In 2020, Toyota Motor and Panasonic create joint venture to produce batteries for electric vehicles. Apparently the recent agreement on the supply battery for Panasonic Toyota models proved insufficient for the ambitious plans of the brand.
The share of companies in the new company will be 51% in favor of Toyota. Panasonic will be included in the company’s five factories are located in Japan and China. The Panasonic factory in the United States, working in partnership with Tesla, the new company will not be included.
In early 2020-ies of Toyota and Panasonic plan to start mass production, 50 times more than the total capacity of all rechargeable batteries now used in hybrid cars of the brand. The purpose of mass production — reduce production costs by increasing volume.
The company shall also ensure supply of batteries to other manufacturers such as Mazda, Daihatsu Motor, Subaru and Honda.
The cooperation promises to be mutually beneficial, as Toyota lags behind German and Chinese competitors in the production of vehicles and partnerships with one of the best companies for the production of batteries will go exclusively to the benefit.
For Panasonic, cooperation with Toyota will help the company to save on investment costs and to cover a wider network of clients.