Back to top

Image: Bigstock

Nissan (NSANY) to Sell Fully Electric Cars in Europe by 2030

Read MoreHide Full Article

Nissan Motor Co., Ltd. (NSANY - Free Report) accelerated efforts to make its entire line-up in Europe electric by 2030 despite the U.K. postponing the ban on the sale of new diesel and petrol cars to 2035.

Makoto Uchida, CEO of Nissan, said that the company is trying to bring down the cost of electric vehicles (EVs) for consumers to make it on par with petrol and diesel vehicle prices. NSANY is trying to achieve price parity by 2030.

Nissan is switching to all-solid-state batteries (ASSB), a lighter and more affordable battery technology, per Uchida. The automaker is planning to have a pilot plant for ASSB in Japan in the next year and is aiming to mass-produce batteries by 2028.

Nissan is the only automaker to have its own battery manufacturing facility in the U.K. The company announced an investment of £1 billion last year for expanding the facility and the government contributed £100 million toward the project. This facility gives NSANY an edge over its competitors, who import batteries from China.

Post-Brexit trading rules, which will be effective from January 2024, will require the U.K. or European Union-manufactured vehicles to use 45% of their components by value from the U.K. or European Union to dodge a 10% tariff when exported either way.

The Japanese automaker plans to launch 19 new EVs by 2030 but has refused to disclose the specifics. In its previous statement, Nissan said that it plans to make 98% of its sales in Europe electric by Mar 31, 2027, which means that by that time it will sell either electric or hybrid cars.

Other automakers like Renault, Ford, Stellantis and Volvo have already announced plans to go all-electric by the end of the decade. 

Zacks Rank & Key Picks

NSANY currently carries a Zacks Rank #3 (Hold).

Some better-ranked players in the auto space are Li Auto (LI - Free Report) , Gentex Corporation (GNTX - Free Report) and Oshkosh Corporation (OSK - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for LI’s 2023 sales and earnings implies year-over-year growth of 154.7% and 9,200%, respectively. The EPS estimate for 2023 and 2024 have moved north by 33 cents and 68 cents, respectively, in the past 60 days.

The Zacks Consensus Estimate for GNTX’s 2023 sales and earnings indicates year-over-year rises of 17.3% and 29.4%, respectively. The EPS estimates for 2023 and 2024 have moved up by 7 cents and 9 cents, respectively, in the past 60 days.

The Zacks Consensus Estimate for OSK’s 2023 sales and earnings implies year-over-year growth of 15% and 125.7%, respectively. The EPS estimate for 2024 has moved north by 2 cents in the past seven days.

Published in