Japanese car manufacturer Nissan Motor has revealed its intention to increase its sales by one million cars over 3 years, as it seeks to regain its momentum and increase its profitability.

Bloomberg news agency stated that Nissan disclosed this goal as part of a medium-term plan, aiming to reach an operating profit margin of at least 6% by that time, through the launch of dozens of new models, including cheaper electric cars and entering into foreign companies.

On the other hand, Nissan cut its annual sales target for the second time last month to 3.55 million cars, compared to 3.7 million cars previously and 4 million cars initially targeted for sale during the current fiscal year ending March 31.

The Japanese company, which recorded a rapid decline in its sales in China, pointed to intensified competition and logistical problems as reasons for the decline, noting that these are temporary factors. At the same time, it expects operating profits to rise thanks to cost-cutting measures.

At the same time, Nissan said it aims to achieve additional revenues of 2.5 trillion yen ($16.5 billion) through "new projects" by the fiscal year 2030. The company plans to launch 30 new models over the next three years, including 16 electric cars.

Nissan also seeks to reduce the production cost of the new generation of electric cars by 30%, and the company also targets equalizing the production cost of traditional cars and electric cars by the fiscal year 2030.