Nissan to invest about $725 million in Renault's EV division

Nissan Motor is likely to invest about $725 million in Renault's new electric vehicle division.

The Japanese automaker on Thursday agreed the terms of a contract to renew its partnership with Renault and agreed with its French partner on an investment in Ampere's electric vehicle division, Yomiuri reported.

A Nissan spokesman said contract discussions, including the amount of investment, have not yet been finalized.

“Negotiations are underway between the two companies, but an agreement has not yet been reached,” the spokesman said.

Nissan and Renault expect the Ampere venture to be worth €8-10bn, with Nissan's investment likely to be less than 10% of that amount.

The newspaper said the Nissan director would join the new company, adding that certain restrictions would be placed on the handling of the Japanese automaker's intellectual property.

The partnership, which now includes a junior member of Mitsubishi Motors, was founded in 1999.