Nissan, Japan's third largest auto maker, aims to sell 680,000 vehicles in China this year and up to 1 million vehicles by 2012, up 64 percent from last year, said Kimiyasu Nakamura, president of Dongfeng Nissan in Japan yesterday.

Nissan pledged to add investment to boost production and bring in more than 15 new models under the Nissan and Dongfeng brands to take more market share, he said.

Along with the 1 million sales targeted in its five-year plan, Nissan is predicting revenue of 100 billion yuan (US$14.29 billion) by then.

Meanwhile, the auto giant launched its new Teana in China yesterday to challenge Toyota's Camry and Honda's Accord in the mid-to-high class market.

The Japanese car maker's new model is aimed at lifting Nissan's brand image and boosting its total sales to 1 million units in China.

The new vehicle, made by Dongfeng Nissan Passenger Vehicle Co, Nissan's Chinese venture with China's Dongfeng Motor Corp, rolled off the Xiangfan plant yesterday following its global debut in April in China.

It is priced from 190,800 yuan (US$27,652) to 249,800 yuan for models with 2.0 and 2.5-liter engines. A Teana XV version, powered by a 3.5-liter engine, will cost from 259,800 yuan to 332,800 yuan.

"The launch of new Teana, one of Nissan's global flagship models, marks our efforts to be one of the nation's top three car makers," said Kenichiro Yomura, senior general manager of Dongfeng Nissan.

Dongfeng Nissan has set a monthly sales target of 8,000 units for the Teana.

"Market demand for mid-to-high class sedans will remain high in China in a short term because of customers' stronger purchase power despite the record oil prices," Yomura said.

At a time when car makers are faced with rising raw material costs, he said that the 70 percent local content of the new model would help to keep the price competitive.

The launch of new Teana in China just a week after it hit the Japanese market demonstrates the increasing importance of the market in China for Nissan who are experiencing 20 percent sales growth year on year.

(Shanghai Daily June 17, 2008)