Toyota to receive 120 bil. yen subsidy for EV battery investment

Toyota Motor Corp. will receive about 120 billion yen ($860 million) in government subsidy for its development and production of next-generation electric vehicle batteries, people close to the matter said Thursday.

The government support, in line with the country's aim of ensuring economic security by promoting development of key technologies such as batteries and semiconductors, would follow an earlier decision in April to provide a subsidy of around 160 billion yen for an EV battery manufacturing project by Honda Motor Co. and GS Yuasa Corp.

Toyota plans to expand its all-electric vehicle lineup by launching 10 new models and sell 1.5 million EVs annually by 2026.

© Kyodo News