Japan's Sony Corp has decided not to sell its lithium-ion battery unit, media reported on Sunday, in a gamble that it can turn the business around with a weak yen and growing demand for smart phone batteries. In addition to a weak yen, which can boost overseas earnings, the battery unit is also seeing increased demand for some of its new products, the Nikkei business daily reported. For the past two years Sony had been planning to offload the unit, which was a pioneer in making lithium-ion batteries for computers and mobile devices but has struggled recently against cheaper South Korean rivals. A government turnaround fund tried to broker a sale of the battery business to a Nissan Motor Co Ltd and NEC Corp joint venture earlier this year.
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Sony to give up on sale of its battery unit: media