Japan to give Toyota up to US$ 841 million in subsidies for domestic production of batteries in EVs: Report

The investment is expected to garner annual production capacity in Japan to 45 gigawatt hours (GWh).

Autocar Pro News Desk By Autocar Pro News Desk calendar 16 Jun 2023 Views icon2419 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Japan to give Toyota up to US$ 841 million in subsidies for domestic production of batteries in EVs: Report

Japan will give Toyota up to US$ 841 million in subsidies to invest in the domestic production of batteries in electric vehicles, Industry Minister Yasutoshi Nishimura said.

Toyota laid out a plan for new technology and revamping of factories, sending a clear signal to garner a larger pie of the growing market for battery electric vehicles, Reuters stated.  With international competition intensifying for storage batteries, the clamour for capital investment is also getting intensified, Nishimura informed reporters at a conference, the newswire stated.  A Toyota representative stated that the company could not offer any further details over and above that which was disclosed by the ministry.

The government stated that mass production of batteries was slated to begin in tranches, from October 2026 onwards.

Japan has relegated batteries for energy storage, including car batteries, as important under an economic security law, and has kept aside 331.6 billion yen for the second supplementary budget, to bolster their supply and development, the METI (Ministry of Economy Trade and Industry) said, the newswire reported.

The government will bear up to 117.8 billion yen (US$ 841 million), for developing next-gen solid state batteries and lithium iron phosphate batteries, METI stated. It stated that the subsidy will be given to Toyota and three companies, with which it is collaborating for the development of batteries, including Toyota Industries, the newswire stated.

The investment is expected to garner annual production capacity in Japan to 45 gigawatt hours, Nishimura noted, adding the government seeks to get a domestic output capacity of 150 GWh by 2030.

 

Tags: Japan,Toyota,EVs
RELATED ARTICLES
JLR to roll out Pirelli FSC-certified natural rubber tyres across its range

auther Autocar Pro News Desk calendar12 Jul 2024

The British luxury car manufacturer will be the first to adopt FSC‑certified tyres at scale, transitioning all tyres fro...

Volvo sells 388,073 cars in H1 2024, up 14%, electrified models share rises to 45%

auther Autocar Pro News Desk calendar12 Jul 2024

In the first six months of 2024, sales of electrified models at 173,668 units were up 27% YoY and accounted for 44% of t...

Iveco wins 900-bus contract worth 225 million euros from Austria

auther Autocar Pro News Desk calendar12 Jul 2024

The Rs 1,977 crore contract is for 540 Crossway buses to be delivered by the end of 2026 and an option for further 380 u...