Toyota subsidiary PEVE to carry a new name soon

MANILA: Toyota Motor Corporation announced that it will change the name of Primearth EV Energy Co., Ltd. (PEVE) to Toyota Battery Co., Ltd. following the Japanese automaker's acquisition of the battery manufacturing firm.

The renaming will likely take effect on October 1 — subject to the approval of PEVE’s Annual General Meeting of Shareholders that will take place by late June.

In a statement, Toyota shared that the new company name embodies its determination to leverage the technology and skills honed since PEVE’s establishment in 1996. The now wholly-owned subsidiary of Toyota will contribute to the marque’s multi-pathway strategy in the battery business and become a company that provides high-quality and highly safe on-board batteries.

Per the automotive firm, its newly-acquired battery company will produce components for hybrid electric vehicles, battery electric vehicles, and plug-in hybrid electric vehicles.

“Through our efforts in the production of diverse and next-generation on-board batteries, we hope to create new value and be useful to society,” the company wrote in a press release.

Photos from Toyota Motor Corporation

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