Toyota, Panasonic Announce Venture For Green Auto Batteries

The Japanese automaker and the Japanese electronics maker said in a joint statement this week that Toyota will take a 51 percent stake and Panasonic 49 percent in the joint venture, which is to be running by the end of 2020.

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The companies have been studying working together on batteries since 2017. They did not say how much would be invested in the joint venture.

Panasonic will transfer equipment, assets and workers from its plants in Japan and China to the joint venture, which will employ 3,500 workers from both companies.