Nissan's China venture announces $7.8bn investment

Dongfeng Motor, the Chinese venture of Nissan Motor (7201.TYO), announced plans to invest US$7.8 billion by 2015 in a bid to gain market share in China, Bloomberg reported. The firm aims to increase annual vehicle sales to over 2.3 million in five years, up from 1.3 million today, and the number of car dealerships will be boosted to 2,400 from a current 1,400. Overall, Dongfeng is looking to increase its market share in China to 10% by 2015, from 6.2% now. Key to Nissan’s approach is a new fully electric car, part of about 30 products the company expects to introduce in the China market by 2015. Analysts said the car maker has performed well in China recently, thanks to popular models such as the Tiida and Teana.