Japan calls for $24 billion investment to boost battery competitiveness

TOKYO : 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 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. It added to those April-announced targets on Wednesday with the recruitment and 3.4 trillion yen investment goals.

Demand for minerals such as nickel, lithium and cobalt is projected to expand significantly in coming decades as they become essential for environmentally friendlier technology.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Japan govt respects BOJ's monetary policy independence -Finance MinisterTOKYO : Japan's government respects the Bank of Japan's independence in guiding monetary policy, Finance Minister Shunichi Suzuki said on Tuesday.The government will monitor U.S. monetary policy trends and market moves, Suzuki said, when asked about market fluctuations following a speech by Federal Reserv
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »