Toyota Motor Corp has announced plans to boost battery supplies for electric vehicles (EV) across Japan and US.
The car giant will commit up to ¥730bn (£4.52bn) in Japan and the US towards supplying batteries for EVs.
Toyota aims to begin battery production between 2024 and 2026, with an investment intended to augment battery production capacity in both the countries by up to 40 GWh.
It will invest about ¥400bn on Toyota plants and Prime Planet Energy & Solutions, a joint venture with Panasonic Holdings Corp , plant in the Japanese city of Himeji.
Meanwhile, around £2.14bn will be invested in Toyota Battery Manufacturing in North Carolina.
Carmakers worldwide are spending billions of dollars to ramp up battery and electric vehicle production in the face of tougher environmental regulations.
Earlier this year, rival Ford unveiled seven new EVs for the European market, which it hopes to bring to customers by 2024.