The Japan State Export Credit Agency has agreed to provide Nissan Motor Co with a $ 2 billion loan to finance vehicle sales in the United States.
The money is part of a $ 4.1 billion loan agreement for Nissan Motor Acceptance Corporation, a division of Nissan North America, the Japan Bank for International Cooperation (JBIC) said in a press release on Wednesday.
The money should help the Japanese company sell cars in the world's second largest auto market after China, allowing it to provide loans to customers that they can repay in monthly installments, the export credit agency said in a statement.
The United States “is an important market for Japanese car manufacturers. Financing of sales has become an important tool for business strategy, ”JBIC said.
Nissan, Japan's third-largest automaker, is focusing on key markets, abandoning the meteoric rise led by ousted CEO Carlos Ghosn.
The company is looking to increase market share with new models in the United States, China and Japan as they recover from the slowdown in demand caused by the COVID-19 pandemic.
Nissan cut its forecast of operating losses for the year to March 2021 by 28% this month, albeit still to a record 340 billion yen ($ 3.2 billion), boosted by recovery in demand, especially in China. p>
