Toyota / Panasonic Joint Venture to add Battery production Line

SMM: a few days ago, it was learned that Toyota Motor and Panasonic Battery Joint Venture will add a new lithium-ion battery production line in Japan to meet the growing demand for electric vehicles.

Prime Planet Energy&Solutions, a joint venture between Toyota and Panasonic, said on Tuesday that it would produce lithium-ion batteries for hybrid vehicles at a factory in western Japan from 2022 to meet the growing demand for electric vehicles. The production line at the company's Panasonic plant in Tokushima prefecture will have sufficient capacity to produce batteries for about 500000 cars a year, Prime Planet Energy&Solutions said in a statement.

Toyota Motor Co., Ltd. and Panasonic Industrial Co., Ltd. set up a Prime Planet Energy&Solutions joint venture in April 2019, which will be headquartered in Tokyo, Japan. Toyota owns a stake in Prime Planet Energy&Solutions51% and the remaining 49% is held by Panasonic, which mainly produces vehicle power batteries.

Prime Planet Energy&Solutions will increase battery production capacity in Japan and China. In addition to providing products for Toyota, the joint venture will also provide battery supplies to Mazda, Dafa Motor and Subaru in the future. At the same time, the increase in production capacity of the joint venture in China will also compete with local companies.

Editor's comments:

With the continuous development of electric vehicles around the world, the demand for batteries, as an indispensable and important component, is also growing. Prime Planet Energy&Solutions 's new capacity will continue to supply the global market and compete with other companies. It is worth noting that Toyota is also actively promoting cooperation with local battery companies in China, and will be "tied" with more local power battery companies to ensure that its electrified business is not restricted by single battery companies.