Nissan said on Monday that it would launch 30 new models over the next three years and aim to raise its global sales by 1 million vehicles while cutting costs to improve profitability.

Announcing an update to its medium-term business plan, Japan's third-largest automaker by sales said it would target an operating profit margin of over 6% by end of the financial year to March 2027 and total shareholder returns of more than 30%.

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