Japanese automaker Nissan Motor says it will make a new investment of up to 2 billion pounds, or about 2.5 billion dollars, in a plant in northern Britain to expand electric vehicle production.

Nissan President and CEO Uchida Makoto announced the plan at a news conference on Friday at the firm's Sunderland plant.

The money will be spent on manufacturing two new EV models as well as research and development.

The move comes as Nissan aims to shift its passenger car lineup in Europe to fully electric by 2030. Uchida said the company is making that vision happen with Friday's announcement.

The automaker apparently hopes to expand its market share in Europe as the continent speeds up the shift to EVs.

British Prime Minister Rishi Sunak, who visited the plant, welcomed Nissan's investment, saying it is "a massive vote of confidence in the UK's automotive industry."

In 2022, Britain's car production fell nearly 10 percent from the previous year, to a little over 770,000 units.