TOKYO (Reuters) - Toyota Motor ( TM ) said on Tuesday it had reached an agreement with Panasonic Holdings ( PCRFF ) 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 ( TM ) said.