Japan awarded Toyota about $836 million in support of the Japanese automaker’s research, development and production efforts in the battery industry used in electric vehicles.
The grant follows Toyota’s announcement this week of a comprehensive plan to develop the production of electric batteries.
Japan’s Ministry of Economy, Trade and Industry had announced that the country would bear about 117.8 billion yen, out of a total investment of 330 billion yen, aimed at developing the new generation of batteries, Reuters said.
Japan classified energy storage batteries, including auto batteries, as central under the Economic Security Act, and allocated 331.6 billion yen ($2.35 billion) in its second supplementary budget to support its development, the ministry added.
The government expects mass battery production to begin in phases from October 2026 onwards.
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