Nissan Debuts Sales Venture in Philippines

Nissan Motor Co. will launch a national sales company in the Philippines in early 2014.

The company owns 51% of the new Nissan Philippines Inc. venture, with the remaining 49% held in equal proportions by local assemblers Universal Motors Corp. and Nissan Motor Philippines Inc.

The NPI, which has been capitalized at 1 billion yen ($10 million), is headed by Kenji Naito, former CEO of Nissan Korea Co.

Nissan says the new company's mission will be to build brand awareness, improve dealer operations and expand the company's product lineup in the Philippines. Nissan hopes to triple its sales in the ASEAN region to 500,000 units per year by the end of 2015.