(Credit: Pixabay)Toyota Motor Corporation and Panasonic Corporation recently announced they will 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.
According to the two companies, "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 by Toyota and Panasonic will develop competitive, cost-effective batteries that are safe and feature excellent quality and performance (in terms of capacity, output, durability, etc.), the companies state. Furthermore, the joint venture will supply batteries not only to Toyota but also, broadly and stably, to all customers.
