Toyota, Panasonic to set up EV battery JV amid rising China competition

A Toyota Motor Corp. badge is displayed on the wheel hub of a vehicle inside the Toyota City Showcase exhibit at the company's Mega Web car theme park in Tokyo, Japan, on Friday, Feb. 3, 2017. Photographer: Kiyoshi Ota/Bloomberg

Toyota Motor Corp and Panasonic Corp are set to launch a joint venture next year to produce batteries for electric vehicles (EV) in an effort to compete with Chinese rivals, a source familiar with the matter said.

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