November 29, 2021

Nissan Ambition 2030 announcement

Speech Summary

Speaker: CEO Makoto Uchida

Making Nissan better

Today, I am here to share with you our long-term vision.

I believe the time is right for us to shift gears from focusing on business transformation
to creating the future.

Nissan NEXT, our current transformation plan, is on track and with this we have laid a
strong foundation for progressive change.

Addressing irreversible shifts

From here, we will move towards a more progressive future with a commitment to
provide societies and customers with a diverse range of mobility solutions to drive
innovation that enriches people’s lives.

Our long-term direction is set in the context of three major shifts that inform our
innovations, our business model and our priorities:

The first is the climate crisis: This is the most urgent and non-negotiable issue for the
world today. The responsibility for action is with every one of us to ensure a sustainable
future.

Second are social issues: Society is facing huge challenges. Whether it is aging
populations in countries like Japan, urban mobility or insufficient transport systems in
many parts of the world – all these issues impact on the environment, health, social
equality and economic development. With digital technology and AI changing the way
cars and transportation services are provided, mobility is no longer a personal
commodity but a social instrument shaping our cities and landscape.

Third is highly conscious and savvy customers: More customers are becoming
environmentally and socially conscious and are at the same time demanding greater
flexibility, personalization and excitement in mobility.

Nissan has always worked to address social issues and customer expectations through
improvements to mobility.

In fact, this is our heritage. We were built with a vision to be a pillar of support to
society.

Do what others don’t dare to do

What drives us is our innovative and challenger spirit, which is in our DNA.

Since our founding, Nissan has been daring to do what others do not.

Our spirit sets us apart and has given us the confidence to pioneer exciting cars and
technologies; from a pulse-raising sports car like the Z, to crossover vehicles that meet
customers’ diverse and growing needs, to our legacy of electrification and autonomous
technologies.

Creating unique value

Our legacy gives us the credibility and confidence to define a strong roadmap for our
future and to take on challenges for the next decade.

This is our future vision and direction - Nissan Ambition 2030. Our ambition is “together
we empower mobility and beyond” for a cleaner, safer and more inclusive world.

We’re taking this opportunity to clearly articulate how our innovations create unique
value by empowering journeys offering confident, exciting, more integrated
experiences.
And by empowering society through collaboration, we’re creating a smart eco system
with integrated mobility.

Electrification towards 2030

Nissan places electrification at the center of our strategy towards Nissan Ambition
2030.

We have a ten-year head start over our competitors in electrification.

By leveraging our accumulated experience, we will further advance our efforts to

democratize electrification to achieve carbon neutrality through an innovative and
comprehensive approach that only Nissan can provide.

Investing in our future

To date, we have already made an early investment of one trillion yen towards
electrification and advanced technologies including powertrains, production, and
charging infrastructure.

In the next five years, Nissan will accelerate the shift with further investment of 2 trillion
yen.

We aim to maintain a steady product momentum by introducing 23 new electrified

models including 15 new EVs that offer diversified choices and experiences for our
customers.

Nissan will reach an electrification mix of more than 50% by 2030 globally across the
Nissan and INFINITI brands.

We all know that batteries will be the key to transition to full electrification.

Battery demand is expected to increase, and to address an emerging supply challenge,

Nissan is working with partners to increase production capacity for our electrified
vehicles to 130 GWh globally.
Advancing battery technologies
While we address the growing battery demand, we must also work on battery
innovations to make them more efficient, scalable and sustainable.

I am excited to announce that Nissan will introduce our first break-through all solid-
state battery in 2028, with the pilot plant in Yokohama to be ready by 2024.

Here, too, our legacy is strong. About 30 years ago, Nissan was one of the first
companies to start in-house development of lithium-ion batteries for automotive use.

From sourcing the right material to in-depth research at the molecular level, we have
designed battery technology to suit multiple market conditions and have started mass-
production.

I am proud to say Nissan has always delivered safe batteries with zero incidents.

Equipped with this deep expertise, we are developing all-solid-state batteries in-house.
This will be a breakthrough and safe technology.

With this, we will be able to double the energy density versus current lithium-ion
batteries. With batteries made smaller and thinner, we can offer flexible layouts with
more dynamic performance expanding to larger segments like pickup trucks.
Charging time will also be reduced to one-third versus current batteries.

Furthermore, ASSB can bring our battery costs down to $65 per kWh to realize cost
parity with ICE vehicles, accelerating the shift to EVs.

Readying for the future

As we continue to harness our innovations, we are focused on preparing our factories
to be future ready with a minimal carbon footprint.

We will expand future zero-emission production to major plants around the world
through the Nissan Intelligent Factory.
We aim to electrify our production facilities to support the adoption of renewable power
and alternative energy fuel cell generators.

With this, we aim for a 40% reduction in CO2 emissions from our plants by 2030
compared to 2019.

Moving beyond mobility

In addition to advancing battery technology and making the production process carbon
neutral, we are also working to build a comprehensive EV ecosystem.

As a pioneer, Nissan has always focused on maximizing the value of EVs by

expanding their role as an energy device.

We are promoting V2X initiatives to improve energy management by optimizing the use
of EV batteries connected to the grid and expanding the range of their use.

Along with it we are working on battery circular loop to refabricate, recycle, resell, and
reuse of batteries.

Ensuring profitable growth

I also want to assure you that while we will make significant investments to transition
towards a fully electrified world, we will uphold the profitability of the company above
5% to ensure our business remains viable for the long-term.

This will enable Nissan to sustain growth through the new age of electrification and
pursue new business opportunities to help drive long-term profitability.

Speaker: COO Ashwani Gupta

Accelerating electrification
This ambition of ours is grounded and progressive. Let me now show you our pathway
to realizing our electrification plans in the next five years.
We continue to take the lead in accelerating the natural shift to EVs, creating customer
pull-through by: 1) driving excitement, 2) enabling adoption, and 3) ultimately, making
the world cleaner.

And to deliver it, we are driving innovation mainly in three broad areas:
1. Product and technologies
2. EV competitiveness
3. Ecosystem

First, product and technologies: We will expand the range of vehicles and introduce
human-centric technologies to offer superior value, more exciting experiences and at
the same time we will make them more accessible.

Second, EV competitiveness: While battery-cost reductions will drastically change the

dynamics of EV pricing, we are working at multiple levels to make EVs more
competitive, including battery advancements and manufacturing efficiencies.

And third, ecosystem: A 360 approach to EV ecosystem from charging infrastructure to

decarbonizing production and repurposing batteries as energy sources, we are
redefining the role of the car.

Bringing choices and experiences

Speaking of products, over the past decade, Nissan has strived to provide zero-
emission motoring while bringing unexpected value and thrilling experiences to our
customers around the world – setting the industry standard for EVs.

Customers desire more choices and diverse experiences. This has led us to innovate
further and offer e-POWER as a balanced solution. e-POWER borrows from our EV
technology perfected in the Nissan LEAF and makes the benefits and enjoyment of
electric driving accessible to more drivers.

Our past innovations have led to more than 1 million electrified vehicles on the road to
date between the Nissan LEAF and our e-POWER models like Note Aura.
Expanding Line-Up
As we charge forward towards Nissan Ambition 2030, we are expanding the range of
our products leading to an electrification mix of more than 40%, with 20 products in the
next five years factoring in both EV, including Kei EV, and e-POWER models.

Democratizing EVs
While democratizing EVs, we have always aligned with the pace of the markets and set
realistic targets. By 2026, our ambition is for:

• Europe to take the lead, with all core passenger vehicles to be electrified,
resulting in more than 75% of our sales
• In Japan, more than 55% of our sales will be electrified
• In China, major vehicles will be electrified, accounting for 40% of our sales
• And in the U.S., we will accelerate momentum with an aim to achieve 40% of
our sales to be fully electrified in 2030

Coming to our technology innovations, Nissan is built upon the brand promise of
innovation for excitement. We aspire to provide customers with unique human-centric
technologies, empowering journeys to be: 1) Exciting, 2) confident and 3) seamless.

Driving excitement
To further enhance excitement, e-4ORCE, our next-generation all-wheel drive system,
combines 4-wheel drive, chassis control, and electrification technologies developed
and refined over decades, to offer impressive control, stability, predictability and driving
excitement. You can experience this in the all-new Ariya crossover EV.

Our electrification excitement extends beyond the roads to racetracks, and with
Formula E we bring the excitement and fun of zero-emission electric vehicles to race
enthusiasts.

Empowering drivers
Our ProPILOT driver assistance system has breakthrough human-centric technologies
that increase driver confidence and provide an enhanced level of vehicle control and
safety for a smooth, relaxed ride that supports, responds and most importantly respects
the driver’s intentions.

With more than 1 million Nissan and INFINITI vehicles equipped with this technology,
we aim to reach 2.5 million vehicles by 2026.

Connecting the world

Furthermore, we are incorporating smart connectivity features in our electrified cars,
allowing for an integrated personal space and seamlessly connecting the world with the
car for exciting on and off-board experience.

Next generation EV concept car

You can now believe that we are empowering experiences and taking them to the next
level. With Nissan NEXT we organized our design strategies around Timeless Japanese
Futurism. As we accelerate beyond Nissan NEXT, we have discovered and have been
inspired by shun and sho, which will now reflect in our new EV vision.

Shun, to run fast and effortlessly and sho, to soar with power and grace. Both of these words
in combination with our engineering breakthrough technologies define the science of speed
in our design language.

Today, I am happy to introduce to you our next-generation crossover concept born

from this vision of shun. As announced in Sunderland this July, this crossover utilizes
the class leading CMF-EV platform designed by the Alliance and is the basis for the
Ariya. Expressing its breath-taking acceleration and feeling of control, this new
generation EV represents the shape of things to come. Sleek design, energizing
driving, advanced safety technologies and a productive and comfortable interior space.

Advancing batteries
Coming to our second area of focus, EV competitiveness. The tipping point for EV
adoption will be driven by the advancements in electric platform, powertrains and
battery technologies.
First, let’s talk about battery technologies. Nissan is uniquely positioned to pursue this
area of research. Our depth of expertise is in end-to-end research that spans from the
battery molecule level through electrified mobility integration. This has enabled Nissan
to develop safe and reliable battery technologies for integrated energy management –
a true empowerment of journeys and society.

By fully leveraging our Alliance assets, we are working on cobalt-free batteries and aim
to bring down the cost of our liquid lithium-ion batteries by more than 65% by 2028 in
comparison to the second-generation LEAF.

Nissan is developing game-changing all solid-state batteries in-house with an

investment of 140 billion yen by 2026 and utilizing our global network of research
partners.

With ASSB, we expect the cost to go down to $75 per kWh in 2028 and hope to
achieve $65 per kWh to realize cost parity between EVs and gasoline cars.

We will begin the construction of our pilot plant next year to get it ready in 2024 and
intend to start mass production in 2028.

In parallel, we are ramping up our development activities and plan to be ready to

prototype full-sized cells at the pilot plant in 2024. Our intention is to finalize our cell
design and mass manufacturing process design at the same time and optimize our
investments towards mass production.

Advancing powertrains
Now for the second area of focus - powertrain. Working with our affiliate Jatco, Nissan
is pursuing innovations to improve efficiencies of our e-Powertrain system by
integrating the key components, making them lighter and more efficient. This will result
in a 30% cost reduction by 2026 compared to the 2019 second-generation LEAF.

Localizing production
Finally, to support our pivot to electrification, we will implement a local-to-local
approach to our industrial strategy in four of our core markets: Japan, China, the UK
and the US. Nissan has a huge advantage of our existing manufacturing footprint and
by investing further, we will create flexible and dedicated EV production lines or
facilities. This optimized production approach will give us cost and operational
advantage.

We plan to have battery production in close proximity for efficient industrial operations,
expanding our EV Hub concept from the UK to China, the US and Japan. By 2026, our
intention is to introduce 52 GWh capacity across major hubs, which is scalable to meet
the realistic market demand.

A good example is our unique EV Hub concept – EV36Zero – the 1 billion-pound,

flagship EV Hub in Sunderland, which represents our world-first EV manufacturing
ecosystem interconnecting vehicle production, giga factory and MicroGrid for 100%
renewable energy.

Optimizing batteries
As the world accelerates the shift toward EVs, it is imperative to make EVs truly
sustainable through a circular economy by giving batteries additional value. Nissan is
working on a comprehensive EV energy ecosystem, exploring several initiatives to
optimize and expand battery energy management uses. From using them as a reliable
energy solution with our Vehicle-to-Everything applications and ensuring efficient
recycling, we are closing the loop to generate value throughout the life cycle.

As early as 2011, Nissan launched V2X and created a distributable energy model
where EVs act as mobile energy storage. We are proud to say that, today, more than
70% of V2X pilot projects globally use the Nissan LEAF. In Japan, we are working with
more than 150 partners for the Blue Switch project, which facilitates disaster
countermeasures by using EVs.

We are confidently moving toward the commercialization phase, targeting the mid-
2020s. We aim to extend V2X services and also establish battery recycling facilities in
Europe and the US.

Optimizing energy
But it’s not just about how we optimize energy now; it is also about how we progress
our sustainable efforts. Our experience in advancing 4R into a business in Japan, and
our ability to accurately diagnose battery state of health gives us the opportunity to
elevate the batteries reuse and repurpose scheme developed in Japan to a global
level.

We are planning to establish new battery refurbishing facilities in Europe in 2022, and
in the US in 2025. This scheme will not only breathe a second life into batteries but can
make them more affordable.

As we at Nissan strive to contribute to a more sustainable energy cycle, we will always

maintain our commitment to our customers and ensure their EV experience is
seamless and frictionless.

Charging anywhere
Charging infrastructure is critical to EV adoption. To ensure our customers can charge
without disrupting their journeys, we are creating easy and reliable access to charging
points, wherever they are.

In fact, Nissan's uniqueness is the comprehensive approach we have been taking. We

are giving access to our customers to more than 1 million chargers around the world.
Over the past decade, Nissan has invested 25 billion yen and we plan to invest an
additional up to 20 billion yen by 2026, working with our infrastructure partners.

Personalizing experiences
Digital journey is a central part of the Nissan customer experience. We are offering
customers the flexibility to choose the most comfortable purchasing experience that
aligns with their preferences, from a digital purchasing journey to a hybrid digital-to-
physical experience, putting the customer in control of every step. By 2021, all our core
markets will offer our customers a holistic digital experience.

We are proud of our long track record of innovating, and of our role in delivering the EV
revolution. Today, we recommit to that spirit of innovation and we look with confidence
and excitement to a future powered by cutting-edge advancements in products and
technologies, EV competitiveness and ecosystem, allowing customers to shift willingly
to electrified cars.

Speaker: CEO Makoto Uchida

Aiming for zero fatalities

Along with carbon neutrality, our Nissan Ambition 2030 envisions two more critical
goals – zero fatalities and a more inclusive society.

We are working diligently to develop drive assist and vehicle intelligence technologies
to reduce fatalities, empower our customer journeys and empower society by providing
choice of mobility.

Zero fatalities is a long-established goal of Nissan, which has inspired us to bring to

market some of the most advanced driver assistance and safety technologies.

Pioneering innovations
Since the 1990s, with more than 10 world-firsts, we have been one of the first
companies to start commercializing these technologies and integrating them into a
comprehensive safety concept, Nissan Safety Shield.

Empowering journeys
Our 25-years of expertise in applying driver assisted technologies culminated into a
more integrated driver assistance system, ProPILOT.

As we progress to the future, we are advancing intuitive technologies that support

driver behavioural intentions from cognition to judgement to handling. This means we
need to further evolve capabilities of cognitive technology. One of these initiatives is
high-performance next-gen LIDAR technology.

With its revolutionary cameras, radars, and controllers delivering innovative high
resolution and detection capabilities, the LIDAR system assesses the risks around the
vehicle from an expanded distance coverage.
By accurately and instantly determining the shape, position and movement of objects
around the vehicle, this technology will make a significant contribution to further reduce
real-world accidents.

Nissan aims to complete the development of this technology by the mid-2020s, with a
goal of incorporating it into most new models by 2030.

Making mobility accessible

Further, the evolution of autonomous drive technologies will provide new mobility
options for cities and rural areas and will significantly improve quality of life. To realize
this, we are currently developing fully autonomous drive technologies under specific
conditions.

Globally, mobility environments and urban infrastructures are vastly different in different
markets. So, we are working with our relevant partners to solve the unique issues in
each market.

Empowering mobility together

For example, in the UK, we are partnering with the UK Transport Research Laboratory
to research complex urban traffic environments.

In the U.S., we will conduct joint research with NASA to study how autonomous
vehicles operate more efficiently through cloud AI.

In China, we are exploring various strategic partnerships, like with WeRide, a company
specializing in fully automated driving technology, to suit China’s unique traffic
environment and customer needs.

We are also exploring opportunities to pilot robo-vehicle ride-hailing services in China’s

smart cities. Nissan now has a dedicated team in Shanghai to accelerate the
introduction of mobility services.

In Japan, we will continue to pilot Easy Ride, an urban mobility service in collaboration
with NTT Docomo in Minato Mirai, Yokohama.
In addition, in Namie Town, Fukushima Prefecture, we are aiming to realize a
sustainable mobility service to support community activities in line with the new town
planning for reconstruction.

Starting this month, a new three-month pilot is underway to test a more advanced user-
friendly service.

We believe that these intelligent technologies will complement electrification

technologies and allow for new mobility and connected services in the future. This will
mean new business opportunities for us.

Stronger together
While Nissan as a pioneer has set standards for electrified vehicles and autonomous
technologies, one of our greatest differentiators is our alliance with Renault and
Mitsubishi Motors. We can rely on our 20-year partnership and the advantage of
common assets, standards and processes that have supported our growth, a strength
that other OEMs do not have.

We have been expanding our commonization strategy. With the leader-follower model,
we are increasing the efficiency of product and technology development. We will work
together as an Alliance to promote standardization in order to strengthen our
competitiveness and expand economies of scale.

As I mentioned today, the environment surrounding us is changing dramatically. We

need to hone technological, software and service development capabilities to drive
mobility into the future and achieve net zero emissions.

We are able to work closely together because of the trust we have built up over the
years, and this will be a great strength for us to realize our long-term vision.

Innovating to excite
As a visionary company, we always set our sights on what’s even further ahead. We
have questioned assumptions and challenged conventions to bring innovation for
excitement. I am proud to do the same now with a glimpse into the future – our
reimagined EV concepts -- a further evolution of EVs from the Ariya and next-
generation crossover EV.

These concepts based on our new Nissan EV Technology Vision will be possible
because of Nissan’s revolutionized component technology combined with our
engineering packaging capabilities. The reduction in size and the integration of
components together with all-solid-state battery will set new boundaries for re-imagined
vehicle packaging.

The optimum hardware structure will bring out the full potential of future complex
software configurations and further realize the precision, performance, efficiency and
versatility of our offerings in the EV space.

Empowering beyond expectations

With this sophisticated technology packaging, we will be able to achieve the best
performance for a variety of different model types - from convertibles like the Nissan
Max-Out, that maximizes your driving excitement and maximizes your moments; to
multi-sport utility vehicles like the Nissan Hang-Out, which provides a '3rd space' at
home, or away, for work and for play; to pick-up trucks like the Nissan Surf-Out, taking
you on thrilling adventures and exploring new frontiers.

These concept cars are a true representation of how Nissan empowers journeys
beyond expectations.

Empowering our people

Let me stress that the key to the future success of our ambition is our human capital.
This path of disruption will place a high demand for workforce transformation. We need
to identify the right skill sets and hire the right talent to drive new growth.

Nissan will look to add 3,000+ engineers in the area of advanced technology research
and upskill or reskill our workforce to ensure a high-performing organization.
Empowering mobility and beyond
With Nissan Ambition 2030 as our guiding principle, we are determined to transform
Nissan into a company admired by all our stakeholders.

We will continue to drive innovation to enrich people's lives and realize a cleaner, safer,
and more inclusive world.

Note: Years mentioned are fiscal (April through March)