July 2, 2018 / 12:24 AM / 3 months ago

Nissan cancels sale of battery affiliate to GSR

TOKYO, July 2 (Reuters) - Nissan Motor Co said on Monday it had cancelled the sale of its electric battery business to GSR Capital because the Chinese investment firm did not have enough funds to make the purchase.

The Japanese automaker had announced in August last year its plan to sell Automotive Energy Supply Corp, which includes battery plants in the United States, England and Japan, for an undisclosed sum.

A source told Reuters at the time that GSR had agreed to pay Nissan a total of $1 billion for the deal. reut.rs/2MDIwpN (Reporting by Chris Gallagher and Chang-Ran Kim; Editing by Stephen Coates)

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