business

Nissan to establish new joint venture in Philippines

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Nissan Motor Co has announced the establishment of Nissan Philippines Inc (NPI), a new joint venture formed with long time partners Universal Motors Corporation (UMC) and Nissan Motor Philippines Inc (NMPI).

NPI will start operations as the new national sales company for the Philippines from early 2014 and will be responsible for strengthening branding, marketing and sales strategy, and dealer operations in the Filipino market.

The new company is capitalized at 1 billion yen, with Nissan holding a 51% stake in the company, while UMC and NMPI own 24.5% each. UMC and NMPI will remain as production sources of Nissan vehicles in the Philippines.

"This is an important milestone for Nissan," said Takayuki Kimura, regional vice president, NML. "With NPI now as the unified voice of Nissan in the Philippines, we will be bolder and more proactive in expanding our business in this market. I would like to thank UMC and NMPI for their accomplishments to date, and we look forward to continuing to build our presence in the Philippines through this new partnership."

Nissan said it is committed driving growth across the ASEAN region. A key target of the ASEAN mid-term plan is to more than triple sales across the region to 500,000 units and achieve 15% market share by the end of 2016. Nissan considers the Filipino market as an important component of this plan, and the establishment of NPI is an illustration of the company's commitment to the Philippines.

© JCN Newswire

©2024 GPlusMedia Inc.

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about time for nissan....

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