Japan Hands Out $2.4 Billion To Toyota, Nissan, Mazda, Subaru To Boost EV Battery Production

 Japan will hand out more subsidies for electric-vehicle battery production, pledging as much as $2.4 billion in support for related projects by Toyota Motor, opens new tab and other major companies, as it seeks to strengthen its battery supply chain.

 

The government will support 12 projects for storage batteries or those for their parts, materials or production equipment by up to 350 billion yen ($2.44 billion), Minister of Economy, Trade and Industry Ken Saito told reporters.