TOKYO – Japan has announced that it will provide Toyota with up to $841 million in subsidies for the automaker’s investment in domestic production of batteries used in electric vehicles (EVs), according to Industry Minister Yasutoshi Nishimura. This move comes as Toyota unveils its ambitious plan to capture a larger share of the fast-growing market for battery EVs.
Nishimura stated, “As the international competition for storage batteries is intensifying, competition for capital investment is also becoming more intense. Large-scale investments by Toyota group and others will hopefully lead to a significant strengthening of our country’s supply chain for storage batteries.”
No additional details regarding Toyota’s investment have been shared at this time.
The Japanese government has allocated 331.6 billion yen to support the supply and development of batteries for energy storage, including car batteries. Of this amount, the government will provide a subsidy of up to 117.8 billion yen ($841 million) to Toyota and three companies working on battery development.
Japan aims to achieve a domestic output capacity of 150 GWh by 2030, with Toyota’s investment bringing annual production capacity in Japan to 45 GWh.
($1 = 140.0700 yen)
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