Toyota and Panasonic created Prime Planet Energy & Solutions joint venture.

Toyota and Panasonic created Prime Planet Energy & Solutions, a joint venture specializing in automotive prismatic batteries. Toyota has a 51% stake and Panasonic has a 49% stake in Prime Planet Energy & Solutions. Financial terms were not disclosed. The joint venture announced by Toyota and Panasonic will develop highly competitive, cost-effective batteries that are safe and feature excellent quality and performance (in terms of capacity, output, durability, etc.), enabling use with peace of mind by all customers. Furthermore, the joint venture will supply batteries not only to Toyota but also, broadly and stably, to all customers.