Nissan Motor Co. plans to invest 60 billion yuan ($9.5 billion, ¥1.05 trillion) 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.
Long stuck in China's second-tier, Nissan and Dongfeng Group said Monday they plan to boost their volume to 2.6 million vehicles a year by 2022 — up from 1.5 million vehicles last year.
Nissan plans to achieve the objective, dubbed its "Triple One" strategy, by focusing on electric cars and Venucia, a no-frills local brand Nissan operates in China — two market segments expected to see surges in demand. It also aims to boost sales of light commercial vans and trucks.