Feb. 4, 2020—Toyota and Panasonic have agreed to set up a joint venture that will begin developing electric vehicle (EV) batteries in April, reported Reuters.

Panasonic has been the exclusive supplier of cylindrical batteries for Tesla but has been looking to expand its list of customers by stepping up development of the prismatic batteries more widely used in the industry.

The new company, called Prime Planet Energy and Solutions, will develop prismatic - or square-shaped - batteries that will be available to any automaker.