Nissan Motor announced Friday that it has decided to abandon plans to build an electric vehicle (EV) battery plant in Kitakyushu, Japan.

In a statement, Nissan said, "Nissan Motor Co. is taking immediate actions to turn around its business and exploring all options to restore its performance."

On January 22, Nissan announced the construction of a next-generation electric vehicle battery plant in Kitakyushu.

The plant will produce next-generation lithium iron phosphate (LFP) batteries with an annual capacity of 5 gigawatt hours and an estimated investment of 153.3 billion yen.