On March 5, 2024, Primearth EV Energy Co., Ltd. (PEVE), a company specializing in hybrid vehicle battery technology, became a wholly-owned subsidiary of Toyota Motor Corporation. Leveraging the expertise developed through their hybrid vehicle battery business, PEVE is poised to contribute to Toyota's multi-pathway strategy in the battery industry.

Here are the key points:

1. Name Change: PEVE intends to change its company name to TOYOTA BATTERY Co., Ltd. effective from October 1, 2024 (subject to approval by PEVE's Annual General Meeting of Shareholders in late June 2024). This new name reflects their commitment to enhancing the competitiveness of Japanese batteries and providing high-quality, safe on-board batteries.

2. Expanded Production: In addition to batteries for Hybrid Electric Vehicles (HEVs), TOYOTA BATTERY Co., Ltd. plans to produce batteries for Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). Their efforts aim to create diverse and next-generation on-board batteries, contributing to the growth of the electric vehicle industry.

3. Headquarters Location: The company's headquarters will remain in Kosei City, Shizuoka Prefecture, which holds historical significance as the birthplace of Sakichi Toyoda, the founder of the Toyota Group.

4. Sustainable Vision: TOYOTA BATTERY Co., Ltd. aligns with Toyota's vision of achieving zero negative impacts on people and the environment. They aspire to go "Beyond Zero," creating greater value and contributing to a sustainable global environment for future generations.

Through their on-board battery business, TOYOTA BATTERY Co., Ltd. aims to play a pivotal role in advancing electric mobility and supporting a cleaner, greener future.