Feb 03, 2020 16:08 JST

Source: Toyota Motor Corporation

Toyota and Panasonic Decide to Establish Joint Venture Specializing in Automotive Prismatic Batteries

Toyota City, Japan, Feb 03, 2020 - (JCN Newswire) - Toyota Motor Corporation and Panasonic Corporation announced today that they have decided to establish Prime Planet Energy & Solutions, Inc., a joint venture specializing in automotive prismatic batteries. This decision comes just over a year since the two companies announced on January 22, 2019 that they had concluded a business integration contract and a joint-venture contract toward the establishment of a new company. Toyota and Panasonic have also decided on the outline of the joint venture.

Batteries--as solutions for providing energy for automobiles and various other forms of mobility, and as solutions for various kinds of environmental issues--are expected to fulfill a central role in society going forward--a role that supports people's lives.

The joint venture announced by Toyota and Panasonic will develop highly competitive, cost-effective batteries that are safe and feature excellent quality and performance (in terms of capacity, output, durability, etc.), enabling use with peace of mind by all customers. Furthermore, the joint venture will supply batteries not only to Toyota but also, broadly and stably, to all customers.

The joint venture's name embraces Toyota's and Panasonic's strong determination to provide their customers--while working in unison with many friends to keep our irreplaceable earth abundant and clean--broad-ranging, added-value solutions including and beyond the supply of energy in the form of batteries.

About Toyota Motor Corporation
Toyota Motor Corporation (TMC) is the global mobility company that introduced the Prius hybrid-electric car in 1997 and the first mass-produced fuel cell sedan, Mirai, in 2014. Headquartered in Toyota City, Japan, Toyota has been making cars since 1937. Today, Toyota proudly employs 370,000 employees in communities around the world. Together, they build around 10 million vehicles per year in 29 countries, from mainstream cars and premium vehicles to mini-vehicles and commercial trucks, and sell them in more than 170 countries under the brands Toyota, Lexus, Daihatsu and Hino. For more information, please visit www.toyota-global.com.

Source: Toyota Motor Corporation
Sectors: Automotive

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