Toyota, Panasonic launch battery venture to expand EV push
Toyota and Panasonic are launching a joint venture next year to make electric vehicle batteries, leveraging the heft of one of the world's largest automakers and battery makers to expand their EV push. Toyota will own 51 percent of the joint venture.
The joint, which builds on an initial lithium ion battery partnership struck between the two companies in late 2017, reflects the aim of the Japanese companies to become a bigger global player in the battery industry, which is vital for the development of affordable EVs.
The two companies will pool part of existing battery-related equipment and engineers to the joint venture. Panasonic will also transfer its manufacturing capabilities in Japan and China.
The two companies will transfer a total of 3,500 employees on the new company.
Batteries produced by the joint venture will be sold to various automakers.