Mazda is to plough $10.6bn (€10.18bn / £8.9bn) into electric vehicles, accelerating the electrification of its fleet through new partnerships.

Mazda also revealed an MX-5-style concept, possibly previewing the fifth-gen model

Its newly announced mid-term management plan update and management policy up to 2030 renews the commitment to carbon neutrality in all its operations by 2050. It also sets out actions to help catch up with the growth of electrified vehicles, particularly in Europe, through investment in technologies.

While the carmaker was comparatively slow to start offering electric vehicles, it’s stepping up efforts in response to soaring demand and is now looking for up to 40% of its global sales to made up of electric vehicles by 2030; increased from 25%.

Its three-phase plan will include an initial focus on strengthening technology development, supply chains and cost reduction efforts, starting immediately and running through to 2024. This includes continued work to accelerate the electrification of its fleet, launching “attractive products”.

In Europe, the brand already offers the fully electric MX-30 and the recently launched CX-60 PHEV, while next year will see the arrival of the MX-30 R-EV range extender with a Wankel engine, followed by other products such as the extended three-row CX-80.

In the second phase, running from 2025 until 2027, the brand will refine its electrification and manufacturing technologies and launch new battery electric vehicles globally as regulations become more stringent.

The final phase will work to achieve electrification across all its models by 2030, supported by new agreements, such as a collaborative new deal to jointly develop and produce electric drive units with its partners.

Mazda has also established joint ventures to develop a production and supply framework for electric drive units and to develop motor technology. The brand is also looking at possibilities to invest in battery production.

Alongside accelerating its electrification plans, the OEM has also set out a target of zero fatal accidents caused be a new Mazda by 2040.

Mazda also revealed an MX-5-style concept with a two-door coupé body, possibly previewing the fifth-generation model.