February 7, 2020 (Investorideas.com Newswire) Car manufacturer Toyota has taken the controlling stake in a joint venture with electronics company Panasonic to make car batteries.
The Japan-based companies have formed Prime Planet Energy & Solutions, which will take on 5,100 employees, including 2,400 in China. It will focus on the development and manufacture of prismatic lithium-ion batteries, as well as solid-state and "next-generation" batteries.
GlobalData's power technology writer, Matthew Farmer, says: "This joint venture has been in development since 2017, and was more recently discussed in January 2019. It will begin operations from April, with a total listed assets of $914,700 (¥100M)."
GlobalData's director analyst of automotive product development Calum MacRae adds:
"This confirms Toyota is fully entering the pure-electric vehicle ring. While it has dabbled before, this signifies it is entering with both feet.
"Panasonic has been its long-term partner for NiMH batteries for its hybrid cars through a joint venture called Primearth Energy.
"Additionally, this joint venture with Toyota has categorically stated its interest in developing solid-state batteries. Just this week Lexus announced its LF30 concept will use solid-state batteries.
"Solid state is a bit of a holy grail for the industry - promising greater storage, faster charging times, enhanced fire safety and reduced production costs. It effectively removes every barrier the market and industry sees for mass adoption of pure electric vehicles."
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