Toyota Completes Acquisition of Primearth EV Energy, Renames it Toyota Battery Company Ltd
Toyota Motor Corporation has finalized the acquisition of Panasonic Holdings’ 19.5% stake in Primearth EV Energy (PEVE), its electric vehicle (EV) battery subsidiary. With this acquisition, PEVE is now a wholly-owned subsidiary of Toyota.
PEVE Will Soon Be Toyota Battery Company Ltd
The automaker had announced its agreement to acquire Panasonic’s stake in PEVE earlier in March, aiming to complete the transaction by the end of the month. Following the acquisition, PEVE’s headquarters will remain in Kosai City, Shizuoka Prefecture, continuing its primary focus on supplying batteries to the Japanese group.
Effective October 1, 2024, PEVE will be rebranded as Toyota Battery Company Ltd to better align with its expanding role within the group. The company will extend its battery production beyond hybrid electric vehicles (HEVs) to support their transition towards low and zero-emission vehicles, including full electric vehicles and plug-in hybrids.
The Japanese giant now boasts three joint ventures and affiliates involved in battery production for hybrid vehicles: PEVE, Toyota Industries, and Prime Planet Energy & Solutions (PPES). PPES, in which the company holds a 51% stake, manufactures batteries not only for HEVs but also for battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs).
Pokdepinion: Given previous reports, I thought they would not focus on EVs much but I suppose they could use PEVE’s tech for a lot of other things as well. Hybrids will be the obvious thing right now but I wonder if we’ll see more hydrogen fuel cell development here as well.
