Mar. 27, 2024

PEVE to change name to TOYOTA BATTERY Co., Ltd. and produce batteries for a wide range of electric vehicles

Primearth EV Energy Co., Ltd.
Toyota Motor Corporation

As announced by Toyota Motor Corporation (Toyota Motor) on March 5, 2024, Primearth EV Energy Co., Ltd. (PEVE) will become a wholly-owned subsidiary of Toyota Motor. Capitalizing on the technology fostered through our hybrid vehicle battery business to date, we plan to contribute to Toyota Motor's multi-pathway strategy in the battery business and intend to change our company name to TOYOTA BATTERY Co., Ltd. from October 1, 2024^*.

*	To be approved by PEVE's Annual General Meeting of Shareholders in late June 2024

The new company name embodies our determination to leverage the technology and skills honed since PEVE's establishment in 1996 to contribute to the competitiveness of Japanese batteries and become a company that provides high-quality and highly safe on-board batteries. In addition to batteries for Hybrid Electric Vehicles (HEVs), we plan to produce batteries for Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). Through our efforts in the production of diverse and next-generation on-board batteries, we hope to create new value and be useful to society.

The company's headquarters will remain in Kosai City, Shizuoka Prefecture. In the very birthplace of Sakichi Toyoda, the founder of the Toyota Group, we will continue to strive for a sustainable global environment for the smiles of future children and work towards becoming the best company in town through our on-board battery business.

Overview of TOYOTA BATTERY Co., Ltd.

President and Representative DirectorMasamichi Okada
Headquarters address20 Okazaki, Kosai City, Shizuoka Prefecture
Batteries to be produced (planned)Batteries for HEVs, BEVs, PHEVs
Main customerToyota Motor Corporation

"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/

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.