Toyota receives $850M boost for EV battery technology and production expansion.

Japan is awarding nearly $850 million to Toyota to accelerate domestic battery output and establish a reliable supply chain for EVs. The Japanese government increased support for storage batteries with $2.3 billion in subsidies to avoid falling behind in the transition to electric vehicles. Toyota introduced several new innovations this week designed to increase its competitiveness in the rapidly expanding EV market and secure its place in the future of the auto industry, including a battery tech roadmap suggesting future Toyota EVs will achieve over 600 to 700 miles range by 2028 with several new EV battery types.