Nissan sale to lift profit

Article Excerpt

NISSAN MOTOR (ADR) $20.17 (Nasdaq symbol NSANY; TSINetwork Rating: Above Average) (310-771-3111; www.nissan-global.com; ADRs o/s: 2.1 billion; Market cap: $42.3 billion; Dividend yield: 2.9%) now plans to sell its battery business to Chinese private equity firm GSR Capital for a reported $1 billion. The deal covers Nissan’s battery subsidiary Automotive Energy Supply Corp. as well as its manufacturing operations in Japan, the U.S. and the U.K. The sale is aimed at improving the competitiveness of Nissan’s Leaf electric cars and controlling costs. As part of the deal, QSR will remain the automaker’s exclusive supplier of batteries. The sale will also let Nissan better focus on developing new technology, including electric powertrains and autonomous driving software. Nissan Motor is a buy. buy…