|Dongfeng Nissan Passenger Vehicle Co., the joint venture between Dongfeng Motor Corp., China's third-largest automaker, and Japan's Nissan Motors, unveiled a new model on Wednesday, the "Venucia", making it the third joint venture auto manufacturer in China to develop an original auto model.
The joint venture, founded in 2003, unveiled the new model during a press conference to celebrate its two-millionth vehicle coming off the production line after seven years of operations.
The first Venucia model, or "Qichen" in Chinese, would be available to the public in 2012. Nissan Motors would supply engines for the mid-class model while the intellectual property of Venucia belongs to the Sino-Japanese joint venture, Ren Yong, the joint venture's vice manager said.
The auto is to be aimed at China's domestic market, Ren said.
Fumiaki Matsumoto, managing director of the joint venture, said the launch of the new brand marked a new stage of development for the company.
He also said China's auto market would continue to boom and there would be varied demands for autos.
Auto sales for the joint venture rose 35.5 percent year on year to 434,448 units during the first eights months of 2010.