⁍ Prime Planet Energy & Solutions Inc is now the world’s largest supplier of batteries for hybrid vehicles.
⁍ It has a share of only 3% in the high-capacity battery market for electric vehicles.
⁍ Toyota, which targets electrified vehicles to bring in half its global sales by 2025, has also partnered with CATL and Chinese EV maker BYD Co Ltd for battery procurement.
– A joint venture between Toyota and Panasonic aims to become the world’s biggest supplier of batteries for electric vehicles by improving its efficiency by 10 times, Reuters reports. “With efficiency ten times higher, we can win over the Chinese,” says Prime Planet president Hiroaki Koda. The company, created in April, has a share of just 3% in the high-capacity battery market, behind more than 20% in China. “Tesla publicly announced that, so it means they will do it,” says Koda. “I respect that.” Prime Planet has taken over Panasonic’s business in thin, rectangular-shaped prismatic batteries, while Panasonic retained its business with Tesla for cylindrical batteries of a type similar to those used in laptops.
Source: https://www.reuters.com/article/toyota-panasonic-batteries/toyota-panasonic-battery-jv-to-boost-efficiency-to-catch-up-with-chinese-rivals-idUSKBN27C0XD