Toyota Gets $841M Support From Japan To Boost Domestic EV Battery Capacity: Report
Portfolio Pulse from Shivani Kumaresan
Toyota Motor Corp (NYSE:TM) will receive up to $841 million in subsidies from the Japanese government to boost domestic production of batteries for electric vehicles. The mass production of batteries is expected to start in stages from October 2026, with an aim to reach a domestic output capacity of 150 GWh by 2030.
June 16, 2023 | 12:43 pm
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Toyota receives $841 million in subsidies from the Japanese government to boost domestic EV battery production, aiming for 150 GWh output by 2030.
The $841 million subsidy from the Japanese government will help Toyota increase its domestic production of EV batteries, which is crucial for the company's growth in the fast-growing EV market. This support will likely have a positive impact on Toyota's stock price in the short term as it demonstrates the company's commitment to expanding its EV capabilities and the government's support for its efforts.
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