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Toyota will invest $5.3 billion on batteries in Japan and the U.S.

The Japanese carmaker said on Wednesday that it will invest up to 730 billion yen ($5.27 billion) in Japan and the United States to produce automobile batteries for battery electric vehicles.

The company plans to commence battery production between 2024 and 2026 with an investment that would increase battery production capacity by up to 40 GWh in both nations.

Related: Hino was removed from the Toyota-led commercial vehicle partnership.

It would spend around 400 billion yen in Toyota factories and Prime Planet Energy & Solutions Co., a joint venture with Panasonic Holdings Corp. in the city of Himeji in western Japan.

Also, about $2.5 billion will be put into the Toyota Battery Manufacturing plant in North Carolina.

In response to stricter environmental rules, automakers are investing billions of dollars to increase the manufacturing of batteries and electric vehicles.

($1=138.4300 yen)

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