Calling it the “key” to the company’s future, Nissan will invest $8 billion in an aggressive Chinese expansion plan that it hopes will help double annual sales in the booming Asian market.
Working with its local partner, the Dongfeng Group, Nissan says it will add another 30 new models to its Chinese line-up by 2015, including a new battery-electric vehicle that will be sold under the new low-priced Venucia brand.
In all, Nissan CEO Carlos Ghosn said the Japanese maker hopes to nearly double sales in China over the next four years. They hit 1.3 million last year but Nissan is targeting a figure closer to 2.3 million by 2015.
“China is key to our total growth,” the Brazilian-born executive declared during a Beijing news conference. “We used to be extremely dependent on one market – it was the U.S. market,” he added, but the company’s strategy is now to put more emphasis on China.