BEIJING (Reuters) – Nissan Motor unveiled four concept vehicles for the Chinese market on Thursday as the Japanese automaker looks to regain lost ground in the world’s largest auto market.
Nissan (OTC:) unveiled two battery-electric concept vehicles and two plug-in hybrids at the Beijing Auto Show, underscoring its commitment to creating vehicles tailored to Chinese consumers who demand plug-in electric vehicles.
The four vehicles are the result of a joint effort with the automaker’s local partner Dongfeng, and Nissan CEO Makoto Uchida said they underscore the Japanese automaker’s commitment to China.
Nissan and compatriot Honda (NYSE:) Motor has been hit hard in China by stiff competition from fast-growing local brands that have aggressively launched electric vehicles tailored to the tastes of young Chinese drivers.
Nissan, which has also struggled to fully recover from years of internal strife following the arrest and ouster of former chairman Carlos Ghosn, saw sales in China fall 16% to 794,000 vehicles last year.
On Friday, the company cut its full-year operating profit forecast by 14.5% due to lower-than-expected auto sales given increased competition in the United States and shipping disruptions in the Red Sea.
Japan’s third-largest automaker said it will begin exporting cars from China from 2025, initially targeting annual volumes of 100,000 to 200,000 vehicles.
Last month, Nissan and Honda said they were considering a partnership to work together on key electric vehicle components and other areas.