TOKYO (Reuters) - Toyota Motor (NYSE:TM) said on Tuesday it had reached an agreement with Panasonic (OTC:PCRFY) 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.