Honda and GS Yuasa in EV battery production joint venture

Honda Motor and GS Yuasa, a Japanese battery maker, will invest more than $2.99 billion to develop and mass-produce cells for electric vehicles and homes in Japan through a joint venture. The companies plan to construct a lithium-ion battery factory with a target capacity of 20 gigawatt-hours or more, and Japan’s Ministry of Economy, Trade and Industry will provide a roughly $1.4 billion subsidy to support their efforts.

Japan aims to bolster its competitiveness in the field by supporting domestic production, and storage batteries are designated as a strategically critical product. Encouraging the growth of various electric vehicle (EV)-related industries, such as battery manufacturers, is seen as crucial for the automotive sector to stay competitive.

Media Source: https://asia.nikkei.com