The world’s leading automotive manufacturer Toyota Motor Corporation, announced a joint venture with Panasonic Corporation to establish a Prime Planet Energy & Solutions, Inc for automotive prismatic batteries. Both companies have concluded a joint-venture agreement toward the establishment of a new company.
The joint-venture Prime Planet Energy & Solutions will develop highly competitive, cost-effective batteries that are safe and feature excellent quality and performance (in terms of capacity, output,& durability). The battery provides energy to automobiles and as solutions for various kinds of environmental issues. The joint venture will supply batteries to customers across the globe.
The prominent investments and deals by Toyota are featured below:
- January 2020: Toyota Indiana announced the completion of a $1.3 billion modernization project. The expansion adds 550 new jobs at the plant. The company invested in new equipment installation, retooling, and advanced manufacturing technologies to further modernize the facility to meet the strong demand for Toyota Highlander.
- November 2019: Toyota Motor agreed to establish a joint company for research and development for battery electric vehicles (BEVs) with BYD Company. The joint R&D company will be established in China, which will work on designing and developing BEVs (including platform) and its related parts.
- September 2019: Toyota Motor Corporation’s Brazilian sales and manufacturing subsidiary Toyota do Brasil Ltda (TDB) announced plans to invest $246 million in its plant in Brazil to produce the company’s new vehicle. The plant, already produces the Etios and Yaris models of TMC; the investment will helps to manufacture new models for the Brazilian market. The company plans to hire 300 new employees.
- July 2019: Toyota Motor Corporation announced to expand collaboration with a leading ride-hailing platform Didi Chuxing, for Mobility as a Service (MaaS) in China. As per the agreement, Toyota will invest $600 million in DiDi Chuxing JV.
- July 2019: Toyota Motor Corporation agreed to establish a joint venture with DENSO Corporation for research and advanced development of next-generation, in-vehicle semiconductors. Both the company will establish a new company in 2020.
- April 2019: Toyota Motor Corp., DENSO and the SoftBank Vision Fund(SVF) announced that they would jointly invest $1 billion in Uber Technologies Inc.’s Advanced Technologies Group (Uber ATG). The investment, helps to accelerate the development and commercialization of automated ridesharing services. As per agreement, Toyota and DENSO will together invest $667 million, and SVF will invest $333 million in Uber ATG.
About Toyota Motor Corporation
Toyota Motor Corporation is the world’s leading automotive manufacturer headquartered in Toyota city, in Aichi, Japan. Toyota was founded by Kiichiro Toyoda in 1937. The company engages in the design, manufacture, assembly, and sale of passenger cars, minivans, commercial vehicles, and related parts.
Toyota Motor Corporation proudly employs more than 370,000 employees across the world. The company builds approximately 10 million vehicles per year in about 28 countries and regions of the globe. The company manufactures premium mini-vehicles to commercial trucks and sell them in around 170 countries under brands like Toyota, Lexus, Daihatsu, and Hino.