TOKYO—Toyota Motor Corp and Panasonic Corp. are set to launch a joint venture next year to produce batteries for electric vehicles (EV) in an effort to compete with Chinese rivals, a source familiar with the matter said.
The joint venture, to be owned 51 percent by Toyota and the rest by Panasonic, could also provide batteries to Toyota’s EV technology partners Mazda Corp. and Subaru Corp., the source said on Jan. 20.
