Toyota City, Japan, Mar 6, 2024 - (JCN Newswire) - Toyota Motor Corporation (TMC) has agreed with Panasonic Holdings Corporation (Panasonic HD) to make Primearth EV Energy Co., Ltd. (PEVE) a wholly owned subsidiary in order to strengthen its capabilities in mass-producing automotive batteries. The acquisition is scheduled to take place in late March.

Among Toyota-affiliated companies, currently PEVE, Toyota Industries Corporation, and Prime Planet Energy & Solutions, Inc. (ownership: Toyota 51%, Panasonic HD 49%) mass produce batteries for hybrid electric vehicles (HEVs), with the latter also making batteries for battery electric (BEV) and plug-in hybrid electric vehicles (PHEVs). Toyota will continue collaborating with these companies in battery mass production and development.

In addition to HEV batteries, PEVE plans to begin producing batteries for BEVs and PHEVs. The company's shift into mass-producing a wide variety of electric vehicle batteries will enable Toyota to respond flexibly to growing battery demand, while also helping to further boost mass-production competitiveness.

More competitive batteries will enhance the appeal of Toyota's electric vehicle offerings and contribute to achieving carbon neutrality through a multi-pathway approach.

Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.