In a strategic move to bolster its presence in the burgeoning battery industry, Toyota Motor Corporation revealed on March 5, 2024, its acquisition of Primearth EV Energy Co., Ltd. (PEVE), which will subsequently transform into a wholly-owned subsidiary under the name TOYOTA BATTERY Co., Ltd., effective from October 1, 2024, pending approval by PEVE’s Annual General Meeting of Shareholders in late June 2024.
With an aim to fortify Toyota’s multi-pathway strategy in the battery business, the rebranded TOYOTA BATTERY Co., Ltd. will harness the technological expertise amassed through its hybrid vehicle battery endeavors. Established in 1996, PEVE’s legacy will be instrumental in Toyota’s quest to enhance the competitiveness of Japanese batteries, focusing on delivering high-quality and impeccably safe on-board batteries. This transformation signifies a pivotal shift towards producing batteries not only for Hybrid Electric Vehicles (HEVs) but also for Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs), reflecting Toyota’s commitment to sustainable mobility solutions.
Embodying a tribute to its roots, TOYOTA BATTERY Co., Ltd. will retain its headquarters in Kosei City, Shizuoka Prefecture, where Sakichi Toyoda, the visionary founder of the Toyota Group, laid the groundwork. The company’s unwavering dedication to fostering a sustainable global environment aligns with Toyoda’s legacy, aiming to leave a positive impact for generations to come. Furthermore, by spearheading efforts in the production of diverse and next-generation on-board batteries, TOYOTA BATTERY Co., Ltd. endeavors to create new value and serve society’s evolving needs.
As Toyota Motor Corporation embarks on this transformative journey with the acquisition of PEVE and the establishment of TOYOTA BATTERY Co., Ltd., it underscores the company’s commitment to innovation, sustainability, and societal progress. Positioned at the forefront of the battery industry, Toyota is poised to redefine the future of mobility while honoring its heritage and contributing to a greener, more electrified world
