Toyota and Panasonic have agreed to begin studying the feasibility of a joint automotive prismatic battery business.

Panasonic has positioned lithium-ion batteries as one of its key businesses, and its automotive batteries are used by many automakers worldwide. Toyota, maker of the Prius hybrid and the Mirai fuel cell vehicle, has been a holdout when it comes to developing pure EVs, but there are signs that this policy is changing. Now the two companies say they aim to develop the best automotive prismatic battery in the industry.

“To solve issues currently confronting us worldwide, such as global warming, air pollution, the depletion of natural resources and energy security, it will be necessary to further the popularization of electrified vehicles,” said Toyota President Akio Toyoda. “The automotive industry is now facing an era of profound transformation, the likes of which come only once every 100 years. No longer can we expect a future by adhering to our current path. Panasonic has accumulated its industry-leading capability to develop automotive batteries over many years, and Toyota has accumulated vehicle electrification technologies through the development of hybrid vehicles. Toyota also loves cars and is determined to never let them become commodities.”

“Today, the surging demand for electrified vehicles is changing the landscape of the automobile industry and, moreover, drastically transforming its entire structure,” said Panasonic President Kazuhiro Tsuga. “The battery is a key device in promoting the widespread use of electrified vehicles, and thus toward achieving a sustainable society. Panasonic can never survive if we simply cling to our current business models. Therefore, always having the mindset of a challenger, we will strive to create contributions toward the widespread use of electrified vehicles, fully utilizing our assets and strengths nurtured over the past 100 years.”

Source: Toyota