Toyota and Panasonic will set a joint venture place to create and produce electric vehicle batteries from April.
The organization, dubbed Prime Planet Energy & Solutions, is defined to develop prismatic batteries that’ll be made accessible to other car manufacturers. Toyota owns 51 percent of the joint venture while Panasonic owns the rest.
Operations will kick off on April 1, 2020 with about 5,100 employees, such as 2,400 in a subsidiary in China. The combined venture will have offices in Tokyo and in the Kansai region of Japan.
“The combined venture announced by Toyota and Panasonic will create highly aggressive, cost-effective batteries that are secure and feature excellent quality and performance (in terms of capability, output, durability, etc.), allowing use with peace of mind by all customers,and rdquo; the companies wrote in a press release. “Batteries – as alternatives for as alternatives for several types of environmental problems, and providing different types of freedom and energy for automobiles are anticipated to fulfill a role in society. ”
That is from Panasonic’s foray into the production of electric vehicle batteries as it already supplies cylindrical batteries into Tesla and has been stepping up its growth of these prismatic batteries that are more commonly found within the automotive industry.
Toyota and Panasonic have also worked together extensively in the last and actually first started joint battery study in 1996 if they established a joint venture for hybrid car batteries, Reuters reports.
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