Toyota, Panasonic Form Primearth For Mass Production Of EV Batteries

Toyota, Panasonic Form Primearth For Mass Production Of EV Batteries

Toyota Motor Corporation plans to mass-produce diverse EV batteries by making  Primearth EV Energy Co., Ltd. (PEVE) with Panasonic Holdings Corporation a wholly owned subsidiary to strengthen its capabilities in mass-producing automotive batteries. The acquisition is scheduled to take place in late March. 

Toyota Motor Corporation has agreed with Panasonic Holdings Corporation (Panasonic HD) to make Primearth EV Energy Co., Ltd. (PEVE). The acquisition is scheduled to take place in late March. Among Toyota-affiliated companies, currently PEVE, Toyota Industries Corporation, and Prime Planet Energy & Solutions, Inc. (ownership: Toyota 51%, Panasonic HD 49%) mass produce batteries for hybrid electric vehicles (HEVs), with the latter also making batteries for battery electric (BEV) and plug-in hybrid electric vehicles (PHEVs). Toyota will continue collaborating with these companies in battery mass production and development.

In addition to HEV batteries, PEVE plans to begin producing batteries for BEVs and PHEVs. The company’s shift into mass-producing a wide variety of electric vehicle batteries will enable Toyota to respond flexibly to growing battery demand, while also helping to further boost mass-production competitiveness.

More competitive batteries will enhance the appeal of Toyota’s electric vehicle offerings and contribute to achieving carbon neutrality through a multi-pathway approach.

Earlier this year, Toyota announced a $1.3 billion investment at its Kentucky facility for future electrification efforts including the assembly of an all-new, three-row battery electric Sport Utility Vehicle (SUV) for the United States (US) market. The project brought the plant’s total investment to nearly $10 billion and reinforced Toyota’s commitment to high-quality vehicles and long-term job stability. This investment supported the previously announced future Battery Electric Vehicle (BEV) assembly in Kentucky. It also added a battery pack assembly line to the facility, with batteries being supplied by Toyota Battery Manufacturing, North Carolina.

Toyota Kentucky has been a hub of the automaker’s North American operations since 1986. Its nearly 9,400 team members have assembled some of the most beloved nameplates in the Toyota lineup, including the Camry – America’s best-selling passenger car for 22 consecutive years.