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Toyota and Panasonic to set up EV battery joint venture – Source Reuters Tech News

FILE PHOTO: A man walks past a Toyota logo at the Tokyo Motor Show, in Tokyo, Japan October 24, 2019. REUTERS/Edgar Su/File Photo

TOKYO (Reuters) – Toyota Motor Corp (7203.T) and Panasonic Corp (6752.T) have agreed to set up a joint venture specializing in prismatic electric vehicle batteries.

The new company will develop batteries that will be available to any automaker, not limited to Toyota vehicles, the two companies said in a statement Monday. It will begin operation on April 1, with Toyota owning 51% and Panasonic holding the remainder.

Reporting by Kevin Buckland; Editing by Christian Schmollinger

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