Nissan JV in China to Invest 60 B. Yuan to Enhance EV Production

Beijing, Feb. 5 (Jiji Press)--Dongfeng Motor Co., a Chinese joint venture of Japan's Nissan Motor Co. <7201>, said Monday it will invest 60 billion yuan mainly in electric vehicle development and production in China in the period through 2022. Dongfeng Motor intends to raise the proportion of electric-powered vehicles in its annual automobile output to 30 pct. By 2022, the company plans to boost its annual vehicle sales by volume in China by 70 pct from the 2017 level to 2.6 million units, aiming to achieve 300-billion-yuan sales a year by value. At a press conference, Jun Seki, president of Dongfeng Motor and senior vice president of Nissan, stressed his resolve to produce results in China, the world's most dynamic market, which continues growing rapidly. In China, automakers will be obliged from next year to make sure that electric vehicles and other eco-friendly automobiles account for at least certain shares of their vehicle production and sales as part of the country's fight against air pollution. Other Japanese companies are also making efforts to meet the requirements. Toyota Motor Corp. <7203> plans to fully launch electric vehicles in China in 2020. Honda Motor Co. <7267> and Mazda Motor Corp. <7261> are moving forward with preparations to launch electric vehicles in the country this year and in 2019, respectively. END