Nissan Motor Co. is looking to invest in a Chinese electric car startup to provide it with a greater footprint in the world's biggest market for new-energy vehicles, according to sources familiar with the matter.
Nissan wants to buy a stake of as much as 25 percent in a Chinese electric vehicle maker, and it has narrowed the potential targets to startups including WM Motor Technology Co., Zhejiang Hozon New Energy Automobile Co. and CHJ Automotive Co., according to the sources, who asked not to be named as the plan isn't public.
The plan signals that Nissan is looking to push ahead with ambitions in the electric vehicle space started when Carlos Ghosn still helmed the carmaker. While Ghosn was arrested in November on charges of financial misconduct, throwing Nissan's alliance with Renault SA into turmoil, the Japanese carmaker can't afford to take its eye off the Chinese market, with rivals including Volkswagen AG and Tesla Inc. doubling down there.