4 Feb 2020
Toyota and Panasonic announce the creation of a joint venture Prime Planet Energy & Solutions, which will develop batteries for electric vehicles
Prime Planet Energy & Solutions JV will start operating on April 1, 2020. The company will include more than 5,000 employees, 2,400 of whom will work in factories in China. 51% of the shares will belong to Toyota, 49% – to Panasonic. Two Japanese companies went for many years to create a joint venture. They openly announced their intention to combine efforts in this area as early as 2017. In 2019, plans to create a joint venture were approved.
Interestingly, the goal of the joint venture in the near future will be the creation of a new generation of parallelepiped batteries. Today, in most cases, electric vehicles are equipped with traditional cylindrical batteries. This form takes up a lot of space, and a new version should remove this drawback.
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