TOKYO—Toyota Motor Corp. and Panasonic Corp. are setting up a joint venture to research, manufacture and sell batteries for ecological autos, an increasingly lucrative sector amid concerns about global warming. The Japanese automaker and the Japanese electronics maker said in a joint statement Tuesday that Toyota will take a 51 per cent stake and Panasonic 49 per cent in the joint venture, which is to be running by the end of 2020. Toyota Motor Corp. and Panasonic Corp. said in a joint statement Tuesday, Jan. 22, 2019, they are setting up a joint venture to research, manufacture and sell batteries for ecological autos. They did not say how much would be invested in the joint venture. Panasonic will transfer equipment, assets and workers from its plants in Japan and China to the joint venture, which will employ 3,500 workers from both companies.

Source: thestar January 22, 2019 09:22 UTC