Nissan Motor said on Wednesday it had agreed to buy all the common shares in Vehicle Energy Japan Inc held by the lithium-ion battery maker’s biggest shareholder.
The automaker added that after the acquisition of the shares held by the Innovation Network Corporation of Japan (INCJ), Vehicle Energy Japan will become its consolidated subsidiary, in which it will hold shares together with the existing shareholders Maxell Ltd and Hitachi Astemo Ltd.
Nissan has not shared any financial details of the deal.
Vehicle Energy Japan develops, manufactures, and sells lithium-ion batteries for hybrid automobiles.
“The investment will permit Nissan to secure a stable battery supplier and contribute to the development of next-generation batteries with a competitive edge in terms of both performance and cost,” the automaker said.
A stable supply of battery materials is among the number of challenges being faced by automakers globally as stricter environmental regulations sped up the production and sales of cleaner, electrified cars.
