Nissan Motor Company (PINK: NSANY) has big plans for electric vehicle battery production.
The company’s Tennessee battery plant has begun manufacturing and producing lithium-ion battery packs for the company's own Nissan Leaf, thus potentially aiding cost controls.
According to Zacks, a $1.4 billion federal loan is helping Nissan implement the program. More than 300 employees are currently involved with the project, but Nissan believes the battery industry could create upwards of 1,000 jobs in the U.S.
The Nissan Leaf is a leader in the electric vehicle industry, with 18,000 sold in the U.S. alone since the vehicle was released at the end of 2010.
The Tennessee plant will seek to produce around 200,000 battery packs per year, as the EV market heats up with several major automakers debuting their EVs or introducing newer models of existing EVs.