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According to foreign media reports, Toyota Motor Company and Panasonic Industrial Co., Ltd. set up a new car square battery company (signed a business merger contract and a joint venture contract, and then actively promoted the relevant preparations for the establishment of the joint venture company.

According to data, the joint venture between Toyota and Panasonic is called Taixing Energy Solutions Co., Ltd. (hereinafter referred to as Taixing Energy). The company will go into operation on April 1, with Toyota holding 51 per cent and Panasonic 49 per cent. It is worth noting that the new company will develop batteries that can be used in any electric vehicle, providing an extensive and stable supply of batteries not only to Toyota but also to all customers.

Toyota said its partnership with Panasonic would significantly reduce battery costs, launch all-electric models in the next few years and hope to overtake Volkswagen by selling 5.5 million electric vehicles by 2030.

Panasonic is one of the leading battery manufacturers for electric vehicles and has a deep relationship with Tesla, the leader of electric vehicles in the United States, supplying batteries to Tesla Model S, Model 3 and Model X.

In fact, this is not the first time Toyota has worked with battery makers. On July 17, 2019, Toyota established a comprehensive cooperative partnership with Ningde Times in the field of new energy vehicle power batteries; on September 26, 2019, Toyota signed strategic cooperation framework agreements with China's FAW and GAC GROUP respectively. The partnership will be further deepened in the fields of electrification and intelligent network connection. On October 9, 2019, Toyota and Changshu New Zhongyuan Venture Capital Co., Ltd. further deepened the cooperative relationship between the two sides. The two sides will continue to explore measures that are not limited to Toyota but also allow other enterprises to use the technology. On November 7, 2019, Toyota signed a joint venture agreement with BYD, each contributing 50% to set up a pure electric joint venture company, which will be established in China in 2020.

Toyota has cooperated with a number of battery manufacturers to provide a series of feasible plans for the development of new energy vehicles. In 2020, Toyota will begin the "first year of EV" in the Chinese market, with plans to launch three pure electric models, namely, FAW Toyota's Yize IZOA EV, Guangzhou Auto Toyota's C-HR EV and Lexus UXEV. However, the current development of new energy vehicles is still not optimistic. Sales of new energy vehicles have declined for six consecutive months compared with the same period last year. Can Toyota, which has entered the electric vehicle industry in an all-round way, get what it wants?

Toyota is the world's second-largest carmaker. In 2019, Toyota (including its Toyota, Lexus, Daihatsu and Hino brands) sold 10.7421 million vehicles worldwide, up 1.4% from a year earlier, second only to Volkswagen.

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