As almost all the automakers across the globe spend their money on developing new electric vehicles, Toyota and Panasonic have signed an agreement for a possible joint automotive prismatic battery business, to cash in on the growing demand.
Toyota and Panasonic business relationship dates back to 1953. Toyota said, with the business environment undergoing drastic change, both companies have realized the importance of collaborating with trusted partners and looking past conventional boundaries to contribute to the world.
While Toyota has expertise in producing hybrid vehicles such as Prius which dates back to 1997, and also fuel cell vehicles such as Mirai in 2014, it doesn’t really have an all-electric vehicle in its portfolio, which is probably one of the reasons of this partnership. Toyota said that the company is working on electric vehicles as well along with the HVs, PHVs (plug-in hybrid vehicles) and FCVs.
Interestingly, both Panasonic and Toyota have or had a partnership with Tesla. Back in 2012, Toyota had produced RAV4 EV in partnership with Tesla, and recently sold Tesla shares as well. Panasonic on the other hand is a battery partner for Tesla and makes cylindrical cell batteries.
Both companies will consider details of the collaboration with the aim of achieving the best automotive prismatic battery in the industry and, ultimately, contributing to the popularization of Toyota’s and other automakers’ electrified vehicles, said the official statement.