Toyota Motor Corporation and Panasonic Holdings Corporation have reached an agreement to acquire 100% of Primearth EV Energy Co., Ltd.

Toyota Motor Corporation (TMC) has reached an agreement with Panasonic Holdings Corporation (Panasonic HD) to make Primearth EV Energy Co., Ltd. (PEVE) a wholly-owned subsidiary to strengthen its capabilities in mass production of automotive batteries. The acquisition is scheduled to take place in late March.