Nissan Selling Battery Business to GSR for $1 Billion
- Battery-making is a ‘bloody, cutthroat game,’ says GSR’s Wu
- GSR will invest further in research, boost capacity in U.S.
Nissan is benefiting from an improving U.S. market that registered the best first-half sales in a decade. Photographer: Kiyoshi Ota/Bloomberg
Nissan Motor Co. is selling its battery business to Chinese private equity firm GSR Capital for about $1 billion, a person with knowledge of the matter said, as the Japanese carmaker seeks ways to improve competitiveness of its Leaf electric cars while reining in costs.
The deal covers Nissan’s battery subsidiary Automotive Energy Supply Corp. as well as manufacturing operations in Japan, the U.S. and U.K., Nissan said in a statement Tuesday, which didn’t disclose financial terms. Assets sold to GSR will also include part of Nissan’s Japanese battery development and engineering operations in Oppama, Atsugi and Zama.