Toyota Acquires 100% Of Primearth EV Battery Manufacturing From Panasonic

Toyota Motor Corporation (TMC) reached an agreement with Panasonic Holdings Corporation (Panasonic HD) to fully acquire Primearth EV Energy Co., Ltd. (PEVE).

This move is intended to strengthen both companies' capabilities in automotive battery mass production space. The acquisition is expected to be completed by late this month.

Furthermore, like PEVE, Toyota and Panasonic jointly own two other collaborative arms, Toyota Industries Corporation and Prime Planet Energy & Solutions, Inc., with a 51% Toyota and 49% Panasonic ownership split.

These companies are currently manufacturing batteries for hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEV), and battery electric vehicles (BEV). On a side note, Toyota and Panasonic has been reported to be making significant progress in the solid-state battery space.

Toyota does not intend to abandon any of the aforementioned partnerships and will continue to work closely with these companies on battery mass production and development.

Moving forward, PEVE plans to expand its production portfolio to include batteries for both BEVs and PHEVs. Toyota's strategic shift towards diversifying electric vehicle battery production will allow it to more effectively meet rising demand for batteries, ultimately improving its competitiveness through mass production.

Toyota's electric vehicle lineup will also become more appealing as battery technology advances, and the company's multifaceted approach to carbon neutrality will benefit significantly.

Toyota Malaysia recently previewed this multifaceted approach at the "Beyond Zero" Expo, where Malaysians were able to see Toyota's advancements in all areas, including HEV, BEV, and Hydrogen FCEV technology.

This expo demonstrates that Toyota has one of the most comprehensive plans for moving forward with carbon neutrality by exploring all avenues, whereas most other vehicle brands rely solely on BEV to remain relevant.