The Strategist

Toyota to receive $860M in subsidies to develop batteries for electric cars

06/16/2023 - 03:14

The national government will provide approximately 120 billion yen ($860 million) in subsidies to Toyota, the largest automaker in Japan, to help it develop and manufacture cutting-edge batteries for electric vehicles, reports Kyodo news agency.

The Japanese government has already committed to give Honda, a different Japanese company, roughly 160 billion yen ($1.1 billion) in April 2023 for the invention and construction of such batteries.

By using hydrogen, renewable energy, and the recycling of carbon dioxide produced by industry, Japan hopes to accomplish complete decarbonization by the year 2050. The local government is actively encouraging automakers to transition to electric vehicles.

The newest solid-state batteries for electric vehicles will be available by 2027, Toyota stated earlier this week. With such batteries, electric vehicles will have a range of at least 1,000 miles between recharges, which will take less than 10 minutes.