Toyota, Panasonic to Set Up Vehicle Battery JV by End-2020

Economy

Nagoya, Jan. 22 (Jiji Press)--Toyota Motor Corp. <7203> and electronics giant Panasonic Corp. <6752> said Tuesday that they will jointly establish by the end of 2020 a new company to make batteries for automobiles including electric vehicles.

With the joint venture, the two Japanese companies aim to counter Chinese and other foreign rivals. Toyota and Panasonic hope to accelerate the development of high-performance batteries for supply to automakers at home and abroad, while redoubling efforts to increase the price competitiveness of their batteries.

The joint company will be owned 51 pct by Toyota and 49 pct by Panasonic.

Panasonic will transfer its production facilities for vehicle batteries, excluding those for batteries supplied to major U.S. electric vehicle maker Tesla Inc., to the new company.

The joint venture will also take over Toyota's battery-related development and production facilities.

[Copyright The Jiji Press, Ltd.]

Jiji Press