Toyota Motor Corporation and Panasonic Corporation are planning to launch a joint venture in 2020. The joint venture is to produce batteries for electric vehicles in an effort to compete with Chinese rivals. The joint venture is to be owned 51% by Toyota and the rest by Panasonic and could also offer batteries to Toyota's EV technology partners, Mazda Corp.

and Subaru Corp. A joint venture is based on the agreement that the pair announced in late 2017 on joint development of batteries with higher energy density in a prismatic cell arrangement.