Primearth EV Energy Renamed To Toyota Battery Co.

Toyota Motor Corporation completed the acquisition of Primearth EV Energy Co., Ltd. (PEVE) this week, and the entity will be renamed as Toyota Battery Co. Ltd. as of Oct 1, 2024.

As per our report earlier this month, Toyota Battery Co. intends to expand its production portfolio with this acquisition to include batteries for both Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs).

Toyota's strategic change towards diversifying electric vehicle battery production will enable it to better meet increased demand for batteries, ultimately improving its competitiveness through mass production.

According to Toyota, the new company name reflects the company's ambition to use the technology and capabilities developed since PEVE's inception in 1996 to improve the competitiveness of Japanese batteries and become a provider of high-quality and extremely safe on-board batteries.

It was also declared that the company would continue to operate in Kosei City, Shizuoka, the birthplace of Toyota Group founder Sakichi Toyoda with the aim to be the industry leader in on-board battery technology.