Nissan takes on China
Nissan Motor Co plans to invest £6.7bn in China over the next five years with its joint-venture partner – Dongfeng Group – as it seeks to become a top three automaker in the world’s biggest market.
According to Reuters https://uk.reuters.com/article/uk-nissan-china-strategy/nissan-to-pump-9-5-billion-into-china-business-eyes-top-3-spot-idUKKBN1FP06C the partnership plans to boost its volume to 2.6 million vehicles a year by 2022, up from 1.5 million vehicles last year.
Nissan plans to achieve its ‘Triple One’ strategy, by focusing on electric cars and Venucia, a no-frills local brand Nissan operates in China. It also aims to boost sales of light commercial vans and trucks.
‘We aim to break away from this second-tier group and become a top-3 China automaker,’ Nissan’s China chief Jun Seki said in an interview with Reuters. ‘We need to go full-throttle aggressive,’ Seki said. ‘If we didn’t do that, we would fall behind and fail to grab market share otherwise we could take.’
China’s auto market has been dominated by General Motors Co and Volkswagen AG for nearly two decades, with each of them selling four million vehicles last year.