Nissan asks U.S. for loans to help build electric-cars and lithium-ion batteries

Nissan, which recently announced plans to cut a total of 20,000 jobs worldwide, is seeking U.S. government financing to help it build electric-cars and develop advanced lithium-ion batteries. The move makes Nissan the first Japanese automaker to ask the government for taxpayer-funded loans.

Nissan did not disclose an amount of its request but said it will upgrade its Smyrna, Tennessee, plant to build a new facility for battery production.

Nissan is planning to launch its first electric-car in 2010 for select markets. The United States market will get a Nissan electric-car by 2010.

Source: Reuters