08:43 AM EST, 03/05/2024 (MT Newswires) -- Toyota Motor ( TM ) said Tuesday it has agreed with Panasonic Holdings to acquire full ownership of Primearth EV Energy to support the mass production of automotive batteries.

Toyota ( TM ) currently holds nearly 81% of PEVE, with Panasonic holding the remaining.

The company said after the acquisition, slated for late March, Toyota ( TM ) will continue collaborating with Toyota Industries Corp. and Prime Planet Energy & Solutions for battery development and production.

PEVE is also expected to begin producing batteries for battery electric and plug-in hybrid electric vehicles, Toyota ( TM ) said.

Financial terms were not disclosed.

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