Japan will hand out more subsidies for electric-vehicle (EV) battery production, pledging as much as $2.4 billion in support for related projects by Toyota and other major companies, as it seeks to strengthen its battery supply chain.
The government will support 12 projects for storage batteries or those for their parts, materials or production equipment by up to ¥350 billion ($2.44 billion), Minister of Economy, Trade and Industry Ken Saito told reporters.
"We hope that these efforts will strengthen Japan's storage battery supply chain and the storage battery industry's competitiveness," Saito said.
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