Honda and GS Yuasa are to invest ¥400 billion ($3 billion) in building a Japanese battery factory to make battery cells for electric vehicles and homes, according to reports.
Nikkei Asia said they will construct a domestic lithium-ion battery factory with a target capacity of 20GWh or more. Production is set for October 2027. Honda and GS Yuasa will receive ¥158.7 billion ($1.17 billion) from the Japanese government in subsidies.
The companies announced an agreement in January to develop high-capacity, high-output lithium-ion batteries.