Nissan to Sell Battery Unit to China’s Envision

Nissan Motor Co said on Friday it agreed to sell its electric car battery unit to Chinese renewable energy firm Envision Group for an undisclosed sum. The announcement comes after Nissan canceled a potential $1 billion sale of the unit to GSR Capital last month, saying the Chinese investment firm lacked the funds to make the purchase, Reuters reported. Under the agreement, Nissan will retain a 25% share or equity interest in the entity newly formed by Envision. The deal, which covers battery plants in Tennessee and in England, is expected to close in March next year. The workforce at all facilities covered by the deal will continue to be employed, Nissan said in a statement. “The transaction will enable Nissan to concentrate on developing and producing market-leading electric vehicles—in line with the goals set in our midterm plan,” Nissan’s Chief Competitive Officer Yasuhiro Yamauchi said in the statement. Lei Zhang, founder and CEO of Envision, said in the statement the partnership will help create innovative solutions for the “IoT value chain.”