BEIJING (Reuters) -Nissan Motor unveiled four concept cars for the Chinese market on Thursday as the Japanese carmaker looks to regain lost ground in the world’s largest auto market.
Nissan (OTC:) introduced two battery EV concept cars and two plug-in hybrids at the Beijing autoshow, highlighting its drive to make vehicles tailored to Chinese consumers, who demand software-loaded, electric-powered cars.
The four cars are a joint effort with the automaker’s local partner, Dongfeng, and Nissan CEO Makoto Uchida said they underscored the Japanese automaker’s commitment to China.
Nissan and compatriot Honda (NYSE:) Motor have been hit hard in China by cut-throat competition from fast-growing local brands that have aggressively rolled out EVs adapted to the tastes of younger Chinese drivers.
Nissan, which has also struggled to fully recover after years of internal strife triggered by the arrest and downfall of former Chairman Carlos Ghosn, saw sales in China slump by 16% to 794,000 vehicles last year.
It cut its annual operating profit estimate by 14.5% on Friday on lower-than-expected vehicle sales, seeing fallout from intensifying competition in the U.S. and disruption to shipping in the Red Sea.
Japan’s third-biggest automaker by volume has said it will begin exporting cars from China from 2025, initially targeting annual volume of 100,000 to 200,000 vehicles.
Nissan and Honda said last month they were considering a partnership to collaborate on key components for EVs and other areas.
