JV called Prime Planet Energy & Solutions to develop, manufacture and sell high-capacity, high-output li-ion batteries to Toyota and all customers.
03 Feb 2020 | 21286 Views | By Autocar Pro News Desk
Toyota Motor Corporation and Panasonic Corporation have announced today that they have decided to establish Prime Planet Energy & Solutions, a joint venture specialising in automotive prismatic batteries. This decision comes just over a year since the two companies announced on January 22, 2019 that they had concluded a business ...
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Toyota Motor Corporation and Panasonic Corporation have announced today that they have decided to establish Prime Planet Energy & Solutions, a joint venture specialising in automotive prismatic batteries. This decision comes just over a year since the two companies announced on January 22, 2019 that they had concluded a business integration contract and a joint-venture contract toward the establishment of a new company. Panasonic has positioned automotive lithium-ion batteries as one of its key businesses.
The collaboration, which will begin by the end of 2020, will see the two companies transfer up to 3500 employees, and Panasonic relocate its manufacturing facilities in Japan and China. The batteries produced by the joint venture will be sold to multiple car manufacturers.
Toyota and Panasonic have worked together since 1953, and as recently as 2017 struck an initial partnership to produce lithium-ion batteries. Panasonic is already the exclusive battery cell supplier to Tesla, but its batteries are already widely used across the automotive industry in EVs, including various hybrid models produced by Toyota.
A crucial aspect of the venture is considering how to make supply stable amid growing fears of shortages and concerns around the ethics of collecting the required elements to make the batteries. It is for this reason that the partnership aims to aid the proliferation of EVs globally, rather than simply Toyota or Lexus hybrids and EVs.
According to the two companies, the joint venture will develop highly competitive, cost-effective batteries that are safe and feature excellent quality and performance (in terms of capacity, output, durability).
The JV will be engaged in the development, manufacture, and sale of high-capacity and high-output automotive prismatic lithium-ion batteries; automotive solid-state batteries and also next-generation automotive batteries.
The collaboration, which will begin by the end of 2020, will see the two companies transfer up to 3500 employees, and Panasonic relocate its manufacturing facilities in Japan and China. The batteries produced by the joint venture will be sold to multiple car manufacturers.
Toyota and Panasonic have worked together since 1953, and as recently as 2017 struck an initial partnership to produce lithium-ion batteries. Panasonic is already the exclusive battery cell supplier to Tesla, but its batteries are already widely used across the automotive industry in EVs, including various hybrid models produced by Toyota.
A crucial aspect of the venture is considering how to make supply stable amid growing fears of shortages and concerns around the ethics of collecting the required elements to make the batteries. It is for this reason that the partnership aims to aid the proliferation of EVs globally, rather than simply Toyota or Lexus hybrids and EVs.
The new Prime Planet Energy & Solutions will supply batteries not only to Toyota but also, broadly and stably, to all customers.