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