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Panasonic EV Changes Name to Primearth
Panasonic EV Energy Co., a battery joint venture between Panasonic and Toyota has officially changed its name to Primearth EV Energy Co.
The battery supplier was set up as a joint venture in 1996 to provide NiMH battery packs for hybrid and electric vehicles. It later added production of lithium-ion batteries as well.At the time of its establishment, Panasonic held 60% and Toyota 40%. But in April, Toyota boosted its stake in Panasonic EV to 80.5 percent, partly to allay antitrust concerns raised by the Chinese government after Panasonic’s purchase last year of rival battery maker Sanyo Electric Co. The change in name reflects Panasonic’s diminishing influence in the company – it now holds 19.5% of the venture.
Separately, Primearth EV Energy announced production of its 3 millionth battery pack on 2 June, just 18 months after it reached the 2 millionth unit mark. It took ten years to reach the 1 millionth mark.
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