(MENAFN) Nissan Motor has canceled a potential USD1 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 essential for the booming electric vehicles industry.
According to the Japanese company, the Chinese investment firm lacked the funds to make the purchase, and the deal could not be closed by the June 29 deadline, 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 develop and mass produce electric cars, battery companies and auto parts makers are seeking to expand production of lithium ion batteries, a key component of these vehicles.
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 unrevealed sum.
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