TOKYO (Reuters) — 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.
FILE PHOTO: A man walks past a Toyota logo at the Tokyo Motor Show, in Tokyo, Japan October 24, 2019.
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