Mazda on Tuesday unveiled a ¥1.5 trillion ($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 to up to 40% of its total global sales by 2030, as automakers worldwide spend billions of dollars to ramp up battery and EV production in the face of tougher environmental regulations.
The investment plan by Mazda follows similar announcements this year by domestic rivals such as Toyota and Honda, which have been criticized by environmentalists and green activist investors for being slow in electrification.