CHINA: Nissan cuts China sales target on slower market
Nissan has lowered its Chinese sales volume estimate for this year due to slower demand in China.
Nissan had originally expected to sell 1.43m vehicles in China during fiscal 2014 for a 17.6% increase on the year, but it now sees the figure remaining flat at about 1.22m cars, according to a Nikkei report.
Between January and September, sales grew just 5% on the year to 879,104 vehicles. With three months left, sales are at just over 60% of the target for the year.
The report added that new auto sales grew 7% to 17m units in the first nine months of the year, according to the China Association of Automobile Manufacturers. But the annual increase was only 4% in August and 2.5% in September, revealing a slowdown. Nissan's sales in China were down 20% in September.
The report also said that Honda Motor lowered its Chinese target for fiscal 2014 to over 800,000 vehicles from over 900,000. Last fiscal year, it sold 764,368. Mazda lowered its target to 225,000 from 230,000.
Automakers also say that price competition in China has intensified over the past year.