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Nissan plans to release a fully electric, medium-sized family sedan -- the "Leaf" -- in Japan, the United States and Europe in late 2010 and mass produce it globally from 2012.
The joint venture firm is expected to begin operations in Japan and the United States around the same time as the Leaf's launch late next year, but no details were provided such as the size and capital ratio of the new firm.
Nissan said it will also study a similar framework to reuse the batteries in Europe with its alliance partner, Renault SA of France.
The lithium ion batteries, which will power the Leaf, are produced at a separate joint venture firm set up by Nissan, NEC Corp.
and its subsidiary NEC Tokin Corp.
The new tie-up with Sumitomo will allow Nissan to reuse the batteries earlier used in EVs and resell them after repackaging them for other applications like storage of renewable energy. Raw materials will also be recycled after the second-life batteries expire.
According to the two companies, the lithium ion batteries, which are more compact, lightweight and powerful than existing batteries, are likely to maintain 70 to 80 percent of their residual capacity even after the end of a normal vehicle cycle.
Nissan hopes to bring down the marketing price of its EVs through the new recycling business since battery costs are believed to be the main barrier to lowering the prices of zero-emission cars to levels comparable to current gasoline-powered cars.
The recycling business "will contribute to the promotion of EVs and stemming their initial costs," Nissan Chief Operating Officer Toshiyuki Shiga said at a press conference in Tokyo.
Meanwhile, Sumitomo Executive Vice President Kazuo Omori said the trading house has no plans to expand the joint venture into a capital tie-up with Nissan and added the new company will only handle Nissan's lithium ion batteries.
To see more of Kyodo News International, go to http://www.kyodonews.com Copyright (c) 2009, Kyodo News International, Tokyo Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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