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Business & Finance

Toyota, Mitsubishi Elec win share of Japan's $2.4bn subsidies for bringing manufacturing home

  • Mitsubishi Electric has agreed to buy part of a plant in western Japan from Sharp Corp to produce power management chips.
20 Nov 2020

TOKYO: The Japanese government has selected more than 140 companies, including Toyota Motor Corp and Mitsubishi Electric Corp, as recipients of a total $2.4 billion in subsidies for repatriating manufacturing.

The government decided on the subsidies after it was spooked by coronavirus-induced factory shutdowns in China and a consequent shortages of medical gowns and masks.

The programme received 1,670 applications worth 1.76 trillion yen ($17 billion) in total, the industry ministry said in a statement on Friday.

Among winners, a joint venture of Toyota and Panasonic Corp is launching a new production line in western Japan to make lithium-ion batteries for hybrid cars.

Mitsubishi Electric has agreed to buy part of a plant in western Japan from Sharp Corp to produce power management chips.

The industry ministry did not disclose subsidy amounts for individual projects.