Nissan to invest $9 billion in China

Beijing. February 5. Silkroadnews - Nissan plans to invest $9 billion in China, Singapore’s The Straits Times wrote.
“Nissan Motor plans to invest 60 billion yuan ($9 billion) in China over the next five years with its joint-venture partner as it seeks to become a top three automaker in the world’s biggest market,” the report said.
Nissan and Dongfeng Group said on Monday they plan to raise production up to 2.6 million vehicles a year by 2022, compared to 1.5 million vehicles produced last year.
General Motors Co and Volkswagen used to dominate in the auto market of China for almost two decades, with each of them selling 4 million vehicles last year. Nissan, along with Toyota Motor, Ford Motor and Honda Motor, lagged behind, selling 1 million vehicles per year.
The joint venture, as reported, plans to produce up to 20 models of electric vehicles in different brands to sell about 700,000 such cars per year by 2022.
To produce a sufficient number of electric vehicles, Nissan plans to create low-cost electric vehicles that will use electric motors and other components manufactured in China. In 2019, Nissan, for example, plans to launch three models of such inexpensive electric cars under the Venucia brand.
Last year Venucia, which uses Nissan technology, such as platforms and transmissions, sold 143,000 vehicles, up 22.7% from 2016.
Nissan wants to boost the annual volume of Venucia by more than 400,000 vehicles to sell up to 600,000 cars per year by 2022.