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Toyota announce joint venture with panasonic in battery production
Toyota and Panasonic confirm their joint venture towards battery production for electric vehicles.
Toyota announce joint venture with panasonic in battery production
It looks like joint ventures are the talk of the motoring town this month (we’re looking at you, Ford and Volkswagen) as Toyota and Panasonic confirm their joint venture towards battery production for electric vehicles.
The collaboration is expected to commence at the start of 2021 and will see a transfer of around 3500 employees between the behemoth companies. Panasonic is even relocating its manufacturing facilities in Japan and China.
Details on the amount of capital invested by Toyota and Panasonic toward the venture has remained confidential, however Toyota has confirmed that they retain 51% of the venture which is based on the fundamental of exploring ways to keep a stable supply of batteries amid fears of shortages. This is also why the joint venture is focused on bettering the EV market as a whole, rather than limiting the advantages to Toyota’s products.
“Panasonic is a leading company in the area of automotive batteries. I think it was fate for us to come together to work for this collaboration. We would like to offer opportunities to work together with other companies with the collaboration for the realisation of automotive prismatic batteries,” said Toyota boss Akio Toyoda.