Toyota Motor Corporation (TMC) has agreed with Panasonic Holdings Corporation (Panasonic HD) to make Primearth EV Energy Co., Ltd. (PEVE) a wholly owned subsidiary in order to strengthen its capabilities in mass-producing automotive batteries. 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.

PEVE overview

Name Primearth EV Energy Co., Ltd. (name change under consideration)
Employees Approx. 4,700
History
Dec 1996
Panasonic EV Energy Co., Ltd. established (Ownership: Toyota 40%, Panasonic HD 60%*)
Oct 2005
Increased capitalization due to HEV market expansion.
Ownership following Toyota's capital increase: Toyota 60%, Panasonic HD 40%*
Jun 2010
Company renamed Primearth EV Energy Co., Ltd.
Ownership following Toyota's capital increase: Toyota 80.5%, Panasonic HD 19.5%
* At the time, Matsushita Group (Matsushita Electric Industrial Co., Ltd. & Matsushita Battery Industrial Co., Ltd.)
Beyond Zero

"Achieving zero, and adding new value beyond it"

As part of efforts to pass our beautiful "Home Planet" to the next generation, Toyota has identified and is helping to solve issues faced by individuals and overall society, which Toyota calls "Achieving Zero," hoping to help reduce the negative impacts caused by these issues to people and the environment to zero. Additionally, Toyota is also looking "Beyond Zero" to create and provide greater value by continuing to diligently seek ways to improve lives and society for the future.

About Beyond Zero
https://global.toyota/en/mobility/beyond-zero/
Sustainable Development Goals

Toyota Motor Corporation works to develop and manufacture innovative, safe and high-quality products and services that create happiness by providing mobility for all. We believe that true achievement comes from supporting our customers, partners, employees, and the communities in which we operate. Since our founding over 80 years ago in 1937, we have applied our Guiding Principles in pursuit of a safer, greener and more inclusive society. Today, as we transform into a mobility company developing connected, automated, shared and electrified technologies, we also remain true to our Guiding Principles and many of the United Nations' Sustainable Development Goals to help realize an ever-better world, where everyone is free to move.

SDGs Initiatives
https://global.toyota/en/sustainability/sdgs/

SDGs goals that this project makes particular contribution to

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