Nissan green lights Vietnam production
Vietnam - Nissan said it sees "tremendous opportunities" in Vietnam and will go ahead with production next year, despite the downturn taking a bite of automotive manufacturers' bottom lines everywhere.
Nissan Vietnam said it will start local production and launch its first model assembled in Vietnam by 2010. The Nissan model will be assembled by Vietnam Motors Corporation, an existing automotive assembler.
"Vietnam is a strategic market for Nissan with tremendous opportunities," said Shinya Hannya, Nissan's corporate vice president for Asian markets.
"The offering of locally assembled products will accelerate our business in Vietnam and lay the foundation for further growth."
Nissan however did not disclose the size of the investment nor factory location. Nissan earlier announced its first annual loss in nearly a decade and said it expected losses to continue with declining sales. It plans to cut 20,000 jobs to stem the losses.
In the statement, Nissan said it is planning to focus on preserving cash, improving profitability and exploring "deeper synergies" within the Renault-Nissan Alliance to survive the downturn.
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