Toyota’s joint venture battery company with Panasonic will become a wholly owned subsidiary of the Japanese automaker later this month.
The company, Primearth EV Energy Co., Ltd (PEVE), is currently 51% owned by Toyota and 49% owned by Panasonic. It mass produces batteries for hybrid electric vehicles but plans to also begin producing batteries for BEVs and PHEVs and play an important role in Toyota’s growing electrification plans.
Toyota says that “more competitive batteries will enhance the appeal of Toyota’s electric vehicle offerings and contribute to achieving carbon neutrality through a multi-pathway approach.”
Read: Toyota’s Solid-State Batteries Will Be Limited To ‘Tens Of Thousands’ Of Cars In 2030 And Beyond
Primearth EV Energy was formed as Panasonic EV Energy Co in December 1996 with Toyota holding a 40% stake and Panasonic having the remaining 60% stake. The company was renamed Primearth EV Energy in June 2010 and at the time was 80.5% owned by Toyota. It currently employs approximately 4,700 people.
The car manufacturer notes that the acquisition of PEVE will allow it to flexibly respond to growing battery demand and boost its competitiveness. It is not just traditional batteries that Toyota is working on though.
Late last year, Toyota joined forces with Japanese oil producer Idemitsu Kosan to develop and produce solid-state batteries for future electric vehicles. Idemitsu has been conducting research and development on solid-state batteries since 2001 while Toyota has been doing the same since 2006. They hope to begin mass production of solid-state batteries by 2027-2028 but Toyota recently announced it will release its first EV with a solid-state battery in a “couple of years,” complete with a driving range of 750 miles (1,200 km) and the ability to charge in just 10 minutes.
In the more immediate future, forthcoming EVs from the Toyota and Lexus brands will hit the market with prismatic battery cells aimed at increasing range and reducing weight.
