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Toyota-Panasonic venture to start EV battery development in April – 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 that will begin developing electric vehicle (EV) batteries from April, as the Japanese companies gear up for an expected surge in demand.

The new company, called Prime Planet Energy and Solutions, will develop prismatic – or square-shaped – batteries that will be available to any automaker, the two companies said in a statement on Monday.

It will begin operations on April 1 with more than 5,000 employees, with Toyota owning 51% and Panasonic holding the remainder, the pair said.

The venture reflects the aim of the Japanese companies to become bigger global players in the automotive battery industry, which is vital for the development of affordable EVs, as stricter environmental regulations worldwide accelerate a shift toward environmentally…

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Source Reuters Tech News

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