TOKYO/NAGOYA — Japan’s industry ministry will provide a roughly 120 billion yen ($853 million) subsidy to Toyota Motor to expand its production of electric-vehicle batteries, Nikkei has learned, in a bid to boost domestic output and curb supply chain risks.
The Ministry of Economy, Trade and Industry has designated storage batteries as crucial to Japan’s economic security and has secured 330 billion yen in a supplementary fiscal 2022 budget to support the sector.