Nissan to manufacture electric cars, targeting China

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Nissan (TYO: 7201) has begun producing new electric car models, specifically aimed at China.

According to new reports, the Japanese car manufacturer is working with a Chinese partner to make a battery version of the Sylphy model.

Nissan’s CEO Hiroto Saikawa said: “We’re confident that the Sylphy Zero Emission rolling off the production line today will become a main player in the EV market.”

“We’re going to roll out a range of EVs that will appeal to customers within all market segments.”

Reports say that Nissan hopes for electric cars to make up a third of its sales in by 2022.

Sales of electric cars are expected to be boosted in China due to new rules to crack down on pollution.

Ford (NYSE: F) and General Motors (NYSE: GM) are also working to develop electric cars in China.

Recent figures showed electric car sales to soar 42 percent in Europe, making it the second biggest market for battery operated cars outside of China.

For the first half of this year, electric car sales reached 195,000 across Europe, with the cumulative total expected to reach 1.35 million by the end of 2018, according to industry analysts EV-Volumes.

“A stock of one million electric vehicles is an important milestone on the road to electrification and meeting emission targets but it is of course not enough,” said Viktor Irle from EV-Volumes.

Shares in Nissan are currently trading up 1.30 percent at 1.052 (1239GMT).