Toyota Motor Corporation (Toyota) and Panasonic Corporation (Panasonic) announced today that they have decided to establish Prime Planet Energy & Solutions, Inc., a joint venture specializing in automotive prismatic batteries. This decision comes just over a year since the two companies announced on January 22, 2019 that they had concluded a business integration contract and a joint-venture contract toward the establishment of a new company. Toyota and Panasonic have also decided the outline of the joint venture.
Batteries―as solutions for providing energy for automobiles and various other forms of mobility, and as solutions for various kinds of environmental issues―are expected to fulfill a central role in society going forward―a role that supports people’s lives.
The joint venture announced by Toyota and Panasonic will develop highly competitive, cost-effective batteries that are safe and feature excellent quality and performance (in terms of capacity, output, durability, etc.), enabling use with peace of mind by all customers. Furthermore, the joint venture will supply batteries not only to Toyota but also, broadly and stably, to all customers.
The joint venture’s name embraces Toyota’s and Panasonic’s strong determination to provide their customers―while working in unison with many friends to keep our irreplaceable earth abundant and clean―broad-ranging, added-value solutions including and beyond the supply of energy in the form of batteries.
Outline of the joint venture
|Name||Prime Planet Energy & Solutions, Inc.|
|Start of operations||April 1, 2020 (planned)|
Representative Director and President: Hiroaki Koda (Toyota)
|Ownership||Toyota: 51 percent; Panasonic: 49 percent|
|Number of employees||Approximately 5,100 (including 2,400 at a subsidiary in China)|