Mazda to invest $11 bil. to accelerate EV shift

Mazda Motor has unveiled ambitious plans to accelerate its shift to electric vehicles.

The Japanese automaker says it will invest about 1.5 trillion yen, or about 11 billion dollars, by 2030 to develop and produce EVs.

Mazda officials estimate electric vehicles will account for up to 40 percent of new cars sold worldwide at the end of the decade. That's up from their previous projection of 25 percent.

The investment will include partnerships with suppliers.

The officials said Mazda has already reached an agreement with Chinese battery maker Envision AESC to purchase its products.

They also revealed a plan to work with Kyoto-based semiconductor maker Rohm to develop advanced technologies.