On Monday, in a joint statement, Toyota Motor Corp and Panasonic Corp stated, they have agreed to set up a joint venture which will specialize in producing prismatic electric vehicle batteries.

Prismatic electric vehicle batteries developed by the joint venture will be available for sale to any automaker, and not just be limited to Toyota vehicles, said both companies in a statement.

The new company will begin operation on April 1, with Toyota owning 51% and Panasonic holding the balance.

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Tags: automaker, batteries, electric vehicles, joint venture, operations, Panasonic Corp, pattern, prismatic, produce, production, shareholding, Toyota Motor Corp, Toyota vehicles