Nissan Motor has called off the deal to sell its battery-manufacturing unit, Automotive Energy Supply Corporation, to Chinese firm GSR Capital for $1 billion. The transaction, which faced numerous delays and was extended three times, was canceled after the investment firm failed to provide the funds by the June 29 deadline. The sale included AESC’s operations in the US, Japan and England.
Nissan wanted to exit the battery production business after it decided that buying batteries from external suppliers was a better choice due to the availability of several options in terms of technology and pricing. The automaker is still looking to sell the division but analysts have expressed doubts over the possibility of finding a new buyer as its battery technology is not up to the mark.
There has been a growth in demand in the battery production sector due to the increasing shift towards electric vehicles. Several investments are being made in this space. Apart from its bid for AESC, GSR has made many investments in alternative energy sources and electric vehicles. Panasonic, which had earlier discussed the battery subsidiary sale with Nissan, stated that it was currently not looking at the acquisition of a battery production company as it did not find it viable.
According to a report by Bloomberg, after reporting a 28% sales decline in April, Nissan is again expected to report a decline in June. Analysts blame this drop on increased incentive spending and discounted rental fleet deliveries.
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