Taiwan Semiconductor Manufacturing Co. plans to build an advanced chipmaking factory in Japan in 2022 and start operations there in 2024, CEO C.C. Wei said Thursday.

The plant is expected to be jointly run with Sony Group Corp. and produce semiconductors used in automobiles among other products. Auto parts maker Denso Corp. is also considering joining the project, according to sources familiar with the matter.

Prime Minister Fumio Kishida said TSMC will invest around ¥1 trillion ($8.8 billion) in the factory and that his government will provide financial aid.