The Tokyo Metropolitan Government has raised purchase subsidies for electric vehicles by up to 300,000 yen to as much as 1.3 million yen, Nikkei Asia reported Wednesday.

Both individuals and businesses are eligible for the subsidies, which are capped at 1.3 million yen for EVs and 1.15 million yen for hybrids, with no restriction on the number of vehicles purchased, the news daily said.

Under the new system, the base subsidy will double to 200,000 yen, while extra incentives stay the same: 100,000 yen for vehicle-to-home power, 100,000 yen for charging equipment installation, and up to 300,000 yen for using renewable energy or solar power, the report said.

The final subsidy also includes a manufacturer-based component of up to 400,000 yen, with Toyota (TYO:7203), Nissan(TYO:7201), and Honda ( TYO:7267), receiving the maximum, while BYD (HKG:1211) gets 100,000 yen and Daihatsu receives nothing, the publication said.

Several factors, including sales performance, lineup size, and green transformation efforts, determine how much each automaker qualifies for, it added.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)