Nissan Mulls Buying Stake in Chinese EV Maker
May 15, 2019—Nissan wants to buy a stake of as much as 25 percent in a Chinese electric-vehicle maker, and it has narrowed the potential targets to startups including WM Motor Technology Co., Zhejiang Hozon New Energy Automobile Co. and CHJ Automotive Co., reported Bloomberg.
Nissan's rivals Tesla and Volkswagen are also doubling down in that market.
Nissan was expected to report its weakest annual operating profit in a decade this week, amid a slowdown in U.S. sales and an aging model lineup.
While Nissan is a global force in electric vehicles—its Leaf is the No. 1 electric car by cumulative sales—the Chinese market is dominated by local manufacturers such as Beijing Electric Vehicle Co. and BYD Co. A relationship with an innovative local contender could help Nissan better appeal to Chinese buyers, according to the report.