“Toyota Motor Corporation” and “Panasonic” set up a policy to establish a new company jointly producing batteries for electric vehicles next year. While the spread of electric vehicles is accelerating globally, the plan is to increase the mass production of batteries and enhance competitiveness.
Toyota and Panasonic agreed to discuss matters as the collaborative development of batteries to be the key components of electric vehicles and the details of the collaboration itself. As a result, according to the stakeholders, the two companies have decided to establish a new company to produce batteries next year.
For the new company, Toyota will hold 51% and Panasonic 49% of the shares, and Panasonic will adjust the mass manufacturing system by focusing the majority of the production facilities in Japan and China.
Meanwhile, Panasonic will not include factories in the state of Nevada, US operated jointly with the American electric car maker, Tesla.
While the popularity of electric cars is growing worldwide, Toyota’s policy aims to produce 5.5 million units by 2030, which corresponds to approximately half of the yearly sales volume, although the increasing presence of Chinese battery manufacturers could represent a challenging factor.