Nissan has announced it will spend 2 trillion yen ($18 billion) over five years to accelerate vehicle electrification. The strategy is largely seen as a bid to catch up with competitors in one of the fastest growth areas for car makers.

This is the first time Nissan has presented a comprehensive electrification plan despite being an early entrant into the market with the launch of the Leaf more than a decade ago.

Nissan said it will launch 23 electrified vehicles by 2030, including 15 electric vehicles (EVs), and wants to reduce lithium-ion battery costs by 65% within eight years. It also plans to introduce “potentially game-changing” all solid-state batteries by March 2029.

Chief Executive Makoto Uchida said these commitments would make EVs affordable to more drivers. “We will advance our effort to democratise electrification,” he said in an online presentation.

But according to Reuters, some analysts are unimpressed with Nissan’s plan and its share price dropped on the announcement. Masayuki Otani, senior analyst at Securities Japan speaking to Reuters said, “It represents a huge increase in investment, but it feels cautious.”

However Nissan Chief Operating Officer (COO) Ashwani Gupta said, “It’s very important for Nissan to show where we are going next, and today’s plan is a vision and direction which is talking about the future.”

Nissan, however, has not committed to abandoning petrol and diesel vehicles. It said half of its vehicles mix will be electrified by 2030, including hybrids. Gupta described the goal as “a reference point that may change”.