Nissan Wants to Sell One Million Electric Vehicles a Year by 2022

Six months after unveiling its revamped battery-powered Leaf, Nissan Motor Co. is pressing ahead with plans for an array of electrified vehicles in a bid to boost sales of the cars sixfold in five years.

The Japanese carmaker set itself an annual target of selling 1 million new energy vehicles, including those with its e-Power powertrains, by the year ending March 2023, it said in a statement Friday. The plan includes developing eight pure EVs and staging an offensive in China under different brands, it said.

The maker of the Leaf, once the world’s best-selling EV, is seeking to regain the lead it had lost to rivals including Tesla Inc. as the rapidly expanding market gets crowded with Chinese startups and other established manufacturers such as Volkswagen AG and General Motors Co. Facing a plateauing market in the U.S. and waning demand at home, Nissan is spending 1 trillion yen ($9.5 billion) over five years in China to help tap buyers.

“Our strong China offensive will start this year, led by a Nissan EV in the C-segment, deriving from the Leaf technology, with a body type adapted to the Chinese customers’ taste,” Chief Planning Officer Philippe Klein told reporters in Tokyo Friday. Two models will be under the Venucia brand, he said.

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