Toyota and Panasonic will work together to produce prismatic lithium-ion batteries for electric cars at a plant in western Japan starting in 2022, the two companies have confirmed.
The batteries will be manufactured by the Prime Planet Energy & Solutions joint venture that was established in April, of which Toyota owns 51 per cent, while Panasonic holds the remaining stake.
According to the joint venture, Panasonic’s factory in the Tokushima prefecture of Japan will have enough capacity to build batteries for roughly 500,000 vehicles a year.
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“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,” the joint venture said in a statement. “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.”
This isn’t the first time we have heard about Toyota and Panasonic working together via their Prime Planet Energy & Solutions joint venture that employs approximately 5,600 individuals. In February, the two companies first announced the creation of the joint venture stating it would begin production of lithium-ion batteries for electric vehicles, but not hybrids as this latest announcement specifies.
Unlike the cylindrical lithium-ion batteries used by many electric vehicles, including Teslas, prismatic batteries are square-shaped. Toyota and Panasonic first agreed to study the feasibility of a joint venture producing prismatic batteries in December 2017.
