A Nissan Ariya electric car is on display during 2020 Beijing International Automotive Exhibition (Auto China 2020) at China International Exhibition Center on September 27, 2020 in Beijing, China.

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Nissan is targeting an additional 1 million vehicle sales over the next three years and a 30% reduction in electric vehicle production costs by 2030, the Japanese carmaker announced Monday.

In a new medium-term business plan, Nissan also said it would launch 30 new models by fiscal year 2026, with 16 of these electrified. It’s aiming for EV and combustion engine costs to reach parity by 2030.

“This plan will enable us to go further and faster in driving value and competitiveness,” Nissan President and CEO Makoto Uchida said in a statement.

“Faced with extreme market volatility, Nissan is taking decisive actions guided by the new plan to ensure sustainable growth and profitability.”

The automaker also said it is targeting an operating profit margin of more than 6% by the end of fiscal 2026, as well as “long-term profitable growth.”

Under the two-part plan dubbed The Arc, Nissan said it will aim to ensure volume growth through a “tailored regional strategy,” and prepare for an accelerated EV transition by balancing its portfolio between EV and combustion cars, growing volumes in major markets and financial discipline.

This will be supported by “smart partnerships, enhanced EV competitiveness, differentiated innovations and new revenue streams.”

Nissan said this strategy could yield potential revenues of 2.5 trillion yen ($16 billion) from new business opportunities by fiscal 2030.

This is a breaking news story and will be updated shortly.

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