Toyota Motor Corp. and electronics giant Panasonic Corp. said Tuesday they will jointly establish a new company to make batteries for automobiles, including electric vehicles, by the end of 2020.

With the joint venture, the firms aim to counter Chinese and other foreign rivals. Toyota and Panasonic hope to accelerate the development of high-performance batteries for supply to automakers at home and abroad, while redoubling efforts to increase the price competitiveness of their batteries.

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