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Japan to jolt EV battery plant construction with $880m subsidies

Tokyo aides domestic suppliers as China, Europe and U.S. promote factories

The demand for batteries has grown with the rise of electrified vehicles.   © Reuters

TOKYO -- Japan will spend about 100 billion yen ($877 million) on subsidies to support the construction of factories for advanced batteries that power electric vehicles.

The financial assistance, which will also cover the renewable energy sector, will be approved for each plant, and companies can apply jointly for the funds. Makers of batteries, related materials and recycling companies will be eligible under the program.

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