Nissan shares surged 11 percent Friday after a report said a Japanese group including a former prime minister plans to ask US electric vehicle giant Tesla to invest in the automaker.

The reported proposal follows the failure of Nissan's merger talks with its rival Honda, seen as a bid to catch up with Tesla and Chinese companies in the competitive EV market.

The Financial Times cited three people with direct knowledge of the move who said ex-premier Yoshihide Suga supported the proposal to approach Tesla.

"The group is hopeful Tesla will become a strategic investor since they believe (it) is........

© International Business Times