Toyota to make battery venture with Panasonic wholly owned subsidiary

Panasonic Holdings

05/03/2024 06:21

TOKYO, March 5 (Reuters) - Toyota Motor  7203.T  said on
Tuesday it had reached an agreement with Panasonic Holdings
 6752.T  to make one of their joint ventures the automaker's
wholly owned subsidiary. 
    The firm, Primearth EV Energy Co, plans to begin production
of batteries for electric vehicles and plug-in hybrid vehicles
on top of batteries for gasoline hybrid vehicles it already
manufactures.
    The acquisition is expected in late March, Toyota said.

 (Reporting by Satoshi Sugiyama; Editing by Christopher Cushing)
 ((Satoshi.Sugiyama@thomsonreuters.com;))