Nissan CEO Makoto Uchida stated the Japanese carmaker must deliver new autos to the more and more crowded Chinese language market at pace.

Talking to CNBC’s Tanvir Gill on Wednesday, Uchida stated the corporate would goal present Nissan prospects with the “well timed introduction of high-value product[s] which are as aggressive as fast-growing native manufacturers, at [an] enticing value.”

Earlier this 12 months, Nissan introduced a China-focused electrical SUV, referred to as the Arizon, and plans to launch different fashions as the corporate grapples with declining market share and slowing gross sales. It has stated additional particulars of its medium-term line-up will likely be launched within the fall.

In China, the corporate has confronted specific competitors from homegrown BYD.

Nissan on Wednesday reported internet earnings for the latest quarter of 105.5 billion yen ($751 million), beating expectations and marking a pointy rise year-on-year. Nonetheless, outcomes confirmed a forty five.8% drop in China unit gross sales versus the identical interval the earlier 12 months.

“The secret’s our enterprise encompasses all the worth chain together with the components sourcing, designing, improvement, manufacturing, gross sales, and after gross sales. So that is our power,” Uchida advised CNBC.

“Time to market … would be the key merchandise. And I would really like as soon as once more to emphasise that we do have a robust native asset,” he stated, including this might permit Nissan to plan for sustainable progress in China amid “extreme circumstances.”

Uchida stated that whereas Nissan didn’t win on scale globally, its 13 years of promoting electrical autos gave it an perception into shopper conduct and had knowledgeable selections comparable to the event of a manufacturing facility for solid-state battery cells, which it says are decrease price and cost extra rapidly than lithium-ion batteries.

Nissan additionally introduced ultimate, renegotiated phrases in its longstanding partnership with Renault, following months of talks.

Nissan will make a $663 million funding in Ampere, Renault’s EV unit, which Uchida stated was a response to intensified competitors and strain to adjust to stricter rules in Europe.