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President of Toyota Motor Akio Toyoda (L) and President of Panasonic Kazuhiro Tsuga (R). Photo: Toru Yamanaka/AFP/Getty Images

Toyota and Panasonic announced Tuesday that they've inked a deal for establishing a joint venture to develop electric vehicle batteries.

Why it matters: It's the latest sign of companies in the automotive and battery space pooling resources to get ahead in the increasingly competitive EV market.

  • "The business environment is one in which independent efforts by battery manufacturers or automobile manufacturers are not enough for solving the issues concerned," the companies said in a joint statement.

The intrigue: Via the Associated Press, "Toyota, Japan's No. 1 automaker, is thought to have fallen behind rival Nissan Motor Co. in pioneering electric vehicles, and has been trying to catch up in recent years."

Where it stands: The corporate giants, which did not disclose investment amounts, said they're setting up a JV by the end of next year with a 51% stake for Toyota and 49% for Panasonic. They added...

  • It will cover R&D, product engineering, manufacturing, and more.
  • It will explore both advances in existing technology as well as development of solid-state and "next generation" tech.
  • Products developed through the venture will likely be sold to "various automakers" through Panasonic.

Of note: As Reuters points out here, the JV builds on a partnership the companies first established in late 2017.

Go deeper

15 mins ago - Politics & Policy

McConnell drops filibuster demand, paving way for power-sharing deal

Senate Majority Leader Chuck Schumer (R) and Minority Leader Mitch McConnell attend a joint session of Congress. Photo: Olivier Douliery/AFP via Getty Images

Senate Minority Leader Mitch McConnell has abandoned his demand that Democrats state, in writing, that they would not abandon the legislative filibuster.

Between the lines: McConnell was never going to agree to a 50-50 power sharing deal without putting up a fight over keeping the 60-vote threshold. But the minority leader ultimately caved after it became clear that delaying the organizing resolution was no longer feasible.

Scoop: Google won't donate to members of Congress who voted against election results

Sen. Ted Cruz led the group of Republicans who opposed certifying the results. Photo: Stefani Reynolds/Pool/AFP via Getty Images

Google will not make contributions from its political action committee this cycle to any member of Congress who voted against certifying the results of the presidential election, following the deadly Capitol riot.

Why it matters: Several major businesses paused or pulled political donations following the events of Jan. 6, when pro-Trump rioters, riled up by former President Trump, stormed the Capitol on the day it was to certify the election results.

2 hours ago - Politics & Policy

Minority Mitch still setting Senate agenda

Illustration: Aïda Amer/Axios

Chuck Schumer may be majority leader, yet in many ways, Mitch McConnell is still running the Senate show — and his counterpart is about done with it.

Why it matters: McConnell rolled over Democrats unapologetically, and kept tight control over his fellow Republicans, while in the majority. But he's showing equal skill as minority leader, using political jiujitsu to convert a perceived weakness into strength.