Toyota fully acquires Primearth EV Energy from Panasonic, to rename company as Toyota Battery

📆 3/27/2024 5:09 AM
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Earlier this month, Toyota announced that it had agreed with Panasonic to make affiliated company Primearth EV Energy (PEVE) a wholly-owned subsidiary in order to strengthen its capabilities in mass-producing automotive batteries.

Earlier this month, Toyota announced that it had agreed with Panasonic to make affiliated company Primearth EV Energy a wholly-owned subsidiary in order to strengthen its capabilities in mass-producing automotive batteries.

In addition to manufacturing batteries for hybrid vehicles, Toyota said it plans to have PEVE begin producing batteries for battery EVs and plug-in hybrids. The company said the shift into mass-producing a wide variety of electric vehicle batteries will enable it to respond flexibly to growing battery demand. The company’s headquarters will remain in Kosei city, Shizuoka prefecture.

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