Toyota and Panasonic to form joint venture company for R&D and manufacture of batteries for the automotive industry
By Heather Rose - 28th February 2019
Japan - Toyota Motor Corporation (Toyota) of Toyota, Aichi Prefecture, Japan and Panasonic Corporation (Panasonic) of Kadoma, Osaka, Japan have concluded contracts for business-integration and for a new joint-venture company for automotive battery R&D and manufacture.
Subject to approval from competition law authorities in the countries concerned, Toyota and Panasonic plan to establish a joint venture by the end of 2020. The ratio of equity participation in the joint venture will be 51% for Toyota and 49% for Panasonic. The scope of the new JV business is to include research, development, production engineering, manufacturing, procurement and management systems relating to automotive prismatic lithium-ion batteries, solid-state batteries, and next-generation batteries.
