- Prime Planet Energy is 51 per cent owned by Toyota Motor with Panasonic holding the remaining stake
- The production line at a Panasonic factory in Tokushima prefecture will have enough capacity to build batteries for around 500,000 vehicles a year
As per a report by Reuters, a joint battery venture of Toyota Motor Corp and Panasonic Corp said that it will produce lithium-ion batteries for hybrid cars at a plant in Western Japan from 2022. This will be done to meet the growing demand for EVs.
The report added that the Prime Planet Energy & Solutions, Inc said in a statement that the production line at a Panasonic factory in Tokushima prefecture will have enough capacity to build batteries for around 500,000 vehicles a year. The company added that the global electric vehicle market is expected to continue growing rapidly.
Sales of EV vehicles to reach 5.5 million in 2025
As per the report, Prime Planet Energy is 51 per cent owned by Toyota Motor with Panasonic holding the remaining stake. Toyota informed last month that it expects annual sales of EV vehicles to reach 5.5 million in 2025, five years earlier than initially planned.
