Toyota to Expand Japan EV Battery Output With $850 Million Subsidy

By Shizuka Tanabe, Riho Nagao and Ryohei Shimizu

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The all-electric Toyota bZ4X SUV sits on display at the Thailand International Motor Expo 2022 on Nov. 30. Photo: VCG

(Nikkei Asia) — Japan's industry ministry will provide a roughly 120 billion yen ($853 million) subsidy to Toyota Motor Corp. to expand its production of electric-vehicle (EV) 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.