Toyota and Panasonic's joint venture battery company will process hybrid vehicle lithium batteries from 2022

PrimePlanet Energy u0026 Solutions Inc, a joint venture battery company between Toyota and Panasonic, said on Tuesday that it will process lithium batteries for hybrid vehicles at a plant in western Japan from 2022 to meet the rising demand for electric vehicles. Taixing Energy stated in a statement that the processing line of a Panasonic plant in Tokushima Prefecture will have sufficient capacity to manufacture batteries for approximately 500,000 vehicles per year. 'It is expected that the global electric vehicle market will continue to rise rapidly,' the company said. Taixing Energy Solutions Co., Ltd. was established in April, Toyota Motor holds 51% of the shares, and Panasonic holds the remaining shares. The joint venture reflects the motivation of the two companies to become larger global players in an industry critical to the development of cheap electric vehicles. Panasonic is one of the world's largest manufacturers of electric vehicle batteries. As a battery supplier to global automakers, including Tesla, it faces fierce competition. Other leading companies are Korean and Chinese manufacturers such as Samsung, LG Chem and CATL. Panasonic is currently supplying power lithium batteries for Toyota Prius plug-in hybrid vehicles, which use a battery pack system with a capacity of 8.8kWh. Regarding this joint venture, Toyota stated that it will cooperate with Panasonic in the future to process 'battery packs that are currently 50 times the capacity of hybrid vehicles.' In the future, the joint venture will also supply batteries to Mazda, Daihatsu and Subaru. Although Toyota believes that the demand for electric vehicles in the future market is too low, with the development of global trends, the scale of the electric vehicle market has become an unpredictable fact. Toyota believes that through its cooperation with Panasonic, it will be able to significantly reduce battery processing costs and fully launch pure electric models in the next few years. Prior to this, Toyota has reached cooperation in the field of batteries with many domestic manufacturers including BYD and CATL. Toyota, Japan's largest automaker, said in June 2019 that it expects annual sales of electric vehicles to reach 5.5 million units in 2025, five years ahead of its original plan. Disclaimer: Some pictures and content of articles published on this site are from the Internet. If there is any infringement, please contact to delete.