Have A PEVE Completely, Toyota Strengthens Battery Production To Increase Competitiveness

Toyota bZ4X. (Doc. Global Toyota)

JAKARTA - The increasing adoption of electric cars globally has triggered the innovation and development of electric vehicle batteries to a higher level.

The world's largest automaker, Toyota Motor Corporation (TMC) has just announced a full takeover agreement for Primearth EV Energy Co., Ltd. (PEVE) from Panasonic Holdings Corporation (Panasonic HD) to strengthen their battery mass production capability of electric vehicles. This acquisition is targeted for completion by the end of March 2024.

Quoted from the release of Toyota Global, Thursday, March 7, currently, several Toyota affiliated companies such as PEVE, Toyota Industries Corporation, and Prime Planet Energy & Solutions, Inc. (the majority owned by Toyota: 51 percent, the remaining Panasonic HD: 49 percent) already produce batteries for hybrid electric vehicles (HEVs). Then, Prime Planet Energy & Solutions, Inc. also produces batteries for pure electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). Toyota in its release said it would continue to cooperate with these companies in the development and mass production of batteries.

Later, PEVE will not only produce HEV batteries, but will also penetrate the production of BEV and PHEV batteries. This allows Toyota to respond to increasing demand for batteries and increase the competitiveness of their mass production in the electric car industry.

According to Toyota, more competitive batteries are expected to increase the attractiveness of Toyota's electric vehicles and contribute to achieving carbon neutrality through a multi-path approach.

Meanwhile, PEVE itself currently has a total of 4700 employees, the company was built in 1996 where at that time Toyota's ownership was only 40 percent and 60 percent owned by Panasonic HD.