In collaboration with Panasonic, Toyota Motor Corporation (TMC) officially established a joint venture to develop prismatic lithium-ion batteries for electric vehicles.
The cooperation decision has actually been planned since January 2019, and now the two technology giants confirm that the joint venture will start its operations in April 2020, with just over 5,000 employees.
In the new company, named Prime Planet Energy & Solution, Inc., the Japanese technology giants have an agreement to develop batteries that have many advantages. The company will develop highly competitive, cost-effective batteries that are safe and feature excellent quality and performance in terms of capacity, output, durability, etc. The batteries will not only be available for Toyota but also broadly for various other car brands.
Toyota will own 51 percent and Panasonic the rest. Toyota believes that batteries will play a key role in society’s progress.
The focus will be on prismatic lithium-ion batteries for rechargeable cars, but also other applications. In addition, the batteries of the future based on new principles will also be developed, manufactured, and sold.
Toyota has led the development of electric hybrid cars but has been doubtful about clean electric cars. The Group’s first electric car was presented as late as last November, in the form of the Lexus UX300e. Toyota’s goal is now to get half of its sales from electrified vehicles by 2025, according to Reuters.