Toyota and Panasonic have been expected to jointly develop and produce EV batteries for quite some time now, as the upcoming joint venture was hinted in 2019, while a feasibility study started in 2017.
Finally, this month, the two Japanese behemoths announced the decision to establish Prime Planet Energy & Solutions, Inc., a joint venture specializing in automotive prismatic batteries.
Formally, it will be launched in April 2020 with a 51% share for Toyota and 49% for Panasonic.
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Prime Planet Energy & Solutions will develop, manufacture, and sell automotive batteries (conventional lithium-ion as well as new chemistries) not only for Toyota's use, but also for other manufacturers.
"The joint venture announced by Toyota and Panasonic will develop highly competitive, cost-effective batteries that are safe and feature excellent quality and performance (in terms of capacity, output, durability, etc.), enabling use with peace of mind by all customers. Furthermore, the joint venture will supply batteries not only to Toyota but also, broadly and stably, to all customers."
It's not yet known how big the scale of the project will be, but at least the initial target is for 5,100 employees, including 2,400 at a subsidiary in China.
Outline of the joint venture
Name Prime Planet Energy & Solutions, Inc. Location
- Tokyo Head Office
- 2-3-1, Nihonbashi-Muromachi, Chuo-ku, Tokyo
- Kansai Head Office
- 194-4, Tokonabe-cho, Kasai-shi, Hyogo-ken
Start of operations April 1, 2020 (planned) Executive structure
- Directors (including the President)
- 5 (3 from Toyota and 2 from Panasonic)
- Auditors
- 2 (1 from Toyota and 1 from Panasonic)
Business
- Development, manufacture, and sales of high-capacity and high-output automotive prismatic lithium-ion batteries
- Development, manufacture, and sales of automotive solid-state batteries
- Development, manufacture, and sales of next-generation automotive batteries other than those mentioned above (including batteries based on new principles)
- Ancillary and other operations related to the above
Ownership Toyota: 51 percent; Panasonic: 49 percent Number of employees Approximately 5,100 (including 2,400 at a subsidiary in China)
Toyota and Panasonic Decide to Establish Joint Venture Specializing in Automotive Prismatic Batteries
Toyota City, Aichi/Kadoma City, Osaka, Japan February 3, 2020―Toyota Motor Corporation (Toyota) and Panasonic Corporation (Panasonic) announced today that they have decided to establish Prime Planet Energy & Solutions, Inc., a joint venture specializing in automotive prismatic batteries. This decision comes just over a year since the two companies announced on January 22, 2019 that they had concluded a business integration contract and a joint-venture contract toward the establishment of a new company. Toyota and Panasonic have also decided the outline of the joint venture.
Batteries―as solutions for providing energy for automobiles and various other forms of mobility, and as solutions for various kinds of environmental issues―are expected to fulfill a central role in society going forward―a role that supports people's lives.
The joint venture announced by Toyota and Panasonic will develop highly competitive, cost-effective batteries that are safe and feature excellent quality and performance (in terms of capacity, output, durability, etc.), enabling use with peace of mind by all customers. Furthermore, the joint venture will supply batteries not only to Toyota but also, broadly and stably, to all customers.
The joint venture's name embraces Toyota's and Panasonic's strong determination to provide their customers―while working in unison with many friends to keep our irreplaceable earth abundant and clean―broad-ranging, added-value solutions including and beyond the supply of energy in the form of batteries.
Outline of the joint venture
| Name | Prime Planet Energy & Solutions, Inc. |
|---|---|
| Location |
|
| Start of operations | April 1, 2020 (planned) |
| Executive structure | Representative Director and President: Hiroaki Koda (Toyota)
|
| Business |
|
| Ownership | Toyota: 51 percent; Panasonic: 49 percent |
| Number of employees | Approximately 5,100 (including 2,400 at a subsidiary in China) |
