Japan to ink deal with Canada to secure EV battery supply

Japan's government is set to ink a deal with Canada that ensures access to key battery components as well as a better foothold in the lucrative North American market.

Competition is increasing for minerals such as nickel, cobalt, and lithium that are used in EV batteries. Canada has large reserves of these minerals but needs technology to extract and process them.

Japan will provide financial and technological help, and Canada will provide subsidies for Japanese companies setting up battery plants there.

The collaboration also means better supply chains for Japanese automakers with plants in North America.
Japanese Trade Minister Nishimura Yasutoshi is scheduled to visit Canada next week to sign a memorandum of cooperation.