Toyota, Panasonic Announce Joint Venture for Electric Car Batteries

Toyota has announced that it was creating a joint venture with Panasonic to develop batteries for electric cars, as the Japanese auto giant ramps up its ambitions for electric-powered vehicles.

The firm will be set up by 2020 and 51% of stake will be controlled by Toyota, the Prius manufacturer said in a statement. “Toyota and Panasonic are confident that the contracts concluded today will further strengthen and accelerate their actions toward achieving competitive batteries,” the statement added.

Toyota boss Akio Toyoda has previously said he wants half of the firm’s global sales to come from electric-powered vehicles by 2030, up from around 15% now.

“The key to electrifying vehicles in the future will be batteries. In order for Japan to survive this era of profound change with no natural resources, we must develop competitive batteries and establish systems for a stable supply,” Toyoda said. Panasonic is seen as a specialist in the battery sector and has already partnered up with electric vehicle innovator Tesla to operate a huge “gigafactory” in the United States.

EV Cars in India

Japanese auto major Nissan Motor Co said it will launch its electric car Leaf in India this year as it seeks to take the lead in EV drive in the country.

The company is also looking at other eco-friendly technologies such as its e-Power vehicles and hybrids for the country. “Leaf is a proof-point (that) we want to bring in India because this is a direction of leadership in EV, we have in the world,” Nissan Motor Co Senior Vice President and Chairman of management committee for Africa, Middle East and India Peyman Kargar told reporters.