A joint venture including Japan’s Nissan Motor Co.(Nasdaq: NSANY) and NEC Corp (NECA.BE) is planning a massive investment to ramp up production of lithium-ion batteries for vehicles by 2011, according to a Reuters report that cited the Nikkei business daily.
The venture, called Automotive Energy Supply Corp (AESC), will invest at least $1.1 billion to make lithium-ion batteries for about 200,000 electric and hybrid cars. AESC is held 51% by Nissan, 42% by NEC and 7% by NEC Tokin (6759.T).
AESC will begin maufacturing next year with an initial capacity of 13,000 units to be used for forklifts.
65,000 units are scheduled for use in 2011 Nissan’s in-house hybrid car and electric vehicles, which are to be released in 2010.
The Nikkei said, without citing sources, that Nissan and NEC plan to build a new factory in Japan in 2011 or later.
Nissan is developing electric vehicles with French partner Renault SA (RNL.F).
This month an alliance of U.S. battery makers formed in an effort to compete more effectively with Asian battery makers.
Read the full Reuters report at the link below.
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