Toyota Motor Corporation (TMC) has signed a partnership agreement with Japanese electronics giant Panasonic to make Primeearth EV Energy Co., Ltd. (PEVE) its wholly-owned subsidiary to manufacture electric vehicles (EV) batteries.
Found in 1996, Panasonic EV Energy Co., LTD of Toyota at 40% and Panasonic HD at 60% ownership. The ownership status reversed at an exact number in 2005 with an increase in capitalizations due to HEV market expansion.
In June 2010, the company was renamed as “Primeearth EV Energy Co., Ltd.” Toyota increased its capital owners to 80.5% and Panasonic decreased to 19.5% ownership of the company.
PEVE manufactures nick-metal hydride and lithium-ion battery packs for hybrid electric vehicles (HEV). It is located in Shizuoka Prefecture Japan.
Alongside PEVE, Toyota Industries Corporation, and Prime Planet Energy & Solutions, mass produce batteries for hybrid electric vehicles.
These also produce battery electric vehicles and plug-in hybrid electric vehicles (PHEVs). The Japanese automaker said that it will keep on working with these companies to produce more batteries and conduct research and development for future products.
PEVE has plans to start BEVs and PHEVs battery production. The company’s shift into mass-producing a wide range of EV batteries for Toyota will boost market supplies to raise the competition.
(source – Toyota)