Quite unexpectedly, the two companies have announced a joint enterprise to mass-produce traction batteries for EVs. According to the contract, Toyota will a hold 51 percent stake in it, and Panasonic will get 49%.
The new company will be called Prime Planet Energy & Solutions, and it will focus on R&D of highly promising prismatic battery cell tech that every automotive marque will have access to. The enterprise will officially open on April 1, 2020 with 5000+ employees already on board.
The press statement claims that the chosen battery type is efficient, safe and combines good performance with build quality. The pricing remains a big question mark, though.