With an investment of 730 billion yen, Toyota plans to produce electric car batteries in Japan and the United States

 Toyota Motor Corporation pledged to invest up to 730 billion yen, or about $5.6 billion,

To boost production of electric car batteries in Japan and the United States due to the increasing demand for clean transportation globally, according to Bloomberg News.

The world's largest car manufacturer said in a statement on Wednesday that battery production is expected to start between 2024 and 2026.

"This investment aims to enable Toyota to flexibly meet the requirements of its different consumers in all countries and regions by providing multiple power generators and providing as many options as possible," Toyota added.

Although Toyota sees hybrid cars and even hydrogen fuel cells as part of the green future, it has accelerated its effort to convert more of its cars to electric in recent months.

It pledged in December that it was ready to sell zero-emissions cars in Europe by 2035, in line with the EU's proposed green deal in early 2021.