Report: Nissan Ponders a Stake in Chinese EV Startup
Nissan Motor Co. is mulling a plan to make a major investment in a Chinese electric car startup, sources tell Bloomberg News.
Nissan’s aim is to gain a stronger foothold in the burgeoning Chinese market for EVs. Bloomberg says the company is looking at startups because they are more agile and represent a relatively inexpensive investment compared with China’s larger and more established EV makers.
Nissan also seeks a partner whose own vehicles won’t compete with its own electric cars, according to the news service. It says Nissan is conducting due diligence on at least three possible candidates in which it would buy a stake of as much as 25%.
Among Nissan’s targets are CHJ Automotive, WM Motor Technology and Zhejiang Hozon New Energy Automobile, according to Bloomberg’s sources. Nissan and the candidates declined to comment.
The news service notes that CHJ is launching Leading Idea One, an electric SUV equipped with a piston-powered range extender. WM markets the Weltmeister EX5 crossover vehicle and hopes to become China’s first EV maker to post a full-year profit. Zhejiang Hozon expects to launch its second high-volume EV by year-end.
The Lexus ES sedan is more than just an offering within the company’s lineup.
Delegates to the United Auto Workers union’s annual convention in Detroit have overwhelmingly approved a 31% raise for their salaried international leaders.
Once the playground of exotic car makers, the definition of a niche vehicle has expanded to include image vehicles for mainstream OEMs, and specialist models produced on high-volume platforms.