Shares of Toyota Motor (NYSE: TM) were lower in early U.S. trading on Monday. The Japanese auto giant said that it will buy out Panasonic's stake in a long-standing battery-making joint venture as it prepares to ramp up electric vehicle (EV) production in Japan.

As of 11 a.m. ET, Toyota's U.S.-traded shares were down about 2.7%.

Toyota is buying out Panasonic's stake in Primearth EV Energy, a joint venture originally established 28 years ago to make battery packs for Toyota hybrids like the Prius. Primearth expects to begin production of lithium-ion batteries for EVs and plug-in hybrids in 2026, at a new factory now under construction near Tokyo.

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Source Fool.com