Mazda to invest $11 bln by 2030 to procure EV batteries - Nikkei (updated)

Beam Global

22/11/2022 04:52

(Adds details, background, comments from Mazda and Envision
AESC)
       Nov 22 (Reuters) - Japan's Mazda Motor Corp  7261.T 
plans to invest 1.5 trillion yen ($10.6 billion) by 2030 to
procure electric vehicle (EV) batteries and cooperate with
battery supplier Envision AESC, the Nikkei business daily
reported on Tuesday.
    The Hiroshima-based automaker will secure batteries and seek
to increase production of fully electric vehicles at factories
in Japan through the partnership with Envision AESC, the
newspaper reported. 
    Both Mazda and Envision AESC declined to comment. 
    Automakers worldwide are spending billions of dollars to
ramp up battery and EV production in the face of tougher
environmental regulations.
    In August, Toyota Motor Corp  7203.T  said it would invest
up to 730 billion yen in Japan and the U.S. to make batteries
for fully electric vehicles as opposed to hybrid
gasoline-electric cars like the Prius. 
    Its rival Honda Motor Co  7267.T  also said in the same
month it would build a new $4.4 billion lithium-ion battery
plant for EVs in the United States with Korean battery supplier
LG Energy Solution Ltd  373220.KS .  
    Mazda is set to hold a news conference at 0530 GMT on
Tuesday to talk about it medium-term business plan. 
   Shoichi Matsumoto, Envision AESC chief executive, told
Reuters last month it was in talks with automakers in Japan,
Europe, the United States and China for new supply deals. 
    Envision AESC, based in Japan, is Chinese renewable energy
group Envision's battery business and originally established as
a joint venture between Nissan Motor Co  7201.T , NEC Corp
 6701.T  and its subsidiary NEC TOKIN Corporation.  
 
($1 = 141.7400 yen)
 (Reporting by Tokyo Newsroom; Editing by Christopher Cushing
and Kenneth Maxwell)
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