By Temitope Adebayo
Japan plans to give Toyota up to $841 million in subsidies for the automaker’s investment in domestic production of batteries used in electric vehicles (EVs), Industry.
The Japan Minister of Economy, Trade and Industry Yasutoshi Nishimura said this on Friday.
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Toyota this week laid out a sweeping plan for new technology and a radical redesign of factories, sending the clearest signal yet of its intention to capture a larger share of the fast-growing market for battery EVs, where it has been far outsold by rivals such as Tesla
“As the international competition for storage batteries is intensifying, competition for capital investment is also becoming more intense,” Nishimura told reporters at a media conference.
“Large-scale investments by Toyota group and so on will hopefully lead to a significant strengthening of our country’s supply chain for storage batteries,” he said.
There were no further details about the investment that Toyota could provide beyond those already disclosed by the ministry, a company spokesperson said.
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