TOYOTA ACCELERATES EV AMBITIONS WITH FULL CONTROL OVER BATTERY VENTURE

Toyota is intensifying its hold on battery manufacturing by acquiring Panasonic’s stake in Primearth EV Energy Co (PEVE), their 28-year battery-making joint venture. This move is part of the automaker’s plan to escalate the production of next-generation electric vehicles (EVs) in Japan for global export.

PEVE, initially focused on hybrid vehicle batteries like those for the Prius, will begin producing EV batteries in 2026 at a new facility in Shizuoka Prefecture. Toyota’s acquisition ensures more control over manufacturing decisions, costs, and technology developments. At its fourth dedicated plant opening this year, PEVE will start with hybrid batteries, before adding plug-in and battery electric vehicle (BEVs) ones. Toyota aims to boost the sales of the latter to 1.5 million globally by 2026, with an eventual target of 3.5 million annually by 2030.

The automaker is also expanding its U.S. battery manufacturing capacity to support its increasing BEV production, which includes the introduction of five new battery technologies by the end of the decade. These advancements encompass a next-generation lithium-ion battery promising double the range of current models and cost reductions, as well as a bipolar lithium-iron-phosphate battery planned to hit the market around 2026 or 2027.