Mazda unveils $11 bln EV spending plan

STORY: Mazda unveiled a $10.6 billion spending plan to electrify its vehicles on Tuesday (November 22)

The Japanese automaker raised its sales target for electric vehicles to up to 40% of total global sales by 2030.

That's up from a previous aim of 25%.

Mazda's investment plan follows similar announcements by local rivals like Toyota and Honda.

The Japanese automaker said the investment would be made along with its partners.

It also said it was considering investing in battery production.

Mazda will aim to introduce a new hybrid system and improve efficiency on its internal combustion engines.

The automaker announced it had agreed to work with seven companies to jointly develop and produce electric drive units.

Mazda's new forecast was in line with a broader industry trend.

Consulting firm Deloitte projects just under a third of total new car sales will be EVs by 2030.

The shift comes as automakers around the world spend billions of dollars to ramp up EV and battery production in light of tighter environmental laws.