Nissan CEO breaks down how it plans to fight back against Chinese companies, after second outlook cut in months

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Nissan Motor plans to expand exports of vehicles developed in China to help compete against Chinese rivals globally, CEO Ivan Espinosa told CNBC on Wednesday. The export push comes as intensifying competition in the world's largest auto market forced the company to cut its annual sales forecast for a second time in months. Espinosa said Nissan would rapidly increase its exports of China-developed vehicles from two models to five, targeting 12 regional market clusters in the "very near term." The Japanese automaker is responding to intensifying competition in China by developing vehicles specifically for Chinese consumers, using local technology, lower costs and faster development processes, he said.