Pioneer, SAIC car navi JV aims for $147 mln in sales

Japan's Pioneer Corp said its Chinese car navigation joint venture with Shanghai Automotive Industry Corp (SAIC) aims for 1 billion yuan ($147 million) in sales in three years, targeting growing demand in the world's biggest auto market.

Loss-making electronics maker Pioneer and SAIC, the parent company of SAIC Motor, set up the venture, Anyo Pioneer Motor Information Technology Co Ltd, in October. SAIC Motor is China's top automaker.

The venture, owned 51 percent by SAIC and the remainder by Pioneer, targets annual sales of 1.5 billion yuan ($220 million) or more in five years, Pioneer said on Tuesday.

Boosting its presence in China is important for Pioneer, which is in its sixth straight year in the red, as it faces dim prospects at home due to Japan's shrinking population.

Pioneer's home electronics operations have long been struggling to compete with larger rivals such as Sony Corp, and its car electronics division was hit by slumping auto sales following the global downturn last year.