- Mazda Motor Corp MZDAY and its suppliers are planning a $10.6 billion investment for electric-vehicle expansion.
- The investment, Bloomberg reported, will be spent on the facilities created by Mazda’s suppliers.
- The plan is in line with the automaker’s outlook of having electric vehicle sales of 25% - 40% globally in 2030.
- “Supply of batteries will be tightened as global electrification advances,” said senior managing executive Akira Koga.
- “We must diversify procurement sources and aim to secure stable supply.”
- Also, Mazda is collaborating with seven local companies, including Imasen Electric Industrial Co and Ondo Corp, to develop and produce electric drive units.
- Price Action: MZDAY shares closed higher by 0.52% at $3.87 on Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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