A joint venture between vehicle OEM and Toyota Motor Corporation and lithium-ion battery maker Panasonic is set to begin making prismatic batteries for automotive applications in 2022.
The new company, Prime Planet Energy & Solutions (PPES) will produce lithium-ion batteries for hybrid cars at a plant in western Japan.
The new company— 51% owned by Toyota with Panasonic owning the remaining share— will make the batteries at a production line at a Panasonic factory in Tokushima prefecture.
The factory will have enough capacity to build batteries for around 500,000 vehicles a year.
BEST reported in February how Toyota’s Hiroaki Koda would be PPES’s director and president, with five directors (three from Toyota and two from Panasonic including the president) and two auditors, one from each company.