully electric vehicles as opposed to hybrid gasoline-electric cars like the Prius.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Buffett's Berkshire lifts Japan bets to $11 billion amid buying spreeBuffett's company has boosted its stakes in Japan's five largest trading houses to over 6%, after spending a net $49 billion on stocks this year.
Read more »
Mazda MX-5 review – Japan’s iconic roadster is better than ever | EvoThe Mazda MX-5 is better than ever, a distillation of the sports car that has matured into a brilliant little roadster -
Read more »
Mazda CX-60 long term test | AutocarThe new Mazda CX-60 joins Autocar's long-term fleet - the firm's largest and priciest car is also its first PHEV. Does it make any sense?
Read more »
Junkyard Gem: 1987 Mazda 323 DX WagonA 1987 Mazda 323 station wagon, found in a Colorado self-service wrecking yard.
Read more »
Hater Allegedly Blew Up Instagramer's Infamous 'Stanced' Mazda RX-8 | CarscoopsThe owner of the stanced Mazda RX-8 alleges that an unknown perpetrator blew up the car outside his home
Read more »
Ajay Devgn on ‘Drishyam 2’ Success, ‘Unsung Warrior’ Franchise and ‘RRR’ Oscar Glory (EXCLUSIVE)“Drishyam 2,” headlined by A-lister Ajay Devgn has brought some much needed cheer to the beleaguered Bollywood box office with a strong opening weekend gross of INR890 million ($11 mill…
Read more »