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Toyota Will Team Up With Panasonic On High Capacity EV Batteries
Japanese corporate giants Toyota Motor and Panasonic are joining forces to face the growing demand for plug-in vehicles. According to Nikkei, their plan is to launch a joint venture for battery manufacturing as soon as 2020.
Both companies hope to achieve battery cost reduction and increased manufacturing scale in order to better compete with Chinese competitors.
Recently, Toyota again insisted that battery electric vehicles are not viable and are in low demand. Yet it seems the automaker has little choice but to comply with growing customer demand and government regulation.
Toyota will reportedly hold a 51% stake with Panasonic being the only other player at 49%. Once the joint venture is established, control of five existing Panasonic plants will be turned over to the new company. Obviously, no facility affiliated with current Panasonic partner Tesla will be impacted.
Panasonic currently supplies lithium-ion batteries for the Prius Prime plug-in hybrid. The Prime utilizes an 8.8 kWh pack for an EPA estimated 25 mile range. The current non plug-in Prius has an optional lithium-ion battery with pack size of roughly .8 kWh.
Read more on insideevs.com