Toyota Motor to Rename PEVE as Toyota Battery Company After Full Acquisition

2024/03/28
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Toyota
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Japan
Toyota Motor Corporation announced plans to rename its electric vehicle (EV) battery subsidiary, Primearth EV Energy (PEVE), to Toyota Battery Company Ltd. after acquiring all outstanding shares from joint venture partner Panasonic Holdings. Toyota is set to purchase Panasonic's 19.5% stake in PEVE by the end of the month, making the battery manufacturer a wholly-owned subsidiary. PEVE will continue to be headquartered in Kosai City, Shizuoka Prefecture, and primarily supply batteries to the Toyota Group. The name change will take effect from October 1, 2024, reflecting PEVE's growing role within the group. In addition to batteries for hybrid electric vehicles (HEVs), the company will also produce batteries for future full electric vehicles (BEVs) and plug-in hybrids (PHEVs), aligning with Toyota's shift towards low and zero-emission vehicles.
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