Japanese car manufacturer Toyota plans to invest up to 730 billion yen (about €5.26 billion) to produce more batteries for electric cars in Japan and the United States.
With this investment, Toyota intends to increase its battery production capacity to 40 GWh in the two target countries. It will commit the sum of approximately 400 billion yen (€2.89 billion) in Japan, and 325 billion yen (€2.34 billion) in a plant established in North Carolina, USA.
The additional production is expected to begin between 2024 and 2026, the company said on Wednesday.
Over the past few months, Toyota has been working hard to electrify its cars. Last December, the group said that all of its new vehicle sales in Western Europe would be zero-emission models by 2035.