Toyota to receive 118 bil. yen subsidy for EV battery investment

Japan’s industry ministry said Friday it will provide up to 117.8 billion yen ($840 million) in subsidies to Toyota Motor Corp. to invest in cutting-edge electric vehicle batteries within the country.

The move comes as the government is aiming to ensure economic security by promoting domestic production of key technologies such as batteries and semiconductors.

The government support is part of 127.6 billion yen to be extended to a total of seven projects to develop and invest in battery parts and materials, also including those by battery manufacturers, the ministry said.

It follows a decision...