The Ministry of economy, Trade and Industry of Japan will provide about 120 billion yen subsidy to Toyota battery development.

Thanks to CTOnews.com netizens Xiao Zhan cut, West window old story, Hello _ rabbit, Mr. Aviation clue delivery! CTOnews.com, June 16, according to the Japan Broadcasting Association (NHK), the Japanese Ministry of economy, Trade and Industry (METI) will provide Toyota Motor Company with a subsidy of about 120 billion yen (currently about 6.096 billion yuan) to promote the research, development and production of lithium-ion batteries for electric vehicles in Japan.

According to local sources, this support will increase Japan's overall production capacity of lithium-ion batteries by 25 gigabytes (25 gigawatts) per year, more than double the current production capacity.

‎ CTOnews.com noted that the Japanese government had designated batteries as materials of "special importance to economic security" and had allocated a budget of about 300 billion yen (currently about 15.24 billion yuan) to boost Japan's battery industry.

Toyota has announced that it aims to sell 1.5 million electric vehicles a year worldwide by 2026, and expanding the capacity of automotive lithium-ion batteries will be a challenge.

In April, Honda set up a joint factory with century-old battery maker GS Yuasa, which provided about 160 billion yen in subsidies to the plant and launched a series of support measures.