Mar. 05, 2024

TMC Strengthens Battery Production CapabilitiesToyota accelerates mass production of diverse EV batteries by making PEVE a wholly owned subsidiary

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%

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.)

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