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Nissan Motor Co., the biggest-selling Japanese carmaker in China, plans to invest about 1 trillion yen ($9 billion) in the country with the aim to raise annual deliveries by about 1 million units in the next five years.
The target could make China, the world’s largest car market, Nissan’s biggest as well. The automaker sold a record 1.52 million vehicles in the country last year, compared with 1.59 million in the U.S., its top market. The Yokohama-based carmaker, which announced its five-year China targets Monday in a statement in Beijing, hasn’t given a five-year forecast for U.S. sales.
Chief Executive Officer Hiroto Saikawa, who took the job last year, has said China is key to raising revenue to 16.5 trillion yen by 2022 from 11.7 trillion yen last fiscal year. The Japanese carmaker intends to introduce 20 electrified models across all brands as it challenges China market leaders including Volkswagen AG and General Motors Co., and fends off intensifying competition in the country from Honda Motor Co.
Nissan Senior Vice President and China Head Jun Seki discusses the car maker’s China strategy.
(Source: Bloomberg)
Nissan targets annual revenue of 300 billion yuan ($47.6 billion). Under the plan, electrified cars will account for 30 percent of all sales in 2022, and by 2025, all Infiniti models will be electrified.
Nissan established a joint venture with China’s Dongfeng Group in 2003. Unlike its main rivals GM, VW, Honda and Toyota Motor Corp. which operate two joint ventures locally, Nissan produces and sells vehicles from only one joint venture.
— With assistance by Jie Ma, and Yan Zhang
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