UK banks hold sufficient capital to cope with no-Brexit and Trump trade war, BoE says 

Hitachi commences sale of $5.6 billion chemical unit 

Cybersecurity firm McAfee’s IPO could raise at least $1 billion: Reports 

Hitec Vision, Oman’s Petrogras to acquire Total’s British North Sea oilfields for $635 million

TECHNOLOGY TOP STORIES

Nissan’s battery supplier AESC establishes factory in China

Automotive Energy Supply, Nissan. Nissan Leaf, China, Envision Group

The factory will begin its mass production next year

Automotive Energy Supply, a manufacturer of lithium ion batteries for electric cars is establishing its first factory in China to increase global capacity and its customer database. The factory is to be constructed in Wuxi, a city in southern Jiangsu province in China with an annual capacity of 20 gigawatt-hours, sufficient to 400,00 electric cars a year, Zhang Lei, chief executive officer of Envision Group, said.

“China has no shortage of EV battery makers, but it lacks one with products that people will feel absolutely safe to take their families around in,” Zhang said. By 2025, China hopes to sell seven million new-energy vehicles annually.

Previously, the sale of Nissan’s Automotive Energy Supply to a Chinese financial investor was unsuccessful, and a deal was signed with Chinese energy company Envision Group.

Envision Group purchased a stake in Nissan’s battery business, and owns three facilities in Japan, the US and the UK. Overall, it can produce 7.5 gigawatt-hours of batteries for electric fleets each year.

 

Leave a Comment