Japan Rechargeable Battery Firms Seek Big Increase In Govt. Funding
Japanese firms that design and make rechargeable batteries are asking the government for a big increase in financial support to help compete with rivals from China and South Korea.
Representatives from about 100 firms put their request to the government at a general meeting on Thursday.
Officials from Panasonic Energy, Sumitomo Metal Mining, and Toyota Motor attended.
The firms are seeking 3.6 trillion yen, or nearly 27 billion dollars, over a five-year period to fiscal 2027.
Demand for rechargeable batteries is growing sharply with the market for electric vehicles.
Japanese makers say they'll need to drastically ramp up their manufacturing capacity.
They say government investment will help to build factories and acquire interests in rare metal mines.
Japanese battery makers controlled 40 percent of the global market in 2015, but their share had slumped to just 15 percent by 2020.
The governments of China, South Korea and the United States all provide hefty subsidies to their domestic industries.