APD | Toyota-Panasonic venture to produce EV batteries

By APD writer Alice

A joint venture to be set up by Toyota Motor Corp and Panasonic Corp of Japan will begin developing electric vehicle (EV) batteries from April, as a surge in demand is expected.

The new company, called Prime Planet Energy and Solutions, will develop prismatic - or square-shaped - batteries that will be available to any automaker, the two companies said in a statement on February 3.

Toyota will own 51 percent of the venture’s stake while Panasonic holds the remainder. Once operational, it will employ more than 5,000 people.

The venture reflects the Japanese companies’ ambition to become bigger global players in the automotive battery industry, which is vital for the development of affordable EVs, in the context of stricter environmental regulations worldwide.

The two Japanese companies have been cooperating on battery research since at least 1996 when they set up a joint venture to make hybrid car batteries, called Primearth EV Energy.

(ASIA PACIFIC DAILY)