[ad_1]
TOKYO (Kyodo) – Toyota Motor Corp. and Panasonic Corp. should create a joint venture in 2020 for the manufacture of batteries for electric vehicles, in the expectation of increasing demand in an area where Chinese and South Korean rivals are gaining ground, sources close to the subject matter said Sunday.
Toyota plans to take 51% stake in the new company and Panasonic the rest. They will announce the plan as early as this week, the sources said.
The two Japanese companies will join forces to develop solid-state batteries, which require advanced technologies to improve the range of electric vehicles while reducing the cooldown, they said. Panasonic will transfer its five car battery plants in Japan and China to the new company.
The company will supply batteries to Daihatsu Motor Co., a Toyota subsidiary, to Mazda Motor Corp., which combines Toyota with EV technology, and Subaru Corp. It will also encourage Honda Motor Co. to adopt its batteries, according to these sources.
Toyota and Panasonic announced their car battery partnership in 2017 and jointly invested in a Japanese company producing batteries for hybrid vehicles.
Toyota aims to sell 1 million electric and fuel cell vehicles in 2030.
Source link
