Nissan Motor has cancelled a potential $1 billion sale of its electric car battery unit to China's GSR Capital, opening the door to other likely suitors keen on a component that is vital for the booming electric vehicles industry. Japan's second-biggest automaker said the Chinese investment firm lacked the funds to make the purchase. The deal could not be closed by the June 29 deadline, Nissan said, ending a process which had faced several delays since its announcement almost a year ago. As tightening global emissions regulations send global automakers scrambling to develop and mass produce electric cars, battery companies and auto parts makers are seeking to expand production of lithium-ion batteries, a key component of these vehicles. Investors have been buying into the battery industry. Battery and lithium producers have represented attractive assets for Chinese firms, amid a push by Beijing to promote electric vehicles and help domestic car makers leapfrog the combustion engine to build global auto brands.
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