TOKYO— Nissan Motor Co. NSANY 0.10% said it scrapped a plan to sell its battery business to GSR Capital after the Chinese investment firm was unable to pay for the deal.
The companies agreed in August last year that GSR Capital would buy the majority of Nissan’s electric-car battery operations for an undisclosed sum. The deal included Nissan’s battery-manufacturing operations in Smyrna, Tenn.; Sunderland, England, and Japan.
Nissan said on Monday it had been aiming to complete the deal by the end of June but GSR Capital couldn’t provide the necessary funds. A spokesman for GSR Capital didn’t immediately respond to a request for comment.
Nissan has been seeking to get out of the battery-manufacturing business for some time. Chairman Carlos Ghosn has said he prefers for Nissan to purchase batteries from outside the company because several suppliers compete on price and technology.
GSR Capital Chairman Sonny Wu said at the time of the deal announcement that it represented an important step for the company in entering the “new energy vehicle industry chain.”
Batteries are among the most sought-after areas of technology because leading car makers have said they plan to boost sharply the proportion of their sales coming from electric-powered cars. South Korea and Japan have some of the battery industry’s leading companies, with China in fast pursuit.
Write to Alastair Gale at alastair.gale@wsj.com
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