Japan calls for $24 bn investment to boost battery competitiveness

TOKYO (Reuters) -Japan needs over $24 billion in investment from both the public and private sectors to develop a competitive manufacturing base for batteries used in areas such as electric vehicles (EVs) and energy storage, the industry ministry said on Wednesday.

A specialist panel tasked with formulating battery strategy also set a target of securing 30,000 trained workers for battery manufacturing and supply chains by 2030, the Ministry of Economy, Trade and Industry said.

The final strategy is central to Japanese efforts to reinvigorate its battery industry as government-backed rivals from neighbouring China and South Korea expand market share in lithium-ion batteries at the expense of Japanese companies.