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Driving electric vehicle adoption On September 6, 2024, the Japanese government announced plans to increase subsidies for electric-vehicle (EV) battery production, committing up to $2.4 billion in support for projects led by Toyota Motor and other major companies.
Japan’s government has committed to supporting 12 projects related to storage batteries, including those focusing on battery parts, materials, or production equipment, with subsidies of up to 350 billion yen ($2.44 billion).
Japan’s government-backed initiative is expected to significantly increase the country’s annual production capacity for storage batteries, boosting it by around 50%—from 80 gigawatt-hours (GWh) to 120 GWh.
The latest support comes after the government pledged nearly $1 billion in subsidies for storage battery production in June last year. Toyota would invest a total of ¥250 billion in two subsidiaries to build battery plants in Hyogo and Fukuoka prefectures.
Toyota would invest a total of ¥250 billion in two subsidiaries to build battery plants in Hyogo and Fukuoka prefectures. However, a Toyota spokesperson said the automaker has not made any announcement regarding such projects, adding it has been making various efforts to increase the production capacity of EV batteries.
We hope that these efforts will strengthen Japan’s storage battery supply chain and the storage battery industry’s competitiveness, Saito said. The move will help expand the country’s production capacity for storage batteries by around 50% to 120 gigawatt-hours (GWh), from 80 GWh currently, Japanese media reported earlier on Friday.
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