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Japan gives $2.4B in incentives to Toyota and more for EV battery making

Japan will provide subsidies of up to 350 billion yen ($2.44 billion) to 12 development projects for storage batteries – as well as the relevant parts,

Toyota confirmed it will obtain one of the Japanese government’s grants for the development of prismatic batteries, which are rectangular in shape, as well as next-generation solid-state ones, for a combined annual capacity of 9 gigawatt-hours (GWh). Nissan is aiming to have a capacity of 5 GWh each year to make affordable lithium-iron-phosphate (LFP) batteries for its small vehicles starting 2028, while Panasonic’s energy unit said it will build new capacity of 20 GWh by 2030 in a collaboration with Subaru. Six out of the top 10 global battery suppliers were Chinese with a combined market share of 65.3% from January to July, according to figures compiled by South Korean renewable energy consultancy SNE Research.

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