Toyota, Panasonic announce venture for green auto batteries

By YURI KAGEYAMA

TOKYO (AP) — 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 percent stake and Panasonic 49 percent in the joint venture, which is to be running by the end of 2020.

The companies have been studying...

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