Toyota and Panasonic will Jointly Produce Batteries for Electric Cars

Panasonic and Toyota are starting a joint venture from 1 April to produce batteries for electric vehicles. They want to offer this to all manufacturers.

 

The company in question is named Prime Planet Energy and Solutions and has around 5,000 employees. Toyota holds 51 percent of the shares, Panasonic 49 percent.

It is not nearly the first collaboration between Toyota and Panasonic. The two have been working together since 1996, then on batteries for hybrid cars.

The factory in question will produce rectangular batteries for any car manufacturer. Both parent companies count on the increase in the popularity of electric cars although they are certainly not their first steps on the market.

For years, Panasonic has been the only manufacturer of cylindrical batteries for Tesla. But Panasonic wants to go more comprehensive, and Tesla also looks at LG and the Chinese CATL for future production.

Toyota itself is a pioneer in electric driving. The company launched its hybrid Prius in 1997 and wants to get half of its sales from electric cars by 2025.