Toyota Likely To Announce JV With Panasonic For Batteries
Zacks Investment Research | Jan 20, 2019 08:13PM ET
Toyota Motor Company (NYSE:TM) , in a joint venture (JV) with Panasonic Corporation, will produce batteries for electric vehicles (EVs), per Reuters. The JV is expected to unveil in 2020, with Toyota holding 51% stake while the rest will be held by Panasonic. Apart from Toyota, the manufactured batteries are expected to be used by Mazda Corporation and Subaru Corporation, the two partners in Toyota’s electric vehicle technology. The official announcement for the JV is expected to take place this week.
Toyota announced its plan to develop batteries with Panasonic in December 2017. This decision will ramp up Toyota’s vehicle production, enabling it to reach the set target for green cars to comprise half of its global sales by 2030. This collaboration is in addition to the already existing agreement with Panasonic that offers lithium-ion prismatic batteries for Toyota’s vehicles.
Under this new collaboration with Toyota, Panasonic will transfer its prismatic battery manufacturing equipment and facilities to Japan and China. The shift will be cost-efficient and advantageous for Panasonic, aiding it to grow efficiently in the fast-growing EV market.
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