Prime Planet Energy & Solutions, Inc., a new joint venture between Toyota and Panasonic, specializing in automotive prismatic batteries, announced an investment in battery manufacturing capacity.
The plan is to start production from 2022 and gradually increase it to a level sufficient for roughly 500,000 hybrid vehicles per year.
The press release does not say whether those will be conventional hybrids or plug-in hybrids, but as we can see, while others are re-focusing on all-electric cars, Toyota is going to stick with hybrids for a long time.
Toyota's goal by 2025 is to produce 5.5 xEVs annually, mostly conventional hybrids.
"As electrification of automobiles is a must in tackling environmental issues such as global warming and air pollution, the global electric vehicle market is expected to continue growing rapidly. This expansion in production capability is a step that allows Prime Planet Energy & Solutions to handle the growing demand of prismatic lithium-ion batteries for hybrid vehicles."
Well, we are eager to see some investments also in new all-electric cars and battery gigafactories for BEVs from Toyota, but it seems that the Japanese manufacturer is willing to stay with hybrids as long as possible.