Investments & Funding

Toyota acquires PEVE, renames to Toyota battery co.

In an announcement made by Toyota Motor Corporation (Toyota Motor) on March 5, 2024, it was revealed that Primearth EV Energy Co., Ltd. (PEVE) is set to become a wholly-owned subsidiary of Toyota Motor. Leveraging the technological advancements achieved through their hybrid vehicle battery business thus far, the move aims to bolster Toyota Motor’s diversified approach in the battery sector. Additionally, plans are underway to rebrand the company as TOYOTA BATTERY Co., Ltd. effective October 1, 2024.

The new company name encapsulates its commitment to harnessing the technology and expertise cultivated since PEVE’s inception in 1996. This aims to enhance the competitiveness of Japanese batteries. It also evolve into a firm offering top-notch, exceptionally safe on-board batteries. The company intends to manufacture batteries for Hybrid Electric Vehicles (HEVs). Alongside this, they also plan to produce batteries for Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). By spearheading the production of varied and cutting-edge on-board batteries, it aspires to foster innovation and serve the greater good of society.

In a recent announcement, the company declared that its headquarters would persist in Kosai City, Shizuoka Prefecture. The company stands in the birthplace of Sakichi Toyoda, the progenitor of the Toyota Group. Moreover, it vows to persistently pursue a sustainable global environment, envisioning brighter futures for children to come. Their commitment extends to their onboard battery business, with aspirations to ascend as the premier company in the locale.

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