NAGOYA: Toyota Motor Corporation and Panasonic Corporation announced their decision to enter a joint-venture (JV) specialising in automotive prismatic batteries.
The new JV follows on from the two company's previous announcement on Jan 22, 2019, regarding the conclusion of a business integration contract and JV contract to establish a new company that's now been christened as Prime Planet Energy & Solutions, Inc.
The new company which is 51% owned by Toyota, will be the main battery supplier to the Japanese carmaker and future clients.
The scope of the company will involve the development, manufacture, and sales of high-capacity and high-output automotive prismatic lithium-ion, solid-state and next-generation batteries.
Two headquarters will be established in Japan, namely Tokyo and Kansai, with operation expected to begin in April with some 2,700 employees.
The company will be headed by a Toyota representative as director and president Hiroaki Koda - along with three Toyota and two Panasonic representatives taking director positions.