Friday, January 08, 2010: 03:41:46 PM

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Pioneer SAIC JV target million-dollar revenue

Pioneer Corporation, a Japanese digital entertainment products manufacturer, has released an official statement that its joint venture with Shanghai Automotive Industry Corporation (SAIC) aims to generate sales revenue of $147 million in the next three years.



The two companies signed the joint venture in October 2009, forming Anyo Pioneer Motor Information Co Ltd. Another official statement has iterated that the joint venture, in which SAIC holds 51 per cent stake and Pioneer Corp the rest, has been inked to achieve an annual sales target of $220 million in the next five years.

Pioneer Corporation, which was badly hit by the recession, had taken the decision in favour of the venture in order to consolidate its position in Chinese markets. This is also due to its eroding revenues in Japanese markets.

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