Japanese OEM Toyota will take over full control of Primearth EV, a joint venture battery company that it operates with Japanese electronics manufacturer Panasonic.
Toyota says Primearth EV will become a wholly owned subsidiary of the automaker "in order to strengthen its capabilities in mass-producing automotive batteries."
The acquisition is scheduled to take place in late March. Toyota currently owns 80.5pc of Primearth EV, and will now take over the remaining 19.5pc stake from Panasonic.
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Primearth EV was founded in 1996 as a joint operation between Toyota and Panasonic and has manufactured lithium-ion batteries for EVs since 2011.
Toyota, long described as an BEV laggard, has made a number of announcements about future battery capacity in the last year, including plans for solid state batteries. The firm has drawn some criticism for this, having not yet installed capacity for present-day commercial EV batteries.
But Toyota now says that the full takeover of Primearth EV will bolster the firm's strategy to build a diversified battery portfolio.
"In addition to HEV batteries, PEVE plans to begin producing batteries for BEVs and PHEVs. The company's shift into mass-producing a wide variety of electric vehicle batteries will enable Toyota to respond flexibly to growing battery demand, while also helping to further boost mass-production competitiveness," a Toyota statement says.
Ciaran has written about finance, politics and culture. He is passionate about e-mobility and what it means for our way of life.
Ciaran has a Masters in Ancient Philosophy from Oxford University.
