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Monday, 03 June 2013 15:39

Toyota and Corun Plan to Set Up A Joint Hybrid Battery Company in the Eastern China

Takanori Yokoi, Toyota spokesman, said the Japanese automaker is in discussions with Hunan Corun New Energy Co in the southern China province of Hunan to jointly produce Nickel-Metal Hydride batteries for hybrid models Toyota plans to start selling in China around 2015. 

According to a notice Corun New Energy filed with the Shanghai stock exchange, Toyota and the Hunan-based battery producer plan to set up a joint hybrid battery company in the eastern China city of Changsha.

The joint-venture company, which is expected to be called Corun PEVE (China) Automotive Battery Co, would be owned 40 percent by Corun New Energy Co., 41 percent by Primearth EV Energy Co, a joint venture between Toyota and Japan's Panasonic Corp, 5 percent by Toyota's China unit called Toyota Motor China Investment Co and 4 percent by Toyota affiliate Toyota Tsusho Co. The joint venture is pending approval by the Chinese government.

For more information, please visit http://www.baltimoresun.com/business/automotive/sns-rt-us-toyota-china-batteriesbre94t0v7-20130530,0,7263783.story 

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