Toyota Motor Corporation (TMC) has agreed with Panasonic Holdings Corporation (Panasonic HD) to make Primearth EV Energy Co., Ltd. (PEVE) a wholly owned subsidiary in order to strengthen its capabilities in mass-producing automotive batteries. The acquisition is scheduled to take place in late March.
Among Toyota-affiliated companies, currently PEVE, Toyota Industries Corporation, and Prime Planet Energy & Solutions, Inc. (ownership: Toyota 51%, Panasonic HD 49%) mass produce batteries for hybrid electric vehicles (HEVs), with the latter also making batteries for battery electric (BEV) and plug-in hybrid electric vehicles (PHEVs). Toyota will continue collaborating with these companies in battery mass production and development.
