Automotive Nov 02, 2020 02:07 PM (GMT+8) · EqualOcean
The Toyota and Panasonic Joint venture aims to boost the efficiency of development and production processes by 10 times to compete with advanced Chinese counterparts. Prime Planet Energy & Solutions was created only over half a year ago and is now the world's largest supplier of batteries for hybrid vehicles. As for the high-capacity battery market for pure electric vehicles, the JV has a share of only 3% compared to the 20% share of its Chinese rival, Amperex Technology. The firm's president, Hiroaki Koda, said during a conference last Tuesday that, "With efficiency ten times higher, we can win over the Chinese." Toyota, which targets electrified vehicles to bring in half its global sales by 2025, has also partnered with CATL and Chinese EV maker BYD for battery procurement.