Toyota-Panasonic venture to build lithium-ion batteries for hybrids in Japan

TOKYO: A Toyota Motor Corp and Panasonic Corp joint battery venture will establish a production line in western Japan to make lithium-ion power units for hybrid vehicles beginning in 2022, the company said today.

The production line at a Panasonic factory in Tokushima prefecture will have enough capacity to build batteries for around 500,000 vehicles a year, Prime Planet Energy & Solutions, Inc said in a press release.

“The global electric vehicle market is expected to continue growing rapidly,” the company said.

These batteries will include high-capacity and high-output prismatic lithium-ion batteries, solid-state batteries and next-generation batteries.

The joint venture would supply batteries to Toyota as well as to other customers.

Established in April, Prime Planet Energy is 51% owned by Toyota Motor with Panasonic holding the remaining stake. The venture reflects the drive of both companies to become bigger global players in an industry vital for the development of affordable EVs.