Nissan to acquire shares in Japanese automotive lithium-ion battery maker, Honda to set up joint venture with Chinese partners for battery procurement
Japanese carmakers Nissan and Honda are taking steps to beef up battery supply chain towards increasing their competitiveness in electric vehicles development.
According to a statement from Nissan on Wednesday, the company will acquire shares in automotive lithium-ion battery maker Vehicle Energy Japan.
A key supplier to Nissan,Vehicle Energy is expected to play a crucial role in its ongoing electrification strategy under the vision of creating significant value beyond mobility by placing electrification at the core of its business strategy and expanding the possibilities of journeys and society, the company said.
Nissan will buy a 47% share in the battery maker held by the state-backed fund INCJ.
Vehicle Energy has an integrated production system, and develops, manufactures and sells lithium-ion batteries, battery modules and battery management systems for hybrid vehicles that are expected areas of growth.
Honda also announced Wednesday its Chinese unit will establish a joint venture with two Chinese partners for the procurement of electric vehicle batteries.
With this move, the Japanese carmaker will enhance partnership with Chinese automobile battery giant Contemporary Amperex Technology to improve its battery supply chain.