From AFX News Limited
TOKYO — Nissan Motor Co. and NEC Corp. will set up a 50-50 joint venture to develop and mass produce lithium-ion batteries for use in electric cars and gas-electric hybrid vehicles across the industry, the companies said.
The joint venture, called Automotive Energy Supply Corp., will have initial capital of about $4.1 million and will begin operations later this month. It will focus on development and marketing during its first year, before it begins mass production for sale to carmakers worldwide.
The joint venture will capitalize on the technologies cultivated by Nissan Motor and NEC Corp. to develop products. Nissan Motor and NEC Corp. said they would provide the venture with more support when it starts mass production.
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