Global tech giants will solve the problem of battery shortages for electric vehicles

Global tech giants will solve the problem of battery shortages for electric vehicles

February 3, 2020 0 By autotimesnews

Toyota and Panasonic announced plans to launch a joint venture, which will produce batteries for electric vehicles.

It is reported by Reuters. According to information from the joint statement of the companies, the launch is expected on April 1, 2020.

The new venture will be called Prime Planet Energy & Solutions Inc. It will supply batteries for electric cars Toyota and other manufacturers of electric cars. The company will have approximately 5100 employees, of which 2400 will be based in China.

Toyota will own 51% of the future enterprise, Panasonic – 49%. According to the statement of both companies, the joint venture should meet the growing demand for electric cars and meet the expectations of electric cars. Companies also plan to “solve several environmental problems,” the report says.

At the moment, Panasonic produces flat batteries for Toyota. In addition, the company is the exclusive supplier of batteries for Tesla models. Batteries are manufactured in Japan, as well as at a facility in the US state of Nevada. Panasonic also teamed with Tesla to manufacture solar panels and modules at the New York-based Buffalo plant.

It is worth noting that back in June 2018, Panasonic representatives officially announced a battery shortage due to a sharp increase in the production of electric vehicles by the American company Tesla.