In a strategic move, Toyota is set to acquire full ownership of its joint venture battery company, Primearth EV Energy Co., Ltd (PEVE), currently co-owned with Panasonic. The acquisition aims to bolster Toyota’s position in the electric vehicle (EV) market and advance its electrification plans.
Originally established in 1996 as Panasonic EV Energy Co., with Toyota holding a 40% stake, the company evolved into Primearth EV Energy in 2010. With Toyota gradually increasing its ownership to 51%, PEVE plays a pivotal role in producing batteries for hybrid electric vehicles (HEVs) and is poised to expand its production to batteries for battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs).
Toyota sees this acquisition as a strategic move towards achieving carbon neutrality, emphasizing the importance of competitive batteries in enhancing the appeal of its EV offerings. The company aims to respond flexibly to the growing demand for batteries and enhance its overall competitiveness in the EV market.
Furthermore, Toyota’s collaboration with Idemitsu Kosan to develop solid-state batteries underscores its commitment to innovation. With plans for mass production by 2027-2028, Toyota is also gearing up to release its first EV equipped with a solid-state battery, promising a remarkable driving range of 750 miles and rapid charging in just 10 minutes.
In the near term, upcoming EVs from Toyota and Lexus will feature prismatic battery cells, focusing on increasing range and reducing weight to meet evolving consumer demands.