Toyota Completes Acquisition Of Primearth EV Energy From Panasonic; Renames It Toyota Battery

Toyota Motor Corporation has recently announced a move in the automotive battery sector, solidifying its position through an agreement with Panasonic. The agreement entails the acquisition of the affiliated company Primearth EV Energy (PEVE). Toyota’s new wholly-owned subsidiary will be called Toyota Battery, effective October 1, 2024. The headquarters will continue to operate from Kosei City, Shizuoka Prefecture, Japan.

Established in 1996 as Panasonic EV Energy, Toyota initially had a 40 per cent stake in PEVE, with Panasonic owning the remaining 60 per cent. Over the years, Toyota increased its ownership, reaching 60 per cent by 2005 and further raising it to 80.5 per cent in 2010. Ultimately the company was rebranded as Primearth. This collaboration between Toyota and Panasonic extends beyond Primearth, as evidenced by the establishment of Prime Planet Energy & Solutions in 2020, a joint venture dedicated to automotive prismatic lithium-ion batteries.

Toyota Battery will make batteries for Hybrid Electric Vehicles (HEVs), Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs)

The company will focus on the production of batteries for Hybrid Electric Vehicles (HEVs), Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs), primarily for Toyota. PEVE has also been supplying battery packs for HEVs and PHEVs to Honda and General Motors. Its product lineup includes battery packs, modules, and Battery electronic control units (ECUs), with the EV-95 NiMH batteries being its first mass-produced item in 1997.

Operating three manufacturing plants located in Shizuoka and Miyagi, PEVE boasts an accumulated production exceeding 9 million units as of 2016, showcasing its substantial contribution to the automotive battery market.

Written By – Shashank Singh