Toyota and Panasonic Partner for Electric Vehicle Battery Production
Posted on : 18 Mar, 2019
Toyota Motor and Panasonic are joining hands for a venture to manufacture batteries for electric vehicles.
Through its partnership with Panasonic, Toyota Motor aims to reduce battery costs. While Toyota holds a 51% stake in the joint venture, Panasonic will hold the remaining stakes. The two Japanese majors plan to start producing batteries for EVs in 2020.
Toyota and Panasonic plans to launch mass production of batteries with 50 times the capacity of those used currently in hybrid vehicles. They plan to cut down production costs by increasing volumes. The JV plans to supply batteries to Mazda Motor, Toyota subsidiary - Daihatsu Motor, as well as Subaru and Honda Motor.
Panasonic will shift five automotive battery production facilities in Japan and China to the new company. However, Panasonic’s US plant (in partnership with Tesla) is not included.
Toyota aims to roughly triple annual sales of electrified vehicles to 5.5 million by 2030. Panasonic is expected to benefit on investment costs and reach a broader network of customers through its partnership with Toyota.
Find out more from Toyota about its electric vehicle and battery manufacturing at
CMT’s E-Mobility Asia on 25-26 April, 2019 in Bangkok. Contact Huiyan at
huiyan@cmtsp.com.sg or call +65 6346 9113 for more details.