The Japanese government has announced a new round of subsidies for the development and production of batteries for electric vehicles. The program is aimed at strengthening domestic manufacturing through public- and private-sector activities.
The subsidies will cover 12 projects by battery makers and by automakers Toyota, Nissan, Subaru and Mazda.
Total investment will be around 1 trillion yen or, about 7 billion dollars. The government will cover around one-third of that amount, up to about 340 billion yen, or 2.3 billion dollars.
It has been promoting the domestic development and production of storage EV batteries, recognizing their importance for economic security.
Industry Minister Saito Ken told reporters, “We expect the subsidy will contribute to strengthening Japan’s storage-battery supply chain and improve the industry’s competitiveness.”