Japan to give Toyota $841 mn support for domestic EV battery production

Japan will give Toyota up to $841 million in subsidies for the automaker’s investment in domestic production of batteries used in electric vehicles (EVs), Industry Minister Yasutoshi Nishimura said on Friday. Toyota this week laid out a sweeping plan for new technology and a radical redesign of factories, sending the clearest signal yet of its intention to capture a larger share of the fast-growing market for battery EVs, where it has been far outsold by rivals such as Tesla.