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Toyota and Panasonic to establish joint venture specializing in automotive batteries: prismatic Li-ion, solid-state and next-gen

Toyota Motor Corporation and Panasonic Corporation have decided to establish Prime Planet Energy & Solutions, Inc., a joint venture specializing in advanced automotive batteries, including prismatic Li-ion, solid-state and next-generation automotive batteries other than the first two, including batteries based on new principles.

This decision comes just over a year since the two companies that they had concluded a business integration contract and a joint-venture contract toward the establishment of a new company. (Earlier post.)

Toyota and Panasonic have also decided on the outline of the joint venture.

The joint venture announced by Toyota and Panasonic will develop highly competitive, cost-effective batteries that are safe and feature excellent quality and performance (in terms of capacity, output, durability, etc.).

Furthermore, the joint venture will supply batteries not only to Toyota but also, broadly and stably, to all customers.

The partners expect employment of approximately 5,100, including 2,400 at a subsidiary in China.

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