Toyota accelerates electrification transformation to improve competitiveness in electric vehicle market

With the full acquisition of PEVE, Toyota will further enhance its competitiveness in the pure electric vehicle market. Prior to this, Toyota's batteries for pure electric vehicles and plug-in hybrid vehicles were mainly produced by Prime Planet Energy & Solutions (PPES), in which Toyota holds a 51% stake and Panasonic holds a 49% stake. PPES and PEVE mainly produce square batteries, while Panasonic Energy, a subsidiary of Panasonic, is responsible for the production of cylindrical batteries. Now, with PEVE becoming a wholly-owned subsidiary of Toyota, Toyota's electrification transformation will be more competitive.