Mazda unveils $10.6 billion plan to produce electric cars

Japan’s Mazda Motor on Tuesday unveiled a $10.6 billion spending plan to electrify its vehicles and said it was also considering investing in battery production.

The company also raised its sales target for electric vehicles (EVs) to 40 percent of its total global sales by 2030, as automakers worldwide spend billions of dollars to ramp up production of batteries and EVs in the face of the strictest environmental regulations.

Mazda’s investment plan follows similar announcements this year from domestic rivals Toyota and Honda, which have been criticized by environmentalists and green activist investors for being slow to electrify cars.

“We will promote the full launch of electric car batteries and consider investing in battery production. We estimate that Mazda’s EV share in global sales will increase to a range between 25 percent and 40 percent by 2030,” Mazda said in a statement.

Its previous target for electric vehicle sales was 25 percent by 2030.

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