Toyota to Increase Stake in Battery Venture with Panasonic

Toyota Prius battery installation

In brief: Toyota will be increasing its stake in Panasonic EV Energy, a joint venture between the two companies (Toyota - Panasonic) for hybrid vehicle batteries.

The word

Prius battery installation

The Panasonic EV Energy Company is Toyota's primary source for batteries for the Prius and other hybrid drive trains. Toyota will reportedly be increasing their stake in the joint venture by over 20%, to 80.5% ownership.

The move comes as part of Panasonic's deal with the Japanese government to acquire Sanyo Electric. The government demanded that Panasonic have less than a 20% ownership in the battery venture to avoid monopoly.

Most of the batteries made in the Panasonic EV venture are nickel-metal hydride (NiMH) batteries. The company plans to increase production to 300,000 units, triple its current output.

And so ...

Adding another factory in Shizouka will mean a total of 1.1 million vehicle batteries produced annually by the company.

Photo credits: Toyota

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