Toyota Motor announced on Tuesday that they have established an agreement with Panasonic Holdings to transition one of their joint ventures, Primearth EV Energy Co, into a wholly owned subsidiary of the automaker. This move comes as part of Toyota’s ongoing commitment to expanding their presence in the electric vehicle market.
Primearth EV Energy Co will now focus on producing batteries for electric vehicles and plug-in hybrid vehicles, in addition to the batteries it currently manufactures for gasoline hybrid vehicles. This strategic shift underscores Toyota’s dedication to advancing sustainable transportation solutions and reducing their carbon footprint.
The acquisition of Primearth EV Energy Co is set to be finalized in late March, marking a significant milestone for Toyota as they continue to innovate in the electric vehicle sector. This partnership with Panasonic Holdings will further strengthen Toyota’s position as a leader in the automotive industry, driving towards a greener and more sustainable future.
For more information, please contact:
Satoshi Sugiyama
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