Nissan Drops After Setting New Mid-Term Targets for EVs, Sales [BNN Bloomberg (Canada)]
Citigroup, Inc. (C)
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Source: BNN Bloomberg
additional vehicle sales within three years, a target that one analyst described as “aggressive.” The Japanese carmaker will add 30 new models, 16 of which will be electrified, by March 2027, Makoto Uchida, Nissan's chief executive officer, said at a news conference Monday. Nissan is also seeking to reduce the cost of next-generation EVs by 30%. The stock fell as much as 6% in morning trading in Tokyo, its biggest intraday decline since Feb. 9. The new sales target effectively seeks to regain lost ground over the past few years. Nissan is targeting 3.55 million unit sales for the current fiscal year, which ends this month, compared with roughly 5 million five years ago. An aging product pipeline, lack of hybrid options in North America and intensifying competition in China have all contributed to the decline. “We have to change our ways to compete with companies like BYD,” Uchida said in an interview with Bloomberg News. Nissan, he added, must be “flexible” in its approach. Re
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