Panasonic to Supply Lithium-ion Batteries for Toyota Motor's eQ Electric Vehicle
Panasonic Corporation (NYSE: PC) today announced that it will supply lithium-ion batteries for Toyota Motor Corporation's (NYSE: TM) eQ electric car. With growing environmental concerns and escalating oil prices, demand for rechargeable batteries for eco-friendly vehicles is expected to grow rapidly. Panasonic is building up its battery business to meet such demand. The company is already supplying nickel-metal hydride (Ni-MH) batteries for hybrid electric vehicles to a growing number of automotive manufactuers around the world, as well as lithium-ion batteries for hybrids, plug-in hybrids and electric vehicles. Panasonic has already supplied lithium-ion batteries to Toyota's Prius Plug-in Hybrid and Prius α hybrid. The supply agreement with Toyota now expands to an all-electric vehicle model as well as hybrid and plug-in hybrid models. Panasonic continues to accelerate the development and commercialization of high performance rechargeable batteries for green vehicles and further expand its rechargeable battery business globally, thereby contributing to reducing the carbon footprint of automotive activity worldwide. An announcement on the eQ was made today by Toyota.