Japanese automaker Honda Motor Co Ltd and battery maker GS Yuasa Corp will invest over 400 billion yen (USD 2.99 billion) and team up to produce batteries for electric vehicles (EVs) and homes, the Nikkei newspaper reported on Thursday.
The companies will start by building a new plant in Japan, targeting a production capacity of at least 20 gigawatt hours (GWh), the Nikkei added, without citing sources.
A joint-venture, which the companies unveiled in January, will play a central role in the development of batteries and materials as well as capital investment, the Nikkei said.
Japan’s Ministry of Economy, Trade and Industry would provide a subsidy of about 150 billion yen, the newspaper added, without specifying whether that would be only for building the factory.
A Honda spokesperson told Reuters the report was not something it had announced, and there was nothing it could answer about it at this point, while a ministry official said the same. GS Yuasa could not be immediately reached outside of regular office hours.
