Toyota to acquire PEVE to boost EV battery production

MANILA: Toyota Motor Corporation will acquire Primearth EV Energy Co., Ltd. (PEVE) to strengthen its capabilities in mass-producing automotive batteries.

PEVE — originally Panasonic EV Energy Co., Ltd. — is a company owned by both Toyota and Panasonic Holdings Corporation. In 1996 (when the company was established) Toyota only had a 40-percent stake in the company with Panasonic having a 60-percent share. In 2010, Toyota’s share grew to 80.5 percent with the remainder (19.5 percent) owned by Panasonic.

The move to take in PEVE as Toyota’s wholly-owned subsidiary is scheduled to take place in late March. Toyota is also considering changing the name of PEVE, though a proposed name is still not disclosed.

Aside from PEVE, Toyota and Panasonic also co-share another company called Prime Planet Energy & Solutions, Inc. Here, Toyota owns 51 percent of the company while Panasonic owns the other 49 percent.

Prime Planet Energy & Solutions, Inc. mass produces batteries for hybrid electric vehicles (HEV), battery electric vehicles (BEV), and plug-in hybrid electric vehicles (PHEV). PEVE — which currently only produces batteries for HEVs will follow suit and also produce batteries for BEVs and PHEVs.

“The company's shift into mass-producing a wide variety of electric vehicle batteries will enable Toyota to respond flexibly to growing battery demand, while also helping to further boost mass-production competitiveness,” Toyota wrote in a press release.

“More competitive batteries will enhance the appeal of Toyota's electric vehicle offerings and contribute to achieving carbon neutrality through a multi-pathway approach,” it added.

Photos from Toyota Motor Company and Primearth EV Energy Co., Ltd. 

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