World

Nissan to sell stake in Indonesian automobile sales joint venture

Nissan Motor Co. will sell its controlling stake in PT Nisan Motor Distributor – a sales joint venture in Indonesia – to a local partner.
Nissan to sell stake in Indonesian automobile sales joint venture ảnh 1Nissan Motor's electric vehicle LEAF exhibited at the Indonesia Electric Motor Show 2019 in September, 2019 (Photo:english.nna.jp)

Hanoi (VNA) - Nissan Motor Co. will sell its controlling stake in PTNisan Motor Distributor – a sales joint venture in Indonesia – to a localpartner.

Nissan Motor Indonesia said in a recent press release that the two sides havesigned a memorandum of understanding on the share transfer.

The move is aimed at forming a strategic partnership with Indomobil tostrengthen the Nissan brand in Southeast Asia's largest automobile market, theJapanese carmaker group said.

In Indonesia, Nissan Motor sold 2,798 vehicles in the first half of this year,down 53.3 percent year-on-year.

According to the Association of Indonesia Automotive Industries, Nissan’smarket share stood at 1 percent, ranking 10th in the Japanese brand-dominatedmarket.

Nissan Motor announced last May it haddecided to close an Indonesian plant in a bid to streamline global operations,focusing Southeast Asian production on Thailand.

The company said last month that it would post a net loss of 670 billion yen(6.3 billion USD) in the business year through March 2021, with global carsales dropping 16.3 percent to 4.1 million units amid the economic storm causedby the global COVID-19 pandemic./.
VNA
#Nissan Motor Co. #sales joint venture #Nissan Motor Indonesia #controlling stake #automobile market #Japanese carmaker #Vietnamplus #Vietnam news #Vietnam News Agency Indonesia Japan
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