Mazda Motor says it will take a new and more cost-effective approach to fund its electrification plans. The Japanese automaker will pursue the transition through tie-ups and other efficiency-boosting measures.



Mazda is following a business plan that it's broken down into three phases from 2022 to 2030.



It's calling the second three-year phase that starts this year a transition period.



The company says it's abandoned its initial plan to procure batteries by itself. Instead it will collaborate with its joint venture partner in China, Changan Automobile.



Mazda says that will halve its estimated investment of 750 billion yen, or about 5 billion dollars, through 2030.



The automaker is planning to launch an EV model in 2027. It says it will work with other firms to cut its investment in that project by 40 percent.



Mazda President and CEO Moro Masahiro said, "We'll achieve sustainable growth by ensuring high asset efficiency with smaller investments and providing competitive technologies and products."