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Toyota announces JV with Panasonic to develop batteries for electric cars

The firm will be set up by 2020 and controlled 51-49 per cent by Toyota, the Prius manufacturer said in a statement

AFP | PTI  |  Tokyo 

Toyota
Toyota logos are seen at City Toyota in Daly City, California, US | Photo: Reuters

announced on Tuesday it was creating a joint venture with to develop batteries for electric cars, as the Japanese auto giant ramps up its ambitions for

The firm will be set up by 2020 and controlled 51-49 per cent by Toyota, the said in a statement.

"and are confident that the contracts concluded today will further strengthen and accelerate their actions toward achieving competitive batteries," the statement added.

boss Akio Toyoda has previously said he wants half of the firm's global sales to come from by 2030, up from around 15 per cent now.

"The key to electrifying vehicles in the future will be batteries. In order for Japan to survive this era of profound change with no natural resources, we must develop competitive batteries and establish systems for a stable supply," Toyoda said.

is seen as a specialist in the battery sector and has already partnered up with electric vehicle innovator Tesla to operate a huge "gigafactory" in the United States.

First Published: Tue, January 22 2019. 16:40 IST
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