Toyota Motor Corporation said it would rename Primearth EV Energy (PEVE), its electric vehicle (EV) battery subsidiary, after it completed acquisition of all of the outstanding shares held by joint venture partner Panasonic Holdings.

In early March, the automaker said it had agreed to acquire Panasonic’s 19.5% stake in PEVE by the end of the month, making the battery maker a 100% owned subsidiary.

PEVE headquarters would remain in Kosai City, Shizuoka Prefecture, and the company would continue to focus mainly on supplying the Toyota group.

Toyota said, from 1 October 2024, PEVE would be renamed Toyota Battery Company Ltd, to reflect its growing role within the group.

In addition to batteries for hybrid electric vehicles (HEVs), the company would produce batteries for future full electric vehicles and plug in hybrids, supporting Toyota’s switch to low and zero emission vehicles.

Toyota has three joint ventures and affiliates which make batteries for hybrid vehicle: PEVE, Toyota Industries and Prime Planet Energy & Solutions (PPES), a joint venture owned 51% by Toyota and 49% by Panasonic Holdings. PPES also makes batteries for BEVs and PHEVs.

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Toyota said it would continue working with these companies on development and mass production of batteries, adding its “shift into mass producing a wide variety of electric vehicle batteries will enable us to respond flexibly to growing battery demand while also helping to further boost mass production competitiveness”.