Japan supports domestic production of critical items, including EV parts
Honda Motor and GS Yuasa will invest 434.1 billion yen to develop and produce lithium-ion batteries for electric vehicles at factories in Japan. The project is expected to receive a subsidy of up to 158.7 billion yen. © Reuters
TOKYO — Honda Motor and other companies will receive subsidies totaling up to 240 billion yen ($1.79 billion) from Japan’s Ministry of Economy, Trade and Industry to produce storage batteries and semiconductors, which the government has designated as strategically critical products.
The automaker said on Friday that it will team with battery manufacturer GS Yuasa and invest 434.1 billion yen to develop and mass-produce lithium-ion batteries for electric vehicles at factories in Japan. The government will provide a subsidy of up to 158.7 billion yen.
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