Toyota Motor Corp. and Panasonic Corp. have agreed to set up a joint venture by 2020 related to the automotive prismatic battery business. Production is scheduled to start on April 7, and the plant will employ about 5,000 people. Yahoo Finance writes.
According to the publication, Toyota Motor Corp owns a 51% stake in the company, the rest being owned by Panasonic Corp. The newly opened venture has the ambition to be on the market in terms of supplying the first electric vehicles, as demand for electric cars has increased greatly due to tightening environmental measures.
Both companies have experience producing batteries. Panasonic Corp has long been involved with electric car maker Tesla and is considered the company’s exclusive supplier. As for Toyota, it is one of the pioneers in the production of hybrid and electric cars. The company created the first hybrid car in 1997.