Toyota-Panasonic venture to build lithium-ion batteries for hybrids in Japan | Calamatta Cuschieri

Market summary

The Maltese market closed in the red on Monday, with the MSE total index ending the session 0.390% lower to 7,247.933 points. The best performer was Harvest Technology plc, by adding 1.38% to close at 1.47, followed by 1.16% increase of Bank of Valletta plc with a closing price of 0.87. The biggest and only one fall was seen from GO plc, which slid 6.25% to close at 3.00. Mapfre Middlesea plc, Malta International Airport and RS2 Software were active but closed unchanged.

European shares finished higher on Monday as investors were still hopeful of a deal on a US stimulus package along with reports that President Donald Trump may be discharged from hospital soon, having contracted the coronavirus during the preceding week. The pan-European Stoxx 600 index gained 0.81% to 365.63 with the German Dax advancing 1.1% to 12,828.31 alongside, while the FTSE Mibtel added 1.06% to 19,265.51.

Wall Street stocks had their strongest session in weeks on Monday as market participants continued to track both stimulus talks and the health of the President. At the close, the Dow Jones Industrial Average was up 1.68% at 28,148.64, while the S&P 500 was 1.80% firmer at 3,408.63 and the Nasdaq Composite saw out the session 2.32% stronger at 11,332.49.

Toyota-Panasonic venture to build lithium-ion batteries for hybrids in Japan

A joint battery venture of Toyota Motor Corp and Panasonic Corp said it will produce lithium-ion batteries for hybrid cars at a plant in Western Japan from 2022 to meet growing demand for electric vehicles.

The production line at a Panasonic factory in Tokushima prefecture will have enough capacity to build batteries for around 500,000 vehicles a year, Prime Planet Energy & Solutions, Inc said in a statement.

Established in April, Prime Planet Energy is 51% owned by Toyota Motor with Panasonic holding the remaining stake. The venture reflects the drive of both companies to become bigger global players in an industry vital for the development of affordable EVs.

Panasonic, one of the world's biggest EV battery makers, faces intense competition as a battery supplier to global automakers, including Tesla Inc. The other leading players are South Korean and Chinese makers such as Samsung SDI Co, LG Chem and CATL.

Toyota, Japan’s biggest carmaker, last month said it expects annual sales of EV vehicles to reach 5.5 million in 2025, five years earlier than initially planned.

 

This article was issued by Nadiia Grech, Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.

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