A Toyota and Panasonic joint venture will establish a production line in western Japan to manufacture lithium-ion batteries for hybrid vehicles from 2022, the company, Prime Planet Energy & Solutions announced on Tuesday.
Batteries for around 500,000 vehicles per year
The production line at a Panasonic factory in Tokushima Prefecture will have sufficient capacity to build batteries for approximately 500,000 vehicles per year, Prime Planet Energy & Solutions, Inc. said in a press release.
Prime Planet Energy & Solutions: Toyota / Panasonic joint venture
In February 2020, the two Japanese giants formalized the creation of a joint venture called Prime Planet Energy & Solutions which will be responsible for producing lithium-ion batteries with prismatic cells. Which adopt a flat format and can be stacked. They differ from the cylindrical type batteries, which Panasonic supplies to Tesla.
Toyota is the 51% majority shareholder in the joint venture which will produce batteries not only for its own account but also for other electric vehicle manufacturers.
In their joint press release, Toyota and Panasonic specified that Prime Planet Energy & Solutions will also develop and market solid state batteries as well as batteries "based on new principles", without specifying which technology (s) it could be.
Sources: Reuters, Prime Planet Energy & Solutions