ATSUGI, Japan, March 25 Reuters Nissan Motor said on Monday it would launch 30 new models by the financial year ending in March 2027 and aim to raise its global sales by 1 million vehicles while cutting costs to improve profitability.

Announcing an update to its mediumterm business plan, Japan39;s thirdlargest automaker by sales said it would target an operating profit margin of over 6 and total shareholder returns of more than 30 by then.

Nissan was a pioneer in electric vehicles with its allbatterypowered Leaf but its EV efforts have been eclipsed by the likes of U.S. rival Tesla and Chinese leader BYD, including in the world39;s biggest car market, China.

The Japanese automaker now aims to have electrified vehicles, which include hybrids, make up 60 of global sales by the end of the decade, up from a goal of 55 released in February 2023.

Faced with cutthroat competition, Nissan and domestic rival Honda Motor this month said they would consider a strategic partnership to collaborate on key components for EVs and other areas.

Of Nissan39;s 30 new models over the next three years, 16 would be electrified, it said. Nissan plans to reduce the cost of the next generation of EVs by 30 to make them comparable to internal combustion engine models by 2030.

Reporting by Daniel Leussink Editing by ChangRan Kim

Source Reuters