Business

Carmakers set up EV charging firm

Kyodo

Four automakers said Friday that they have jointly established a new company to promote the nationwide installation of electric vehicle chargers.

Nippon Charge Service LLC was set up Monday by Toyota Motor Corp., Nissan Motor Co., Honda Motor Co. and Mitsubishi Motors Corp. with a capitalization of ¥80 million. The Development Bank of Japan will support the move by investing in the company, they said.

The main obstacle to the expanded use of electric vehicles has been the lack of charging infrastructure. In November, the four companies started taking applications from prospective charger installers in order to financially help them in conjunction with government subsidies.

The financial support will be provided to businesses and operations that set up charging stations at key locations, including hotels, convenience stores and highway rest areas.