EV市場減速を受け戸田工業が戦略転換、BASFとの合弁事業を終了

戸田工業は、リチウムイオン電池（LIB）用正極材料を手掛ける合弁会社「BASF戸田バッテリーマテリアルズ（BTBM）」の全持ち分をBASF側に譲渡し、合弁事業を解消することを決定しました。

1. 合弁解消の主な理由

EV市場の成長鈍化: 2024年以降、電気自動車（EV）市場の伸びが世界的に落ち着き、BTBMの業績も停滞していました。
迅速な意思決定の必要性: グローバル競争が激化する中、BASFの単独資本とすることで、投資判断や戦略実行のスピードを速めることが最善と判断されました。
経営資源の選択と集中: 戸田工業の中期経営計画「Vision 2026」に基づき、不採算リスクを抑え、自社の強みがある他分野へリソースを再配分します。

2. 今後の両社の関係と影響

資産の賃貸は継続: 戸田工業は引き続き、BTBMに対して土地、建物、構築物の貸し出しや役務の提供を行います。
財務面の改善: 持ち分譲渡により、来年度以降の戸田工業の連結経常利益は改善する見込みです。

1. 合弁解消の主な理由
2. 今後の両社の関係と影響

関連情報：背景と業界の動向
Toda Kogyo Shifts Strategy Amid EV Market Slowdown, Terminating Joint Venture with BASF
1. 1. Key Reasons for Dissolving the Joint Venture
2. 2. Future Relationship and Impact
Related Information: Background and Industry Trends

Toda Kogyo Shifts Strategy Amid EV Market Slowdown, Terminating Joint Venture with BASF

Toda Kogyo has decided to transfer its entire stake in BASF TODA Battery Materials (BTBM)—a joint venture specializing in cathode active materials for lithium-ion batteries (LIB)—to BASF, thereby dissolving the partnership.

1. Key Reasons for Dissolving the Joint Venture

Slowdown in EV Market Growth: Since 2024, the global expansion of the electric vehicle (EV) market has cooled down, leading to stagnant performance for BTBM.
Need for Rapid Decision-Making: Amid intensifying global competition, it was determined that transitioning to a BASF-only capital structure is the best way to accelerate investment decisions and strategic execution.
Selection and Concentration of Management Resources: Based on Toda Kogyo’s medium-term management plan, “Vision 2026,” the company aims to minimize unprofitability risks and reallocate resources to other sectors where it holds a competitive advantage.

2. Future Relationship and Impact

Continuation of Asset Leasing: Toda Kogyo will continue to lease land, buildings, and structures to BTBM, as well as provide ongoing services.
Financial Improvement: Due to the transfer of shares, Toda Kogyo expects its consolidated ordinary income to improve starting next fiscal year.

Related Information: Background and Industry Trends

Supplementary information to provide a deeper understanding of this decision.

Structure of a Lithium-ion Battery

A lithium-ion battery consists primarily of four components: the cathode, anode, electrolyte, and separator.

Importance of Cathode Materials: This is the most critical component, determining the battery’s capacity and voltage. It is said to account for approximately 30 percent to 40 percent of the total battery cost. Toda Kogyo’s partnership with BASF focused on manufacturing this core material.

The “EV Plateau” Phenomenon

The automotive industry is currently experiencing a phenomenon often called the “EV Chasm” or “Plateau.”

Saturation Among Early Adopters: Demand has leveled off now that the initial segment of consumers interested in high-end EVs has already purchased them.
Infrastructure and Price Barriers: A lack of charging infrastructure and rising effective prices due to the reduction of subsidies are acting as deterrents for consumers.
Re-evaluation of Hybrid Vehicles: Demand for Hybrid Electric Vehicles (HEV) and Plug-in Hybrid Electric Vehicles (PHEV), led by companies like Toyota, is surging again in markets like North America and Japan.

Toda Kogyo’s Next Strategy

Following the dissolution of the joint venture, Toda Kogyo plans to focus on the following “Mobility, AI, and Environment” sectors:

Magnetic and Dielectric Materials: Essential materials for motors and electronic components.
Soft Magnetic Materials: Next-generation materials that contribute to energy saving in AI servers and communication equipment.
Environment-Related Materials: Development of new materials aimed at achieving a decarbonized society.

This decision is a symbolic move showing how manufacturers are shifting their strategy from “scale expansion” to “profitability and speed” now that the initial hype surrounding the EV market has cooled.