Japanese automaker Honda Motor Co Ltd and battery manufacturer GS Yuasa Corp will collaborate and invest more than 400 billion (US$2.99 billion) to build batteries for electric vehicles (EVs) and residences.
The corporations will begin by constructing a new facility in Japan with a minimum 20 gigawatt hours (GWh) of production capacity, according to sources.
A joint venture that the businesses announced in January will be crucial in the development of batteries, materials, and capital investment.
The publication also stated that a subsidy of roughly 150 billion yen will be provided by Japan's Ministry of Economy, Trade, and Industry, without mentioning if this would simply be for the factory's construction.
A ministry official and a Honda spokeswoman both stated that the report was unrelated to anything they had previously announced and that there was nothing more they could say at this time. GS Yuasa could not be reached right away after regular business hours.
Both a Ministry representative and a Honda spokesperson said they had nothing further to add at this time and that the report had nothing to do with anything they had previously revealed. It was impossible to immediately contact GS Yuasa outside regular business hours.
GS Yuasa Corporation is a Japanese business with headquarters in Kyoto that specialises in the development and manufacture of lead acid and lithium-ion batteries used in cars, motorbikes, and other uses in the aerospace and defence industries.