Nissan Motor and Chinese battery partner Envision AESC said on Wednesday it would invest 50 billion yen ($460 million) for building a new battery plant in Ibaraki prefecture north of Tokyo to deal with the increasing demand of electric vehicles.
Over the long term, the battery company could invest more than 100 billion yen in the plant, which would begin mass production in 2024, the company said.
Envision AESC describes itself as “the world’s leading battery technology company. Through AIoT-driven innovations in battery technology and multidisciplinary applications，Envision AESC establishes scenarios to enable electric vehicles to participate in the renewable energy eco-system, and provides a dynamic balance to promote common development of clean energy and new energy electric vehicle industry.”
