Toyota, Panasonic announce JV for EV batteries

FILE PHOTO: Toyota Motor Corp President Akio Toyoda (L) and Panasonic Corp President Kazuhiro Tsuga attend a joint news conference in Tokyo, Japan, December 13, 2017. REUTERS/Toru Hanai/File Photo - Copyright TORU HANAI(Reuters)

By Reuters

Published on 22/01/2019 - 09:34•Updated 18/04/2024 - 07:03

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TOKYO (Reuters) - Toyota Motor Corp <7203.T> and Panasonic Corp <6752.T> said on Tuesday they will launch a joint venture next year to make electric vehicle (EV) batteries, leveraging the heft of one of the world's largest automakers and battery makers to expand their EV push.

Toyota will own 51 percent of the joint venture, and Panasonic the rest, the two companies said in a joint statement, confirming previous reports.