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Nissan agrees to sell electric vehicle battery business to China’s Envision Group

Through the agreement, Envision will acquire a controlling stake in Automotive Energy Supply Corporation (AESC) — the electric battery operations and production facilities of Nissan Motor Co. — for an undisclosed sum.

The Japanese carmaker said the deal will allow it to focus on growing its electric vehicle business.

Nissan said it will retain a 25% share in AESCO, which owns and operates plants in Japan, UK and the US.

By 2020, the firm aims to sell one million electric and hybrid vehicles as part of the Nissan M.O.V.E strategy.

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