Japanese car giant Toyota has created a joint venture with Panasonic for developing batteries for electric cars. The firm will be set up by 2020 and controlled 51-49 percent by Toyota.
“Toyota and Panasonic are confident that the contracts concluded today will further strengthen and accelerate their actions toward achieving competitive batteries,” the carmaker said in a statement.
Toyota boss Akio Toyoda planes to increase sales of electric-powered car batteries from around 15% to 50% by 2030.
“The key to electrifying vehicles in the future will be batteries. In order for Japan to survive this era of profound change with no natural resources, we must develop competitive batteries and establish systems for a stable supply,” Toyoda said.