2018-08-10
Nissan sells battery business to Envision Group

After the sale of Nissan’s battery business to the Chinese GSR Capital company fell apart recently, the Japanese vehicle manufacturer has now found a new buyer with the Envision Group.

The renewable energy company has struck a definitive arrangement for the sale of the battery section of Nissan, including patents and factories. The workers employed in the locations will all also be kept on in their current positions. The HQ and the development centres of the company will also stay in Japan.

The takeover of the Nissan subsidiary Automotive Energy Supply Corporation (AESC) also includes the battery factory in Smyrna, Tennessee and Sunderland, UK. Envision will also take over the Japanese battery development and production centres in Oppama, Atsugi and Zama. Nissan will retain 25% of the new business in the arrangement. The deal will likely be finalized by March 2019.

Source- Electrive