Toyota Teams Up With Panasonic in EV Battery Business

Japanese giants Toyota and Panasonic want to enter a joint venture in a bid to produce industry leading EV batteries.

Assuming the deal gets ratified by the relevant authorities, it will set up a standalone prismatic battery business with ownership split 51% to Toyota and 49% Panasonic. Since first looking at the feasibility of the JV in December 2018, the two companies claim they have produced high-capacity and high-output cost effective automotive batteries.

Both management and resources will be integrated from both companies with the carmaker providing know-how from its existing hybrid technology and research into solid-state batteries. The move will also see the pair co-ordinate with each other from the vehicle planning and concept stage while benefitting from economies of scale.

Toyota executive vice-president Shigeki Terashi said: “Together with Panasonic, we want to hone our competitiveness in batteries, one of the core technologies of electrified vehicles. By contributing to the popularization of Toyota’s and other auto makers’ electrified vehicles, we want to help find solutions to issues such as global warming and environment and energy-related challenges. We have high expectations for the new company, including – as we aim to deliver ever-better electrified vehicles to even more customers – its role in fulfilling our plans for the popularization of electrified vehicles, including achieving Toyota annual global sales of more than 5.5 million electrified vehicles, which we announced at the end of 2017.”

— Paul Myles is a seasoned automotive journalist based in London. Follow him on Twitter @Paulmyles_

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