Prime Planet Energy and Solutions Joint Venture Launches April 1
Toyota Motor Corporation and Panasonic have agreed to establish a joint venture that will develop batteries for electric vehicles. The source clarifies that these will be prismatic batteries, that is, having the shape of rectangular parallelepipeds. Unlike the cylindrical batteries that Panasonic supplies to Tesla, these batteries allow more efficient use of the space reserved for the battery.
The joint venture is called Prime Planet Energy and Solutions. It will start working on April 1 (on this day in Japan, the fiscal year begins). The company’s staff will already exceed 5,000 people at the time of the start of work. Development Prime Planet Energy and Solutions will be offered to all automakers.
Note that Toyota’s share in the joint venture will be 51%.