Toyota to make battery venture with Panasonic wholly owned subsidiary

TOKYO – Toyota Motor said on Tuesday it had reached an agreement with Panasonic Holdings to make one of their joint ventures the automaker’s wholly owned subsidiary.

The firm, Primearth EV Energy Co, plans to begin production of batteries for electric vehicles and plug-in hybrid vehicles on top of batteries for gasoline hybrid vehicles it already manufactures.

The acquisition is expected in late March, Toyota said.

(Reporting by Satoshi Sugiyama; Editing by Christopher Cushing)