Nissan said Monday it plans to introduce 16 new electric-vehicle (EV) models by fiscal year 2026 and slash their production costs by 30% by fiscal 2030.

The Japanese automaker said in a business plan announced Monday that it plans to have 40% of its global model mix by fiscal 2026 consisting of EVs and 60% by fiscal 2030. At its strategy update last year, Nissan had a goal of having more than 55% of its global model mix from EVs by fiscal 2030.

Nissan said it aims to have an additional 1 million unit sales compared with fiscal 2023 and an operating profit margin of more than 6% by the end of fiscal 2026. It added it plans to invest over 400 billion yen ($2.65 billion) in battery capacity.

The plan comes weeks after the Japanese firm said it was exploring an EV partnership with rival Honda Motor ( HMC ).

Nissan’s expansion of EVs is unusual at a time when many automakers are pulling back, as they face stiff competition from typically lower-priced Chinese EV makers like BYD ( BYDDY ), Nio ( NIO ), and XPeng ( XPEV ). Also, Apple reportedly is scrapping its EV plans in order to focus on artificial intelligence (AI ) initiatives.

Earlier this month, Tesla ( TSLA ) announced new incentives for some models in China to boost demand and is also reportedly slowing production at its facility in Shanghai .

Struggling EV maker Fisker ( FSR ) last week announced it was pausing production for six weeks as it reportedly has hired a firm to help with restructuring possibilities, including bankruptcy .