Japan’s state-owned export credit agency has agreed to provide Nissan Motor with an additional US$2bn to help it finance car sales in the United States, according to local reports.
The Japan Bank of International Cooperation (JIBC) said the funds were part of a US$4.1bn credit agreement with the automaker to be provided to Nissan Motor Acceptance Corporation, a subsidiary of Nissan North America.
The reports suggest the money was aimed at strengthening Nissan’s car financing products, specifically to provide customers with loans they can repay in monthly installments, to help it lift its sales in this market.
In a statement the JBIC said “the US is an important market for Japanese automobile manufacturers, in which sales finance has become an important tool in business strategy. The agreement provides additional financial support for Nissan’s overseas business development”.
Earlier this year Nissan announced a major global restructuring programme following records losse, resulting in the company focusing increasingly on core markets – particularly China, Japan and the US. It is also overhauling its product line in favour of more low- and zero-emission vehicles.