Toyota Motor Corporation and Panasonic are reportedly set to announce a joint venture and join the growing electric vehicle (EV) market. The duo will produce batteries for such new innovations, which will be fully launched in 2020. At present, more than 50% of the world’s lithium-ion batteries are produced in China, leading the two companies to compete with strong Chinese players for increased market share.
The venture will be 51% owned by Toyota and 49% by Panasonic. Up to five Panasonic manufacturing facilities will be integrated into the partnership to ramp up production figures, bolster their joint positions in the market and enable both businesses to lower cost and ensure scalability. It also expands on a prior agreement to develop batteries for a number of Toyota and Panasonic hybrid vehicles.
