PEVE Becomes TOYOTA BATTERY Co., Ltd., Broadening Electric Vehicle Battery Manufacturing
In a tactical move to enhance its footprint in the growing battery sector, Toyota Motor Corporation announced on March 5, 2024, that it is set to acquire Primearth EV Energy Co., Ltd. (PEVE). This acquisition will lead to PEVE becoming a fully owned subsidiary, rebranded as TOYOTA BATTERY Co., Ltd., starting October 1, 2024. This transition is contingent on the approval from PEVE’s Annual General Meeting of Shareholders expected in late June 2024.
This strategic rebranding to TOYOTA BATTERY Co., Ltd. is aimed at strengthening Toyota’s diverse approach to the battery market, leveraging the vast technological know-how developed from its hybrid vehicle battery projects. PEVE, founded in 1996, brings a rich legacy that Toyota plans to use to boost the competitiveness of Japanese batteries, focusing on the production of high-quality and exceptionally safe batteries for vehicles. This move marks a critical shift in Toyota’s production strategy to include batteries for Hybrid Electric Vehicles (HEVs), Battery Electric Vehicles (BEVs), and Plug-in Hybrid Electric Vehicles (PHEVs), underscoring its commitment to offering sustainable mobility solutions.
Honoring its heritage, TOYOTA BATTERY Co., Ltd. will maintain its headquarters in Kosei City, Shizuoka Prefecture, a site of historical significance to the Toyota Group thanks to its founder, Sakichi Toyoda. The company aims to perpetuate Toyoda’s vision by promoting a sustainable global environment and leaving a lasting legacy for future generations. With a focus on producing a variety of next-generation vehicle batteries, TOYOTA BATTERY Co., Ltd. is dedicated to creating new value and meeting the changing needs of society.
Through the acquisition of PEVE and the launch of TOYOTA BATTERY Co., Ltd., Toyota Motor Corporation reaffirms its dedication to innovation, environmental sustainability, and societal advancement. With this initiative, Toyota is set to lead the battery industry into a new era, staying true to its roots while fostering a more sustainable and electrified future.