Nissan Motor Co (TYO:7201) is launching a makeover to rescue itself from its worst financial crisis in 25 years, targeting its aging vehicle lineup, Bloomberg News reported Thursday, citing CEO Ivan Espinosa in an interview.

The automaker aims to slash development times for new models from over 50 months to 37 months to get them to market faster, the report said.

This urgency is highlighted by Chinese rival BYD (HKG:1211, SHE:002594), which can develop a car in as few as 24 months, the publication said.

Espinosa declined to comment on Bloomberg News' earlier report of Nissan's Yokohama headquarters sale for approximately 90 billion yen to potential bidders, including KKR, the report added.

Meanwhile, the company is on track to end production at its crown jewel domestic plant in Oppama by 2028, said the news wire.

Espinosa also refuted a report of a 1 billion-pound loan, stating such financing had not been announced by Nissan, even as it continues to operate Britain's largest automaking hub in Sunderland, said the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)