Mazda Motor, Suppliers Plan To Make ~$11B Investment For EV Expansion: Report

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.