Toyota and Panasonic Executives presenting at a joint venture launch ceremony January 21, 2019

Toyota Motor Corp (7203.T) and Panasonic Corp (6752.T) are set to launch a joint venture next year to produce batteries for electric vehicles (EV) in an effort to compete with Chinese rivals, a source familiar with the matter said.

The joint venture, to be owned 51 percent by Toyota and the rest by Panasonic, could also provide batteries to Toyota’s EV technology partners Mazda Corp (7261.T) and Subaru Corp (7270.T), the source said on Sunday.

The source declined to be identified because the talks on the joint venture are private.

A joint venture would build on the agreement that the pair announced in late 2017 on joint development of batteries with higher energy density in a prismatic cell arrangement.

A Toyota spokesman said the two companies have been working on the battery partnership announced in 2017 and declined to comment further. Panasonic made the same comment in a statement.

The two companies may announce the joint venture plan as early as this week, according to the source.

The battery joint venture will help Toyota achieve an annual sales target of around 1 million zero-emission battery EVs and fuel-cell vehicles by 2030.

It will also give Panasonic cost and scale advantages in battery production at a time when China’s Contemporary Amperex Technology (300750.SZ) has grown to be on par with the long-time industry leader on the back of the rapidly growing home market.

FULL ARTICLE: Toyota, Panasonic setting up EV battery JV amid rising China competition: source

Latest News &
Announcements

All our latest news, speeches, announcements, presentations and media releases from Orocobre Limited. The best way to stay up to date is to sign up for our newsletter.

  • Orocobre 2020 Half-Year Financial Results – WEBCAST

    Orocobre 2020 Half-Year Financial Results – WEBCAST

    Orocobre Limited (ORE:ASX ORL:TSX), a dynamic global lithium chemicals supplier, has conducted an online webcast briefing regarding financial results for the half-year ended 31 December 2019 (H1 FY20).
  • Orocobre Agrees to Acquire Advantage Lithium Corp.

    Orocobre Agrees to Acquire Advantage Lithium Corp.

    Orocobre Limited (Orocobre or the Company) is pleased to announce that it has entered into a definitive agreement (the Agreement) pursuant to which Orocobre will acquire 100% of the issued and outstanding shares of Advantage Lithium Corp. (Advantage) that it does not already own.
  • Beijing outlines plans to improve air quality more in 2020, use more new energy vehicles

    Beijing outlines plans to improve air quality more in 2020, use more new energy vehicles

    Beijing will cut smog levels further this year by putting more new energy vehicles (NEV) on its roads, reducing diesel-fuelled truck numbers and tightening its supervision of vehicle emissions and refined oil products, the city said on Thursday. The Beijing Municipality government also said it will aim to cut emissions in the petrochemical industry.

Be the first to know.
Subscribe Now.

We will never sell or share this information to anyone. Privacy Policy
© 2020 Orocobre Limited Pty Ltd