TOKYO: Japan needs over US$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 and energy storage, the industry ministry said on Wednesday .
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. The panel has already set targets for domestic production capacity of EV and energy storage batteries at 150 gigawatt hours by 2030, and global capacity of Japanese makers at 600 GWh. It has also called for full-scale commercialisation of all-solid-state batteries by around 2030.
The ministry on Wednesday also said government support will expand for Japanese firms buying into mines of minerals used in batteries and reinforce alliances with resource-rich countries such as Australia and well as in Africa and South America.
Don't tell Toyota . The CEO thinks the future is for ICE vehicles. Future breaking news: This just in, Toyota files for bankruptcy.
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