TOYOF - PEVE to change name to TOYOTA BATTERY Co. Ltd. and produce batteries for a wide range of electric vehicles

Toyota City, Japan, Mar 27, 2024 - (JCN Newswire) - As announced by Toyota Motor Corporation (Toyota Motor) on March 5, 2024, Primearth EV Energy Co., Ltd. (PEVE) will become a wholly-owned subsidiary of Toyota Motor. Capitalizing on the technology fostered through our hybrid vehicle battery business to date, we plan to contribute to Toyota Motor's multi-pathway strategy in the battery business and intend to change our company name to TOYOTA BATTERY Co., Ltd. from October 1, 2024*.

The new company name embodies our determination to leverage the technology and skills honed since PEVE's establishment in 1996 to contribute to the competitiveness of Japanese batteries and become a company that provides high-quality and highly safe on-board batteries. In addition to batteries for Hybrid Electric Vehicles (HEVs), we plan to produce batteries for Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). Through our efforts in the production of diverse and next-generation on-board batteries, we hope to create new value and be useful to society.

The company's headquarters will remain in Kosei City, Shizuoka Prefecture. In the very birthplace of Sakichi Toyoda, the founder of the Toyota Group, we will continue to strive for a sustainable global environment for the smiles of future children and work towards becoming the best company in town through our on-board battery business.

*To be approved by PEVE's Annual General Meeting of Shareholders in late June 2024

Overview of TOYOTA BATTERY Co., Ltd.
President and Representative Director: Masamichi Okada
Headquarters address: 20 Okazaki, Kosei City, Shizuoka Prefecture
Batteries to be produced (planned): Batteries for HEVs, BEVs, PHEVs
Main customer: Toyota Motor Corporation

Source: Toyota Motor Corporation

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