UPDATE 1-Toyota, Panasonic announce battery venture to expand EV push [Reuters (UK)]
Toyota Motor Corporation (TM)
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Source: Reuters
Toyota, Panasonic announce battery venture to expand EV push | Reuters 2 Min Read TOKYO (Reuters) - Toyota Motor Corp and Panasonic Corp are launching a joint venture next year to make electric vehicle (EV) batteries, leveraging the heft of one of the world’s largest automakers and battery makers to expand their EV push. Toyota will own 51 percent of the joint venture, and Panasonic the rest, the two companies said in a joint statement on Tuesday, confirming previous reports. The joint venture, which builds on an initial lithium-ion battery partnership struck between the two companies in late 2017, reflects the aim of the Japanese companies to become a bigger global player in the battery industry, which is vital for the development of affordable EVs. The two companies will pool part of existing battery-related equipment and engineers to the joint venture. Panasonic will also transfer its manufacturing capabilities in Japan and China for its thin, rectangular-shaped prismatic batteries
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