Nissan Motor has slashed its sales projections for China and is now examining the prospect of exporting vehicles produced in China, according to Reuters.
The CEO of Nissan Motor, Makoto Uchida, mentioned that the company hasn’t yet finalized any target markets for Chinese-produced vehicles. However, Uchida emphasized the need for Nissan to explore new measures to support its operations in China, where last quarter’s sales declined by 46% from a year ago.
Uchida stated, “In the future, we will change our operational approach in China” adding that the company would target current Nissan customers with the “timely introduction of high-value products that are as competitive as fast-growing local brands, at an attractive price.”
Due to a lack of electric vehicles in their portfolio, Japanese automakers are fast losing their market in China where NEVs (New Energy Vehicles) are rapidly gaining popularity. In the first half of this year, the market share of Japanese car makers shrunk to 14.9% from nearly 20% a year ago, according to the China Association of Automobile Association.
Nissan’s alliance partner Mitsubishi has already declared an exit from China, the world’s largest & lucrative yet most competitive car market whereas Toyota is in hot waters too having fired 1000 workers recently due to weakening sales.
A computer animation professional with over 23 years of industry experience having served in leading organizations, TV channels & production facilities in Pakistan. An avid car enthusiast and petrolhead with an affection to deliver quality content to help shape opinions. Formerly written for PakWheels as well as major publications including Dawn. Founder of CarSpiritPK.com