Toyota fully increases its holdings in Primearth EV Energy to accelerate its electric vehicle battery layout

Toyota Motor Corporation recently announced plans to acquire a full stake in Primearth EV Energy, a battery manufacturing joint venture with Panasonic. The move is aimed at strengthening Toyota's position in pure electric vehicle battery production and further expanding market share.

Primearth EV Energy, formerly known as Panasonic EV Energy, established in 1996, was jointly funded by Panasonic and Toyota, with Panasonic holding 60% and Toyota holding 40%. After Toyota's two shareholding increases, Toyota currently holds 80.5% of the company's shares, while Panasonic holds 19.5%. Toyota's decision to fully acquire Panasonic's shares this time is aimed at further increasing its production capacity and market share in various types of automotive batteries.

▲ Primearth EV Energy Corporate Photo

It is understood that with the expansion of the global electric vehicle market, the demand for high-performance batteries is also gradually increasing. Toyota's acquisition this time is aimed at strengthening its strength in the battery field to meet growing market demand. Although the specific transaction amount was not disclosed, the acquisition will help consolidate Toyota's leading position in the global electric vehicle market.

▲ Primearth EV Energy logo

Currently, Primearth EV Energy mainly focuses on producing hybrid electric vehicle (HEV) batteries. However, Toyota plans to expand the company's business scope and enter the plug-in hybrid vehicle (PHEV) and battery electric vehicle (BEV) fields after completing the acquisition. This move will help Toyota more comprehensively meet the battery needs of different types of electric vehicles, thereby improving its market competitiveness.

In addition, Toyota also stated that it will continue to work closely with its affiliated company Toyota Motor Corporation and another joint venture battery manufacturer Prime Planet Energy & Solutions. The two companies are also mass-producing vehicle batteries, including hybrid, plug-in hybrid and pure electric vehicle batteries. By cooperating with these companies, Toyota will further expand its battery production scale and enhance its technical strength and market share.

According to Nikkei, Toyota plans to significantly increase its battery production capacity from the current 6GWh to 280GWh in the next ten years. This ambitious goal shows that Toyota is going all out to become one of the world's leading electric vehicle battery manufacturers to meet the potential huge demand in the future electric vehicle market. This shows that Toyota has great confidence in the growth potential of the electric vehicle market and is willing to invest significant resources to support the development of its electric vehicle business. This move will also help promote the advancement of electric vehicle technology and promote the popularization of clean energy vehicles, in line with global requirements for environmental protection and sustainability

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