FX.co ★ Reports: Toyota Motor To Build Battery Plant For Electric Vehicles In Japan

According to an article published in Nikkei, Toyota Motor Company (TYT.L, TM) plans to establish a battery manufacturing facility for electric vehicles in Kyushu, Japan. This facility will be managed by Primearth EV Energy Co., a company specializing in the development, manufacture, and sales of nickel-metal hydride (NiMH) batteries for plug-in hybrid electric vehicles (PEV) and hybrid electric vehicles (HEV), as well as lithium-ion batteries and Battery Management Systems (BMS).

In March 2024, Toyota Motor reached an agreement with Panasonic Holdings to make Primearth EV Energy Co. a wholly owned subsidiary. Subsequently, Primearth EV Energy Co. will be renamed TOYOTA BATTERY Co., Ltd., effective October 1, 2024.