Yulong to buy Nissan's unit

Yulong to buy Nissan's unit

TAIPEI (DPA): Taiwan's Yulong Motor, breaking into the ASEAN market, plans to buy 75 per cent of Nissan Motor Philippines Inc (NMPI) for US$31 million, Yulong announced Friday.

The investment will be made next January, after obtaining approval from Taiwan's Economics Ministry, general manager Yan Kai-tai said.

"Yulong will send several executives to join NMPI. Details of cooperation will be discussed later," Yen said.

Yulong is the leading car maker in Taiwan, with 25 per cent Japanese capital. In fiscal 1998, it sold 86,374 cars with 1,300- 3,000 cc engines.

As the Yulong Group quickly expands, Yulong Motor plans to sell its cars to ASEAN countries and China.

"Our goal is to raise our car sales to 5 million units by 2005 in the Chinese market - Taiwan, ASEAN and China, and double our revenues to US$7 billion," Yen said.