Nissan Motor Co. will invest 2 trillion yen (US$17.6 billion) over the next five years to electrify more of its lineup and turn battery-powered cars into a pillar of its long-term growth.

The Japanese automaker will introduce 23 new models by fiscal 2030, including 15 new electric vehicles, and aim for more than half of its sales to be electrified by then, the company said Monday.

Nissan, on track to return to annual profit for the first time in three years, is seeking to use know-how it amassed as an early entrant into the EV market as a foundation for growth. The Yokohama-based carmaker was an early leader, releasing the world’s first mass-produced EV in 2010. The Leaf is still one of the world’s top-selling EVs, though in recent years its annual sales have been outpaced by Tesla Inc.’s models.
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