Toyota and Panasonic decided to establish a partnership to start developing electric vehicle batteries in April.

Toyota and Panasonic stated that the new company called Prime Planet Energy and Solutions will develop prismatic, square-shaped batteries that every car manufacturer can use.

The new company will start its operations with more than 5,000 employees on April 1, according to companies. Toyota will have a 51% share in the new company, while Panasonic will have a 49% share.

While stricter landscapes accelerate the transition to environmentally friendly cars, this initiative reflects Japanese companies' goal to become larger global players in the automotive battery industry, which is vital for the development of affordable electric vehicles.

"The batteries are seen as the solution for providing energy for cars and other mobility and for various environmental problems, and are expected to play a central role in society in the future," the companies said in a statement.
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