Source: Gasgoo Author: Song Mingxuan
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According to Reuters, Japanese automaker Toyota is set to announce on March 5 that it will invest 11 billion reais ($2.2 billion) in Brazil over the next few years, Brazil’s Vice President and Industry Minister Geraldo Alckmin revealed on March 3 on social media.
In a statement earlier on March 3, Toyota said it would not comment on potential future plans after local Brazilian media first reported the new investment plan.
Image source: Toyota
Alckmin said on social media that the investments would be officially announced at an event held at the Toyota plant in Sorocaba, São Paulo state.He also mentioned that the investment is expected to create 2,000 jobs and produce new models at the plant.
As reported earlier on March 3 by Lauro Jardim, a columnist for Brazilian newspaper O Globo, Toyota plans to produce a hybrid car and a sport utility vehicle (SUV) at the Sorocaba plant, without specifying the models that will be produced.
Toyota will be the latest global automaker to announce additional investments in Brazil this year, following Volkswagen, General Motors and Hyundai Motor.
Toyota’s decision to make such a large investment in Brazil is strategic and aims to enhance its manufacturing capabilities and product offerings in the region.The investment will support the expansion of the Sorocaba plant, enabling it to produce new hybrid vehicles and sport utility vehicles (SUVs).This move not only meets the growing market demand for eco-friendly vehicles, but also reinforces Toyota’s significant position in the Brazilian automotive industry.The investment is also part of a massive wave of investment by global automakers in Brazil, as they recognize the future market potential of the Brazilian automotive industry.
