(Updates with 2010 sales figures in second paragraph.)
Nov. 21 (Bloomberg) -- Nissan Motor Co., Japan’s second- biggest carmaker, said sales at its passenger-car unit in China will likely exceed 800,000 units this year as the company expands in the world’s biggest auto market.
China’s passenger-car market is estimated to grow as much as 10 percent this year, Hideki Kimata, senior general manager of Nissan’s Chinese joint venture with Dongfeng Motor Group Co., said today at the Guangzhou auto show. Sales of passenger cars gained 33 percent to 13.8 million units in 2010, according to the China Association of Automobile Manufacturers. Nissan sold 760,710 units through the joint venture in China last year.
“As the market moves into a period of slower growth, we need to raise our game,” Kimata said. The automaker is discussing measures to boost sales and will seek to improve its after-sale service, he said.
Nissan, which today introduced its new Venucia brand in China, aims to get 10 percent of China’s auto market by fiscal 2016. The automaker, which has a market share now of 6.5 percent, announced the first car to be sold under the Venucia line will be the D50 mid-class sedan in the first half of 2012.
Nissan fell 3 percent to 653 yen as of 2:35 p.m. in Tokyo trading. The benchmark Nikkei 225 fell 0.3 percent.
--Liza Lin, with assistance from Anna Mukai in Tokyo and Tian Ying in Beijing. Editors: Garry Smith, Chua Kong Ho
To contact Bloomberg News staff for this story: Liza Lin in Shanghai at firstname.lastname@example.org
To contact the editor responsible for this story: Chua Kong Ho at email@example.com