Japanese legacy automaker Toyota has reportedly secured approximately 120 billion yen (853 million) subsidy as part of the industry ministry’s support for the automaker’s domestic power battery production, Nikkei Asia reports.
Toyota recently unveiled plans for its new battery technology and electric vehicle innovation. It includes new, high-performance power batteries along with other technologies that improve the driving range and reduce costs.
Subsidy purpose
The Ministry of Economy, Trade, and Industry of Japan recognize storage batteries, including those in electric vehicles, as “crucial to Japan’s economic security.”
Japan has now raised its support for such technologies with subsidies for 330 billion yen ($2.3 billion).
Remarkably, this program is part of the government’s strategy to boost the country’s EV uptake and build a local supply chain for the industry.
Toyota’s new EV battery technology plans
Toyota recently revealed its battery technology roadmap, including the development of EVs with more than 600 to 700 miles range by 2028 with varying battery types.
The Japanese automaker also plans to produce its two next-gen batteries by 2027. The first model is the performance variant, utilizing the similar NCM battery chemistry as its maiden EV bZ4X. However, the company claims it will have 20% more range and 20% less cost.
Meanwhile, the second battery variant will use a new bipolar structure with lithium iron phosphate (LFP). According to Toyota, it will have 20% more range and offer a 40% cost reduction compared to the company’s current battery models.
The current bZ4X has a CLTC-estimated range of 382 miles and an EPA range of 252 miles, so the next-gen battery would raise its CLTC range to more than 458 miles (300 miles EPA).)
In addition, Toyota also announced its discovery of a “technological breakthrough” with solid-state batteries. The Japanese automaker aims to begin mass production of the said battery tech by 2027 to 2028, enabling a range boost of 20% and a 10-minute or less fast charging.
See Also:
- Toyota announces plans for new battery tech and EV innovation
- Toyota to establish a new US battery lab to test electric and hybrid vehicle batteries
- Toyota commits an additional $2.1B investment to its battery plant expansion in the US
- Toyota global car sales grew almost 5% YoY in April on stronger demand
- Over 2 million Toyota owners were at risk in a decade-long vehicle data leak
The government’s substantial subsidy grant for Toyota demonstrates the country’s efforts to boost its EV uptake. It would be interesting to observe Toyota’s next moves toward the electric era after lagging behind in the industry.
