Japanese automobile maker Nissan Motor Co. NSANY plans to enhance its manufacturing efficiency by using uniform components in its electric powertrain systems across various models.
What Happened: Nissan will use the same components across models to make powertrains as the company plans an overhaul to bring hybrid prices in line with those of petrol-powered cars by 2026.
The new powertrains will be smaller, lighter and cut production costs by 30% within three years as compared to 2019, the company said in a statement.
See Also: Best Electric Vehicle Stocks
The automaker will further adopt a new motor that would reduce the use of heavy rare earth elements to 1% or less by weight, it added. Nissan now seeks to expand its electric vehicle lineup with 27 new electrified models by 2030.
Why Is It Important: Electric vehicle makers have been exploring ways to cut down vehicle costs.
The Elon Musk-owned Tesla Inc. TSLA, for example, during its investor day presentation earlier this month said its next-gen powertrain will use 75% less silicon carbide, bringing down prices. Tesla’s Vice President of Powertrain Engineering Colin Campbell added that the company’s next powertrains will use a permanent magnet motor, devoid of rare metals.
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