![Toyota takes over Panasonic EV battery manufacturing joint venture 01]()
In a significant move to bolster its electric vehicle (EV) battery production capabilities, Toyota has announced that it plans to convert Primearth EV Energy (PEVE) - previously a joint venture company between Toyota and Panasonic - into a wholly owned subsidiary of Toyota.
This strategic acquisition is set to be finalized by the end of March 2024, marking a new chapter in Toyota's journey in mass production of EV batteries.
Currently PEVE, Toyota Industries Corporation and Prime Planet Energy & Solutions (another Toyota/Panasonic JV company) mass produce EV batteries for Toyota hybrids, with the latter also making batteries for battery electric (BEV) and plug-in hybrid electric vehicles (PHEVs).
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Under the new arrangement, PEVE will become fully owned by Toyota - which is slated to begin producing batteries for BEVs and PHEVs soon – whilst continuing its cooperations with Toyota Industries Corporation and Prime Planet Energy & Solutions in battery mass production and development.
Also read: It's just like juicing: How Toyota is revolutionsing EV battery recycling, away from the (ironically) burning process
![Toyota takes over Panasonic EV battery manufacturing joint venture 01]()
By incorporating PEVE as a fully owned subsidiary, Toyota is poised to significantly enhance its ability to mass-produce a broader range of EV batteries.
This strategic move is expected to allow Toyota to flexibly adapt to growing battery demand, while also helping to further boost mass-production competitiveness, which ultimately leads to more competitively priced and appealing EV models.
Arvind can't remember a time when he didn't wheel around a HotWheels car. This love evolved into an interest in Tamiya and RC cars and finally the real deal 1:1 scale stuff. Passion finally lead to formal training in Mechanical Engineering. Instead of the bigger picture, he obsesses with the final drive ratio and spring rates of cars and spends the weekends wondering why a Perodua Myvi is so fast.
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