05:50 AM EDT, 03/25/2024 (MT Newswires) -- Nissan said Monday it is planning to launch 16 new models of electric vehicles by the end of fiscal 2026 in an attempt to make itself more competitive in space dominated by China's BYD, Tesla (TSLA), German carmakers and General Motors ( GM ) .

The Japanese automobile and truck group also said it plans to reduce the costs of manufacturing future EVs by 30% to bring prices on par with internal combustion engine-powered cars by fiscal 2030.

Among the initiatives announced as part of its ARC Plan are the accelerated development of artificial intelligence driver-assistance systems, autonomous driving and quick-charging lithium-ion batteries.