Nissan reduces petrol car production as EV sales boom in China
Summary
Nissan lowered its global sales forecast and plans to reduce petrol-car production in China as demand shifts faster than expected toward electric and plug-in hybrid vehicles. The company reported steep sales declines in China, while sales rose in Japan and North America, where the shift to electric cars has been slower.Key Facts
- Nissan now expects to sell 2.97 million to 3 million cars this year, down from its earlier forecast of 3.15 million.
- Nissan said China was its biggest challenge, citing weaker demand, stronger competition and faster growth in new-energy vehicles.
- Nissan’s sales in China fell 22% in the first half of the year and 32% in the first nine months.
- The company plans to cut local petrol-car production, export some models and increase production of its electric and plug-in hybrid N-series vehicles.
- Nissan reported increased sales in Japan and North America.
- Nissan has lobbied in the UK to weaken the zero-emission vehicle sales target and allow petrol-car sales after 2035.
- Autotrader reported that UK retail sales of used electric vehicles rose 56% year on year in October and made up one in 10 of its retail sales.
- Nissan’s Sunderland plant is its only factory in Europe, and proposed EU rules could leave its cars outside some subsidies and incentives.
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