Toyota gets full ownership of battery venture with Panasonic

Toyota is perhaps one of the many vehicle brands that have not yet gone all out when it comes to electric vehicles. But that doesn’t stop the Japanese auto giant from investing in the development of batteries for its electrification goals.

The Toyota Motor Company has bought out its longtime partner Panasonic for full ownership of their 28-year-old battery-making joint venture called the Primearth EV Energy Co.

The brand says the takeover is meant "to strengthen its capabilities in mass-producing automotive batteries”.

PEVE is one of Toyota’s joint ventures with Panasonic, with the other JV is called Prime Planet Energy & Solutions Inc. PEVE is responsible for mass producing prismatic Nickel-Metal Hydride (Ni-MH) and lithium-ion (Li-ion) batteries for Toyota’s hybrid electric vehicles at Kosai, Shizuoka prefecture and Taiwa, Miyagi prefecture. Meanwhile, Prime Planet Energy & Solutions Inc. produces batteries being used by Toyota’s BEVs and PHEVs.

With the full takeover of PEVE, Toyota aims to also begin producing and developing batteries for its BEVs and PHEVs with its most recent acquisition. The Japanese auto giant says this will enable them to “respond flexibly to growing battery demand, while also helping to further boost mass-production competitiveness.”

Toyota has not disclosed the value of the takeover, nor have they hinted of a company rename. But the brand has said the acquisition is taking place this late March.