Electric Vehicle

Toyota and Panasonic Joint Venture specializing in Automotive Prismatic Batteries

Batteries-as solutions for providing energy for automobiles and various other forms of mobility, and as solutions for various kinds of environmental issues-are expected to fulfill a central role in society going forward-a role that supports people’s lives.

In this backdrop, Toyota and Panasonic have decided to establish Prime Planet Energy & Solutions, Inc., a joint venture specializing in automotive prismatic batteries. The two companies last year in January had concluded a business integration contract and a joint-venture contract toward the establishment of a new company.

Now Toyota and Panasonic have also decided the outline of the joint venture that aims to develop highly competitive, cost-effective batteries that are safe and feature excellent quality and performance (in terms of capacity, output, durability, etc.), enabling use with peace of mind by all customers. Furthermore, the joint venture will supply batteries not only to Toyota but also, broadly and stably, to all customers.

Outline of the joint venture are as follows:

Name Prime Planet Energy & Solutions, Inc.
Location Tokyo Head Office:  2-3-1, Nihonbashi-Muromachi, Chuo-ku, Tokyo
Kansai Head Office: 194-4, Tokonabe-cho, Kasai-shi, Hyogo-ken
Start of operations April 1, 2020 (planned)
Executive structure Representative Director and President: Hiroaki Koda (Toyota)
-Directors (including the President): 5 (3 from Toyota and 2 from Panasonic)
-Auditors: 2 (1 from Toyota and 1 from Panasonic)
Business
  • -Development, manufacture, and sales of high-capacity and high-output automotive prismatic lithium-ion batteries
    -Development, manufacture, and sales of automotive solid-state batteries
    -Development, manufacture, and sales of next-generation automotive batteries other than those mentioned above (including batteries based on new principles)
    -Ancillary and other operations related to the above
Ownership Toyota: 51 percent; Panasonic: 49 percent
Number of employees Approximately 5,100 (including 2,400 at a subsidiary in China)

Source: Press Release

Source: Press Release

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