Nissan to Launch Cheap Electric Car in China Getty Images

Nissan CEO Carlos Ghosn  at Geneva Auto Show 2016

Nissan to Launch Cheap Electric Car in China

"What’s interesting is that China today represents more than one-third of the (global) electric car market whereas five years ago, it was absolutely absent from this market," said Carlos Ghosn CEO of  Nissan-Renault alliance.

The Nissan-Renault alliance aims to launch a new electric car in the "booming" China market costing just $8,000 within two years, chief executive Carlos Ghosn said on Nov. 8.

The electric auto market as a whole is reaching takeoff thanks to cheaper batteries, government incentives to consumers and better infrastructure for charging vehicles on the go, he said at the Web Summit in Lisbon.

"What’s interesting is that China today represents more than one-third of the (global) electric car market whereas five years ago, it was absolutely absent from this market," Ghosn told a panel on future trends in autos.

"What we are seeing in China is that what is really selling are the very low cost electric cars. This is where the market is booming," he said, noting that Nissan's Leaf comes at higher cost.

"Our intention is to (market) a car which you can sell at $8,000 but without (government) incentives," the Nissan-Renault boss said, adding it would be a localized product made with Chinese engineering.

Our objective is to be on the market within a couple of years."

Nissan on Nov. 8 said its net profit during the April-September period fell 13.3%, blaming a strong yen and weak sales in Japan.

But sales in China, now the world's biggest auto market, rose 3.8% to 610,000 automobiles.

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