Toyota Motor Corporation and Panasonic Corporation announced Tuesday that the two companies will establish a joint venture next year to produce prismatic lithium-ion batteries, solid-state batteries, and next-generation batteries for electric vehicles.
The joint venture seeks to address these issues by drawing on both companies’ resources and expertise. Toyota will bring to the table its EV market data, manufacturing experience and advanced technologies related to solid-state batteries, while Panasonic will contribute its ability to make safe, high-capacity and high-output batteries at scale, as well as a customer base in Japan and abroad.
Equity participation in the joint venture will be split 51 percent for Toyota and 49 percent for Panasonic. Pending approval from competition law authorities, the partnership will officially launch by the end of 2020.
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