Toyota and Panasonic have announced the establishment of a new battery company. Together, the companies are hoping to develop the next generation of batteries.
Toyota's Prius battery
Toyota
Toyota Motor Corporation and Panasonic Corporation intend to research, develop and produce prismatic lithium-ion batteries, solid-state batteries and next-generation batteries. Through its research and development activities, the battery joint venture is aiming to advance the electrification of the powertrain.
Toyota will contribute its expertise and market data on electric vehicles, solid-state battery technologies and production, while Panasonic will share its expertise as a battery manufacturer. The joint venture is to be set up by late 2020. Toyota will have a stake of 51 percent in the new company and Panasonic 49 percent.