Toyota, Panasonic to hold news conference at 1.30 a.m. ET

Reuters News
Posted: Dec 12, 2017 9:38 PM

TOKYO (Reuters) - Toyota Motor Corp and Panasonic Corp on Wednesday said they would hold a joint news conference in Tokyo at 3:30 pm (0630 GMT).

The two companies did not give details on the content of the news conference.

The Nikkei business daily reported earlier on Wednesday that Toyota and Panasonic were forming a tie-up to establish standards for batteries used in electric vehicles which could help reduce manufacturing costs and establish recycling options for used batteries.

Panasonic manufactures batteries used in Toyota's gasoline hybrid and plug-in hybrid vehicles, and Toyota is developing battery-electric vehicles (EVs) which it plans to market in the early 2020s.

A Toyota spokeswoman declined to comment on the Nikkei report. Panasonic also supplies Tesla Inc with EV batteries.

(Reporting by Naomi Tajitsu; Editing by Edwina Gibbs)