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MarketScreener Homepage  >  Equities  >  Tokyo  >  Toyota Motor Corp    7203   JP3633400001

TOYOTA MOTOR CORP

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Toyota Motor : and Panasonic plan to produce electric car batteries at joint venture in 2020

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01/21/2019 | 03:35am EDT

Toyota Motor Corp. and Panasonic Corp. are set to launch a joint venture in 2020 to manufacture batteries for electric vehicles, expecting growing demand in a sector where Chinese and South Korean rivals are gaining ground, sources close to the matter said Sunday.

Toyota plans to take a 51 percent stake in the new company and Panasonic the rest. They will announce the plan as early as this week, the sources said.

The two companies will join forces to develop solid-state batteries, which require advanced technologies to improve the range of EVs while cutting recharging time, they said. Panasonic will shift its five plants for car batteries in Japan and China to the new company.

The venture will supply batteries to Toyota subsidiary Daihatsu Motor Co., Mazda Motor Corp., which has teamed up with Toyota on EV technology, and Subaru Corp. It will also encourage Honda Motor Co. to adopt its batteries, according to the sources.

Toyota and Panasonic announced their partnership on car batteries in 2017 and have jointly invested in a Japanese firm that produces batteries for hybrid vehicles.

Toyota is aiming to sell 1 million electric and fuel cell vehicles in 2030.

(c) 2019 - The NewDawn Newspaper - Liberia - All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
PANASONIC CORPORATION -0.58% 1020.5 End-of-day quote.6.30%
TOYOTA MOTOR CORP 0.33% 6976 End-of-day quote.12.88%
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Financials (JPY)
Sales 2019 29 959 B
EBIT 2019 -
Net income 2019 2 017 B
Debt 2019 15 209 B
Yield 2019 3,22%
P/E ratio 2019 10,06
P/E ratio 2020 8,58
EV / Sales 2019 1,27x
EV / Sales 2020 1,25x
Capitalization 22 763 B
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Number of Analysts 21
Average target price 8 085  JPY
Spread / Average Target 16%
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Managers
NameTitle
Akio Toyoda President & Representative Director
Takeshi Uchiyamada Chairman
Koji Kobayashi CFO, Representative Director & EVP
Shigeki Terashi Director & Executive Vice President
Shigeru Hayakawa Vice Chairman
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