Toyota Motors and Panasonic set up JV to supply prismatic batteries

February 13, 2020

Toyota Motors and the Panasonic Corporation have established a JV called Prime Planet Energy & Solutions, Inc., which specialises in automotive prismatic batteries for EVs. As per the agreement between the two companies, Toyota owns a 51 per cent stake in the JV while Panasonic owns the remaining (49 per cent). Prismatic batteries use less space than the conventional cylindrical batteries because of their rectangular shape.