Toyota-Panasonic battery JV to boost efficiency to catch up with Chinese rivals

A joint battery venture of Toyota Motor Corp <7203.T> and Panasonic Corp <6752.T> aims to boost efficiency of development and production processes by 10 times to better compete with larger Chinese rivals, its chief said on Tuesday. The venture, Prime Planet Energy & Solutions Inc, is now the world’s largest supplier of batteries for hybrid vehicles, and was created in April by pooling part of the battery-related equipment and engineers of the two firms. Prime Planet is moving to standardise battery designs and helping streamline operations of materials suppliers, its president, Hiroaki Koda, told a news conference.

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