Japan, March 9 (Reuters) – Nissan Motor Co Ltd (7201.T) on Thursday said it will overhaul its approach to powertrains for all-electric and hybrid petrol-electric vehicles as it aims to bring hybrid prices in line with those of petrol-powered cars by 2026.

The Japanese automaker said it will use the same components across models to make electric powertrains – the assembly which propels a vehicle – smaller and lighter, and reduce development and production costs by 30% within three years versus 2019.

It will also use solid-state batteries with materials that are cheaper than those usually used, such as nickel and cobalt, Senior Vice President Toshihiro Hirai told reporters.