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Business deals

Toyota and Panasonic set up venture to make green car batteries

Both deepening cooperation as competition in the sector heats up

Toyota Motor and Panasonic have set up a joint venture to produce lithium ion batteries and solid state batteries.

TOKYO -- Toyota Motor and Panasonic announced on Tuesday the establishment of a joint venture by end-2020 to develop and manufacture batteries for electric vehicles.

Toyota will control 51% of the new company and Panasonic will hold the remaining stake. The new venture will make lithium ion batteries, solid state batteries and develop other new technologies to meet fierce competition in a growing industry.

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