Auto and Batteries merge with Toyota – Panasonic Electric Vehicle JV
Jan 20, 2019
- According to news reports in Japan, Toyota and Panasonic will this week announce a joint venture to produce batteries for EVs for Toyota and its subsidiaries and partners in EV technology, including Mazda. Panasonic’s five non-Tesla automotive battery production facilities in Japan and China will be rolled into the new company
- This is very big news for a number of reasons, firstly because it represents a significant upstream battery investment by a major OEM – Toyota is set to own 51% of the new company, with Panasonic holding the remaining shares – and its success, or otherwise, will set a template for other similar mergers that are almost certain to follow
- Secondly, and maybe more crucially for the immediate development of the EV market, is that it outlines Toyota’s commitment to EVs, having for years talked up its fuel cell technology as the future of zero emissions vehicles. This is doubly true given reports that the new entity will have a significant R&D function, with a remit to develop a generation of larger batteries, signaling a move towards more and larger full battery electric vehicles from the OEM in the coming years
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