Toyota City, Japan – More than a year after agreeing to form an electric vehicle (EV) battery joint venture, Toyota and Panasonic spelled out details of the joint venture.
Prime Planet Energy & Solutions Inc., will specialize in automotive prismatic batteries. The companies plan to develop highly competitive, cost-effective batteries that are safe and feature excellent quality and performance (in terms of capacity, output, durability, etc.).
The joint venture will supply batteries to Toyota and its competitors.
The joint venture's name embraces Toyota's and Panasonic's goal to protect the planet.
The JV will be headquartered in Tokyo with plans for an April 2020 opening. It will have about 5,100 employees, including 2,400 at a subsidiary in China.