Toyota and Panasonic's battery joint venture will become a subsidiary of the Japanese carmaker later this month, Toyota Motor's press office said.
Primearth EV Energy is currently 51 per cent owned by Toyota and 49 per cent by Panasonic. It produces batteries for hybrid electric vehicles, but plans to also start producing batteries for plug-in electric vehicles (BEVs) and plug-in hybrids (PHEVs) and play an important role in Toyota's growing electrification plans.
Toyota claims that "more competitive batteries will enhance the attractiveness of Toyota's electric vehicle range and contribute to achieving carbon neutrality through a multi-pronged approach".
Primearth EV Energy was formed as Panasonic EV Energy in December 1996, with Toyota holding a 40 per cent stake and Panasonic holding the remaining 60 per cent. The company was renamed Primearth EV Energy in June 2010 and at that time was 80.5% owned by Toyota. The company currently employs about 4,700 people.
The automaker says that the acquisition of PEVE will allow it to flexibly respond to the growing demand for batteries and improve its competitiveness. Toyota isn't just working on traditional batteries, however.
Late last year, Toyota joined forces with Japanese petroleum products maker Idemitsu Kosan to develop and produce solid-state batteries for future electric vehicles. Idemitsu has been researching and developing solid-state batteries since 2001, while Toyota has been doing so since 2006. They hope to begin mass production of solid-state batteries by 2027-2028, although Toyota also recently announced that it will release its first electric car with a solid-state battery in "a couple of years". It will have a range of 1,200 kilometres and the ability to charge in 10 minutes.
Source: Toyota
