TOKYO: Toyota has started using the same type of battery that Panasonic designed for Tesla in some of its plug-in hybrids sold in China, sources familiar with the matter said.
Toyota is using Panasonic’s cylindrical batteries in its new Corolla and Levin plug-in hybrid sedans launched in China this year, one of the people said.
The batteries are the same size as those that Panasonic makes for Tesla, but the composition is different, said the sources, who declined to be identified as the matter is private.
The move reflects Toyota’s efforts to secure stable supplies of high-quality batteries amid the accelerated global shift to electricity-powered cars.
Japan’s biggest automaker co-developed the batteries with Panasonic over a period of several years as it expands its lineup of electrified vehicles, according to one of the people, who has direct knowledge of matter.
A Panasonic spokeswoman said the company is not in a position to comment as a supplier, while Toyota declined to comment.
The Nikkei newspaper reported the news earlier.
Toyota has favored square, or prismatic, batteries for its vehicles, and uses some manufactured by Panasonic for its hybrids. The two companies announced a joint venture in January to build electric-vehicle (EV) batteries, pooling the R&D and manufacturing strengths of one of the world’s largest automakers with one of the largest battery makers.
Toyota has also partnered with China’s Contemporary Amperex Technology Co. Ltd. (CATL) and EV maker BYD for battery procurement.
Toyota is believed to have ordered about 50,000 of the cylindrical batteries, pushing Panasonic’s battery plant in Osaka to full capacity, the Nikkei said.
Panasonic has been the exclusive battery cell supplier for Tesla, but the US electric vehicle maker is in advanced talks with South Korea’s LG Chem as it seeks to diversify sources of the key component.
Toyota using Tesla-style Panasonic batteries for China hybrids: sources
Toyota using Tesla-style Panasonic batteries for China hybrids: sources
- Toyota is using Panasonic’s cylindrical batteries in its new Corolla and Levin plug-in hybrid sedans
- Toyota and Panasonic announced a joint venture in January to build electric-vehicle batteries
Closing Bell: Saudi main index extends gains as market opens wider to foreign investment
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 153.61 points, or 1.38 percent, to close at 11,321.09.
The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion), as 207 of the listed stocks advanced, while 55 retreated.
The MSCI Tadawul Index increased, up 21.20 points or 1.41 percent, to close at 1,524.18.
The Kingdom’s parallel market Nomu gained 278.13 points, or 1.17 percent, to close at 24,013.03. This comes as 43 of the listed stocks advanced, while 29 retreated.
The best-performing stock was Saudi Pharmaceutical Industries and Medical Appliances Corp., with its share price surging by 7.26 percent to SR28.94.
Other top performers included Rasan Information Technology Co., which saw its share price rise by 6.51 percent to SR144, and Knowledge Economic City, which saw a 6.25 percent increase to SR13.09.
On the downside, the worst performer of the day was Najran Cement Co., whose share price fell by 2.11 percent to SR6.49.
Almasane Alkobra Mining Co. and Saudi Cable Co. also saw declines, with their shares dropping by 2 percent and 1.88 percent to SR103.10 and SR166.80, respectively.
On the announcement front, Riyad Bank has announced its annual financial results for 2025, with the total income from special commission of financing reaching SR24.1 billion, while net income from special commission of financing amounted to SR12 billion.
In a statement on Tadawul, the bank said: “Net income increased by 11.7 percent mainly due to an increase in total operating income and a decrease in total operating expenses.”
The bank further noted that the rise in total operating income was primarily driven by increased revenue from fees and commissions, trading activities, special commissions, gains on non-trading investments, and other operating sources. This growth was partially tempered by declines in exchange and dividend income.
“Net provision of expected credit losses and other losses decreased by 15.8 percent due to a decrease in impairment charge of credit losses and impairment charge for other financial assets, partially offset by an increase in impairment charge for investments,” it added.
RIBL’s share price closed at SR18.18 on the main market, marking a 1.43 percent increase.
