Nissan-Renault joint venture company is aiming to offer Chinese drivers a new electric vehicle (EV) priced at $8,000 (approx. Rs 5.5 Lakh) within two years.
The group's CEO Carlos Ghosn said that there is an explosion in demand amid the efforts to contain the damage due to climate change. The electric car market is leaping ahead with the new technology of cheaper batteries.
The segment also enjoys government incentives to customers and better infrastructure for charging vehicles added Mr. Ghosn.
He further added that it is no brainer for him as electric cars are going to be a much bigger part of the auto industry in the future.
Nissan has been considered as a groundbreaker in mass-market electric vehicles from 2008 and it counts on the popular Leaf in its fleet.
The Nissan Leaf though with its higher pricing does not compete with EV manufacturers like BYD, Zhidou, and SAIC in China. The country is considered as the largest automobile market in the world.
Ghosn said that there is an explosion in the Chinese market especially for small and cheap EV and they want to compete as they want to continue to maintain their leadership in electric cars.
He did not reveal about the specification of the new mass-market electric car; however, they have set the timeframe and the price point.
China has been grappling with pollution and is making efforts to contain them. The country is seeking to develop its infant electric car industry with incentives and other governmental support.