Nissan, Dongfeng Plan $9.5 Billion Spending Blitz in China
Nissan Motor Co. and joint venture partner Dongfeng Group intend to invest 60 billion yuan ($9.5 billion) in a bid to boost annual sales in China more than 70% by 2022.
The companies say they aim to roll out several electrified models, push their low-price Venucia domestic brand and hike deliveries of their commercial vehicles. They target annual sales in China of 2.6 million units in five years compared with 1.5 million units in 2017.
Nissan has been a second-tier player in China for years behind high-volume leaders General Motors and Volkswagen. GM and VW each sold 4 million cars in the market last year.
Nissan hopes to grow its annual volume in the country by 500,000 units to 1.6 million vehicles by 2022, including 700,000 electrified models. Over the same period, it aims to multiply its Infiniti luxury brand sales threefold to 150,000 units.
The partners expect sales of electrified vehicles in China will account for 30% of their total volume in the country by then. They plan to introduce three low-cost EVs under the 6-year-old Venucia brand by the end of next year. In 2017, Venucia sales of conventionally powered cars climbed 23% to 143,000 units.
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