Toyota and Panasonic Establish Joint Venture for Automotive Prismatic Batteries

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Toyota Motor Corporation and Panasonic Corporation announced that they have decided
to establish Prime Planet Energy & Solutions, Inc., a joint venture specializing in automotive
prismatic batteries.

This decision comes just over a year since the two companies announced on January 22, 2019 that they had concluded a business integration contract and a joint-venture contract toward the establishment of a new company. The new joint venture entity will have 51 percent stake of Toyota and 49 percent Panasonic. It will commence operations from April 1, 2020.

Toyota and Panasonic have also decided the outline of the joint venture. Batteries―as solutions for providing energy for automobiles and various other forms of mobility, and as solutions for various kinds of environmental issues―are expected to fulfill a central role in society going forward―a role that supports people’s lives.

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.

The new entity will be responsible for: Development, manufacture, and sales of high-capacity and highoutput automotive prismatic lithium-ion batteries; Development, manufacture, and sales of automotive solid-state batteries and also sales of next-generation automotive batteries other than those mentioned above (including batteries based on new principles).

The joint venture’s name embraces Toyota’s and Panasonic’s strong determination to
provide their customers―while working in unison with many friends to keep our
irreplaceable earth abundant and clean―broad-ranging, added-value solutions including
and beyond the supply of energy in the form of batteries.

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