© Pixabay Electronics Production | January 22, 2019
Toyota and Panasonic to establish EV battery JV
The companies are aiming to create a business structure for the stable supply of competitive batteries to various automakers.
Toyota Motor Corporation and Panasonic Corporation have officially announced that the companies are forming a joint venture company related to the automotive prismatic battery business. The new company is currently pending approval from the competition-law authorities in the countries and regions concerned, but both Toyota and Panasonic expect to establish the new JV by the end of 2020. Toyota will own 51% of the new JV and Panasonic will own the remaining 49%, the companies disclose in a joint press release. The scope of the joint venture's business operations will cover research, development, production engineering, manufacturing, procurement, order receipt, and management related to automotive prismatic lithium-ion batteries, solid-state batteries, and next-generation batteries. Toyota will equipment and personnel to the joint venture in the areas of development and production engineering related to battery cells. Panasonic will transfer equipment, other assets, liabilities, personnel, and other items in the areas of development, production engineering, manufacturing (at plants in Japan and in Dalian, China). Panasonic will also take care of procurement, order receipt, and management functions related to the automotive prismatic battery business. The two companies will transfer a total of 3’500 employees. The batteries produced by the joint venture will be sold to various automakers through Panasonic.