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Nissan scraps potential $1 bn sale of battery unit to China's GSR Capital

In August, Nissan had announced its plan to sell Automotive Energy Supply Corp, which includes battery plants in the United States, England and Japan, for an undisclosed sum

Reuters  |  Tokyo 

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 ...

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First Published: Mon, July 02 2018. 11:43 IST