Nissan Motor Co. said Monday it will raise its stakes in two Thai joint ventures to 75 percent from 25 percent to expand its operations in the growing Southeast Asian market.
Nissan said it will pay 7.64 billion baht (about $190 million) for the additional stakes in Siam Nissan Automobile Co. and Siam Motors & Nissan Co. to take over management control from Siam Motors Co.
Siam Nissan is a manufacturer and distributor of Nissan-brand vehicles in Thailand, and Siam Motors & Nissan is its assembler.
"Thailand offers a great opportunity for Nissan," Nissan President Carlos Ghosn said in a news release. "This market offers both potential for future growth, and an excellent base for us to expand our presence in the ASEAN region."
Ghosn said the move is an important step to help Nissan realize its target of boosting global sales to 3.6 million units in fiscal 2004 from 2.6 million in fiscal 2001.
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