© Reuters. FILE PHOTO: A man walks past a Toyota logo at the Tokyo Motor Show, in Tokyo, Japan October 24, 2019. REUTERS/Edgar Su/File Photo
TOKYO (Reuters) – Toyota Motor (NYSE:) said on Tuesday it had reached an agreement with Panasonic (OTC:) Holdings to make one of their joint ventures the automaker’s wholly owned subsidiary.
The firm, Primearth EV Energy Co, plans to begin production of batteries for electric vehicles and plug-in hybrid vehicles on top of batteries for gasoline hybrid vehicles it already manufactures.
The acquisition is expected in late March, Toyota said.
