(Bloomberg) — Nissan Motor Co. is counting on China to reverse its fortunes after headwinds in the U.S. and Japan left the automaker searching for a way to regain its footing.
The Japanese automaker is moving forward with a growth plan for China that foresees annual sales reaching 1 million cars by the end of the decade and, in addition, the export of hundreds of thousands of vehicles to other parts of the world from factories in the country.
Nissan, which took the lead in China by partnering with Dongfeng Motor Group Co. in 2003 and had success with the Sylphy sedan, has seen its sales volume drop by nearly half as the country’s electric vehicle upstarts won over consumers. Still, Nissan is betting that the know-how and relationships developed over two decades will still give it an edge.
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“The speed of change continues to increase,” said Stephen Ma, head of Nissan’s China operations, in an interview on Friday at the Beijing auto show.
It’s an ambitious plan, given how quickly brands from the US, Europe and Japan have lost ground to local competition. Still, surviving in China against all odds may be Nissan’s best chance of recovery, after an aging product line and management turmoil following the 2018 arrest of former President Carlos Ghosn hampered sales expansion.
Ma said Nissan is keeping up with the Chinese, having taken two years to develop each model in its latest lineup, while traditional brands typically need 4 to 5 years. “24 months is already Chinese speed,” he stated.
BYD Co., Geely Automobile Holdings Ltd. and other local electric vehicle makers have dramatically reduced the time it takes to design, develop and bring new electric cars to market with sophisticated software.
Nissan’s sales in China grew for the first time in seven years in the last fiscal year, according to Ma, rising 4.5% in the second half compared to the previous year. Nissan plans to launch five more models in the country within a year, which will complete the lineup promised last year, which included 10 all-new cars, ranging from 100% electric sedans to plug-in hybrid pickup trucks.
In addition to selling 1 million cars per year in China by 2030, Chief Executive Officer (CEO) Ivan Espinosa said the goal is to export vehicles manufactured in China — 100,000 units initially and then 300,000 — to other markets, a strategy that had not been adopted before.
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The N7 electric sedan will be shipped to Latin America and Southeast Asia, and the Frontier Pro utility vehicle will be sold in these two regions, in addition to the Middle East. Its latest model, the NX8, will also be exported soon, but executives declined to comment on which markets.
In early April, Nissan unveiled a broad overhaul of its aging product lineup and set new sales targets for the U.S. and China. Espinosa said the automaker plans to reduce the number of models from 56 to 45 and concentrate 80% of volume in three main “families” of vehicles built on shared platforms.
“We have learned the lesson about how to survive in China,” said Isao Sekiguchi, a Nissan executive and managing director of Dongfeng Nissan Passenger Vehicle Company.
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