Reuters: Toyota Motor Corp. and Panasonic Corp. will open a joint venture for the production of batteries for electric vehicles. The enterprise will be launched in 2020, and it should become a competitor of the Chinese Contemporary Amperex Technology. Toyota will receive 51% of the new company, Panasonic - 49%. The company will provide Toyota’s partners in the field of electric cars with batteries. The companies agreed to create a joint project in 2017. Thanks to its discovery, Toyota will reach an annual sales plan for 1 million alternative-fuel vehicles by 2030. Panasonic, in turn, will gain a competitive advantage over Chinese Contemporary Amperex Technology. The launch of the joint venture will allow Panasonic to reduce its dependence on Tesla, which is considered the main consumer of electric cars. Tesla will open a new factory for the production of batteries, which will also affect the financial performance of Panasonic. The announcement of the opening of a new joint project has already stimulated the growth of Panasonic shares by 4%.
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